康耐特光学 20260108 康耐特光学作为全球镜片行业的隐形冠军，具备稳定的业绩贡献和显著的技术 壁垒。公司在 AI 眼镜领域拥有先发优势，有望成为全球 AR 眼镜核心供应商， 充分受益于全球 AI 眼镜市场的增长红利。2026 年，康耐特光学首次纳入国家 补贴，并且在 CES 展会上引起广泛关注。预计未来几年，AI 眼镜出货量将大幅 提升，公司有望占据 30%的市场份额，每副均价提升至 300-400 元，净利润 率达到 30-35%。基于这些因素，公司市值有望达到 500-600 亿元。 康耐特光学当前估值及未来增长空间如何？ 目前康耐特光学估值约为 460 亿元，从长期来看，有望实现两到三倍的增长空 间，市值上限可达 500-600 亿元。短期内，公司受益于 1 月 1 日的新国补政 策和 CES 展会等催化因素。今年（2026 年）公司业绩预计为 6.5 亿元左右， AI 眼镜作为 AI 大模型落地移动端最佳载体，市场空间广阔。Meta 等龙 头企业预计 AI 眼镜将替代 AR 眼镜及手机，市场规模达 6 亿台，对应 2 万亿人民币市场。 康耐特光学积极布局海外产能，日本工厂已投产，泰国基地也将落地 ...

智通财经获悉，康耐特光学(02276)涨超3%，截至发稿，涨3.38%，报53.6港元，成交额1199.72万港 元。 该行续指，康耐特光学日本工厂预计于四季度建成落地，新增60万副定制化镜片产能，对美业务关税有 望进一步降低。随着明年泰国工厂落地，全球化供应能力持续强化，看好公司主业平稳增长。 本文源自：智通财经网 消息面上，据科创板日报报道，夸克AI眼镜市场需求远超预期，天猫、抖音、京东等平台上的夸克AI 眼镜S1发货周期已被拉长至45天。目前夸克AI眼镜已在核心供应商处新增组装产线，产能将陆续释 放，以应对春节销售旺季。 华创证券指出，康耐特光学是夸克AI眼镜的独家镜片供应商，以S1为例，1.60/1.67/1.74折射率的镜片价 格较平光片高出719/899/1529元。中长期来看，公司XR业务先发优势明显且技术壁垒高。有望在产业链 推新过程中强化竞争优势，持续看好公司供应链卡位。 ...

Core Viewpoint - 康耐特光学's stock price increased by 3.38% to 53.6 HKD, with a trading volume of 11.9972 million HKD, driven by strong market demand for Quark AI glasses [1] Company Summary - 康耐特光学 is the exclusive lens supplier for Quark AI glasses, with the S1 model's lens prices significantly higher than standard lenses, indicating a strong pricing power [1] - The company is expected to benefit from the long delivery times for Quark AI glasses, which have extended to 45 days due to high demand [1] - 康耐特光学's Japanese factory is set to be completed in Q4, adding 600,000 units of customized lens capacity, which may reduce tariffs on U.S. operations [1] - The upcoming Thai factory is expected to further enhance the company's global supply capabilities, supporting stable growth in its core business [1] Industry Summary - The demand for AI glasses, particularly the Quark AI glasses, is exceeding expectations, prompting the company to expand its production capacity [1] - The XR business of 康耐特光学 is positioned well due to its first-mover advantage and high technological barriers, which may strengthen its competitive edge in the industry [1]

华创证券发布研报称，康耐特光学(02276)深耕眼镜制造行业，内外销齐头并进，结构升级有望带动盈 利能力持续改善。目前公司已和多家头部3C龙头合作布局智能眼镜，成长可期。考虑到智能眼镜产业 链发展提速叠加公司产品结构稳步向上，该行预计公司25-27年归母净利润分别为5.6/7.0/8.7亿元，对应 PE为41/33/27X。参考可比公司估值，给予26年估值为40X，上调目标价至63.63港元，维持"强推"评 级。 华创证券主要观点如下： 康耐特是夸克AI眼镜的独家镜片供应商，以S1为例，1.60/1.67/1.74折射率的镜片价格较平光片高出 719/899/1529元。中长期来看，公司XR业务先发优势明显且技术壁垒高。有望在产业链推新过程中强化 竞争优势，持续看好公司供应链卡位。 主业经营稳健，北美业务持续修复 公司日本工厂预计于四季度建成落地，新增60万副定制化镜片产能，对美业务关税有望进一步降低。随 着明年泰国工厂落地，全球化供应能力持续强化，看好公司主业平稳增长。 风险提示：智能眼镜发展不及预期、国内渠道拓展不及预期、行业竞争加剧。 事项：根据科创板日报报道，夸克AI眼镜市场需求远超预期，天猫、抖音、 ...

智通财经APP获悉，华创证券发布研报称，康耐特光学(02276)深耕眼镜制造行业，内外销齐头并进，结 构升级有望带动盈利能力持续改善。目前公司已和多家头部3C龙头合作布局智能眼镜，成长可期。考 虑到智能眼镜产业链发展提速叠加公司产品结构稳步向上，该行预计公司25-27年归母净利润分别为 5.6/7.0/8.7亿元，对应PE为41/33/27X。参考可比公司估值，给予26年估值为40X，上调目标价至63.63港 元，维持"强推"评级。 华创证券主要观点如下： 事项：根据科创板日报报道，夸克AI眼镜市场需求远超预期，天猫、抖音、京东等平台上的夸克AI眼 镜S1发货周期已被拉长至45天。目前夸克AI眼镜已在核心供应商处新增组装产线，产能将陆续释放， 以应对春节销售旺季。 康耐特是夸克AI眼镜的独家镜片供应商，以S1为例，1.60/1.67/1.74折射率的镜片价格较平光片高出 719/899/1529元。中长期来看，公司XR业务先发优势明显且技术壁垒高。有望在产业链推新过程中强化 竞争优势，持续看好公司供应链卡位。 主业经营稳健，北美业务持续修复 公司日本工厂预计于四季度建成落地，新增60万副定制化镜片产能，对美业 ...

Group 1 - The Hang Seng Index Company announced the quarterly review results for the Hang Seng Index series as of June 30, 2025, with Conant Optical (02276) being included in the Hang Seng Composite Index, effective after market close on September 5 and starting on September 8 [1] - Conant Optical is likely to be included in the Hong Kong Stock Connect due to meeting various criteria such as market capitalization, liquidity, and listing time, according to Huatai Securities [1] - CICC initiated coverage on Conant Optical with an "outperform" rating and a target price of HKD 54.00, based on a P/E valuation method corresponding to a 35x P/E for 2026, with expected EPS of HKD 1.14 and HKD 1.42 for 2025 and 2026 respectively, indicating a CAGR of 26% from 2024 to 2026 [1] Group 2 - Conant Optical is recognized as a global leader in resin lens manufacturing, with advanced R&D capabilities and stable customer relationships, suggesting potential for sustained growth through customized lenses, proprietary brands, and smart glasses development [1]

Summary of the Conference Call for 康耐特光学 Company and Industry Overview - 康耐特光学 is a leading global eyewear manufacturer, ranked second in global shipments in 2024, following Essilor, and approximately fifth in revenue in the global second-tier market [3][4] - The company has established a competitive advantage in the AI glasses sector through its three-in-one technology solution, international customer resources, and customization capabilities, benefiting from strategic support from GoerTek [2][3] Key Insights and Arguments - The AI glasses market is expected to grow significantly, with Meta's Ribbon sales exceeding expectations, projected to triple in volume by 2025 compared to 2024 [2][5] - AI glasses require higher precision in lens technology, with demands for improvements in accuracy to the micron level, performance optimization, and manufacturing process enhancements [6] - 康耐特光学's standard lenses are priced lower, while customized lenses are significantly higher, with AI engine pricing expected to be notably above standard products, enhancing the company's profitability [2][7] - The company has established an XR R&D service center to strengthen its competitive edge in AI glasses [2][10] Market Development and Performance - 康耐特光学's production capacity exceeds 100 million units, with sales in 2024 reaching over 90 million units, maintaining its position as the second-largest global supplier [9] - The company has a strong customization capability, able to deliver highly customized lenses within two to three days [9] - The traditional business is expected to see steady growth, with net profits projected to be 540 million, 660 million, and 820 million yuan from 2025 to 2027, reflecting growth rates of 26%, 23%, and 24% respectively [13] Strategic Initiatives - 康耐特光学 has purchased land in Thailand to support XR product production, catering to the U.S. market demand, and has received a strategic investment from GoerTek, holding approximately 20% [8] - The company has formed deep collaborations with several leading international manufacturers, enhancing its market reach [7][8] R&D and Technological Advancements - The company established an XR R&D team in 2024, consisting of about 70 members, primarily from traditional business sectors, to enhance its R&D capabilities [10] - Improvements in equipment have allowed for customization precision in AI glasses lenses to increase from millimeter to micron levels, addressing various vision issues effectively [11] Future Outlook - Investors are advised to monitor 康耐特光学's developments closely, particularly regarding breakthroughs in domestic and international markets and upcoming product launches [14]