背景：原料突破与工艺提升促国产替代 年初以来，AI智能眼镜伴随国内外不同厂商发布的多款重磅新品已迎来多轮市场关注，而伴随AI智 能眼镜的火热销售，投资者对传统眼镜镜片的关注度亦有所提升。在经过研究后，我们发现国内眼 镜镜片行业的国产化进程未来仍有广阔的发展空间，尤其是在高折射率树脂单体材料与高折射率眼 镜镜片领域仍未实现对外资巨头的赶超，因此我们判断中国眼镜镜片行业未来在"国产替代"趋势延 续的逻辑支撑下具备长期投资与研究价值。 尽管目前中国眼镜镜片制造企业在国内市场中零售额份额仍落后于外资品牌，但是随着过去几年内 我国化工企业在高折射率树脂单体材料国产化领域取得突破与部分头部镜片制造企业在高折射率镜 片制造工艺上的提升，部分头部国产镜片制造企业在国内与国际市场上的市场份额与品牌价值均有 所提升。 展望未来，考虑到中国人口老龄化进程快速演进、儿童青少年近视率居高不下以及新一代智能可穿 戴设备AI眼镜有望在未来实现普及，我们预计中国眼镜镜片需求量端有望实现稳健增长，叠加眼镜 镜片功能化趋势延续对镜片价格端的支撑，预计中国眼镜镜片市场规模在未来有望实现可持续增 长。此外，我们预计眼镜镜片的国产化进程仍有望在树脂单 ...

Industry Overview - The lens industry in China is expected to maintain a good growth momentum due to rigid demand, scenario refinement, and structural optimization, with a projected CAGR of 6.00% for manufacturer sales and 5.04% for retail sales from 2019 to 2024, reaching sales of 29.75 billion and 53.71 billion yuan by 2029 respectively [1] Company Strategy - The company has a flexible strategy across the industry chain, enhancing competitiveness and market share through deep partnerships with core suppliers like Mitsui Chemicals, which has provided a comprehensive product matrix for nearly 15 years [2] - The company ranks among the top in market share, with new production capacities in Thailand and Japan, and an increasing proportion of high unit price and high gross margin products, which is expected to further boost competitiveness and market share [2] - The company employs a C2M business model to engage directly with consumers, utilizing diversified channels to shorten the path to individual end customers, thereby enhancing profitability [2] Smart Glasses Development - The company is actively developing a second growth curve through smart glasses, with demand for lenses in AI and AR glasses, although AR glasses face technological limitations and have not yet achieved significant sales [3] - The company collaborates with leading tech and consumer electronics firms to develop customized lenses for XR products and has acquired land in Thailand for building a production base for XR product lenses [3] - The company forecasts revenues of 2.328 billion, 2.657 billion, and 2.963 billion yuan for 2025-2027, with net profits of 561 million, 672 million, and 777 million yuan respectively, driven by lens demand growth and strategic partnerships in the smart glasses sector [3]