证券研究报告 | 公司深度 | 文娱用品 康耐特光学(02276) 报告日期：2025 年 12 月 21 日 全球光学树脂镜片龙头，XR 眼镜赛道卡位稀缺 ——康耐特光学深度报告 投资要点 ❑ 盈利预测与估值 我们预计公司 2025~2027 年收入分别为 23.01、26.16、29.79 亿元（同比 +11.3%、+13.7%、+13.8%），归母净利润 5.5、6.8、8.2 亿元（同比+29%、 +23%、+20%），对应 PE 分别为 42x、34x、29x，若考虑 2026 年智能眼镜业务贡 献利润增量（若贡献 2 亿增量对应约 9 亿利润，27x），估值仍具性价比。首次覆 盖，给予"买入"评级。 ❑ 风险提示 关税波动超出预期，下游需求不及预期，智能眼镜合作推进不及预期。 | 财务摘要 | | | | | | --- | --- | --- | --- | --- | | [单位Table_Forcast] /百万 | 2024A | 2025E | 2026E | 2027E | | 营业收入 | 2061 | 2301 | 2616 | 2979 | | (+/-) (%) | 17% | ...

Group 1 - The core viewpoint of the articles highlights the increasing focus on AI smart glasses as a key application of AI technology, with major companies entering the market, indicating a shift from infrastructure to end-user devices [1][2] - The Zhongzheng Consumer Electronics Theme Index (931494) has shown a decline of 1.03% as of December 18, 2025, with mixed performance among constituent stocks, where Zhaoyi Innovation (603986) led with a 7.17% increase [1] - The Consumer Electronics ETF (561600) has seen a net inflow of 57.41 million yuan over three days, with a peak single-day inflow of 27.69 million yuan, indicating strong investor interest [1][2] Group 2 - The AI smart glasses market is expected to enter a phase of intensive new product launches, driven by successful market entries like the Ray-Ban Meta glasses, which have attracted significant attention from various sectors including internet, consumer electronics, and XR hardware [2] - The top ten weighted stocks in the Zhongzheng Consumer Electronics Theme Index account for 56.39% of the index, with notable companies including Luxshare Precision (002475) and Cambricon Technologies (688256) [2]

Core Insights - Baidu has officially launched its "Xiao Du AI Glasses Pro" priced at 2299 yuan, marking its return to the competitive smart glasses market after 11 years [2][3] - The product focuses on leveraging Baidu's AI ecosystem capabilities rather than hardware specifications, as it does not feature a display [2][3] Product Features - The Xiao Du AI Glasses Pro weighs 39 grams and includes a 12-megapixel wide-angle camera capable of recording 1440p video at 30fps, along with a five-microphone array and open-type speakers [5] - It has a built-in 173mAh battery, allowing for 30 minutes of recording, 3.7 hours of continuous listening, and a standby time of up to 24 hours; with the included charging case, total usage can extend to 68 hours [5] - The glasses integrate multimodal AI capabilities, offering features such as AI translation, object recognition, note-taking, and recording [5] Strategic Focus - Baidu's CEO, Robin Li, has emphasized the importance of strategic focus, reflecting on past failures to capitalize on early opportunities due to a lack of concentration on key areas [7][8] - The company has committed over 20% of its revenue to research and development, aiming to transform cutting-edge technologies into marketable products [8] Competitive Landscape - The smart glasses market is becoming increasingly competitive, with major players like Xiaomi, Huawei, and Alibaba entering the fray, initiating what is referred to as the "Hundred Glasses War" [12] - IDC forecasts that China's smart glasses market will see a shipment volume of 2.907 million units by 2025, representing a year-on-year growth of 121.1% [12] Market Challenges - The Xiao Du AI Glasses Pro lacks unique features compared to competitors and does not include a display, which may limit its appeal [12] - Baidu needs to address distribution challenges, including partnerships with traditional eyewear brands and enhancing online service experiences to improve market penetration [12]