2026 年 3 月 31 日 公司研究 021-52523686 shenyuheng@ebscn.com 传统业务维持稳健，关注 XR 新业务进展 ——康耐特光学（2276.HK）2025 年业绩点评 | 市场数据 | | | --- | --- | | 总股本(亿股) | 5.07 | | 总市值(亿港元)： | 236.43 | | 一年最低/最高(港元) | 20.85-66.5 | | 近 3 月换手率（%）： | 35.38 | 股价相对走势 -40% -20% 0% 20% 40% 60% 80% 100% 120% 140% 160% 25/04 25/05 25/06 25/07 25/08 25/09 25/10 25/11 25/12 26/01 26/02 26/03 康耐特光学 恒生指数 买入(维持) 当前价：46.64 港元 作者 分析师：付天姿 CFA，FRM 执业证书编号：S0930517040002 021-52523692 futz@ebscn.com 联系人：沈昱恒 | 收益表现 | | | | | --- | --- | --- | --- | | % | 1M | ...

Group 1: Macroeconomic Insights - The core viewpoint emphasizes that the fiscal and tax system reform during the "14th Five-Year Plan" period is essential for addressing current fiscal constraints and advancing national governance modernization. This includes budget system innovation, tax system optimization, restructuring central-local relations, and comprehensive debt management to enhance fiscal efficiency, thereby injecting strong momentum into Chinese modernization [1] - Economic uncertainty has increased, with production, investment, and consumption growth rates declining in August. Factors such as extreme heat and falling prices have contributed to this downturn, while cautious investment decisions by market participants indicate challenges in transitioning from old to new economic drivers [2] - Fixed asset investment growth continues to decline, with significant drops in infrastructure investment in August. Despite a relatively loose funding environment, improvements in the fundamentals are necessary, and the bond market is becoming more attractive, with a projected 10Y government bond yield center at 1.7% [3] Group 2: Real Estate Sector Analysis - In the real estate sector, as of September 14, 2025, new home transactions in 20 cities totaled 545,000 units, a decrease of 5.9%. Notably, Beijing saw a 14% drop, while second-hand home transactions increased by 9.9% across 10 cities, indicating a mixed market performance [4] - China Resources Land (1109.HK) is focusing on core cities for real estate development, with a strong brand reputation and stable cash flow from asset operations. The projected net profit for 2025-2027 is 24.74 billion, 25.27 billion, and 25.53 billion yuan, respectively, with a corresponding PE ratio of 8.5, 8.3, and 8.3 times, maintaining a "buy" rating [5] Group 3: Company-Specific Developments - Aolaide (688378.SH) has signed a strategic cooperation framework agreement with BOE Technology Group, indicating a comprehensive partnership in OLED materials and equipment, which is expected to significantly benefit the company's future performance. The projected net profit for 2025-2027 is 127 million, 244 million, and 354 million yuan, maintaining a "buy" rating [7] - Kangnait Optical (2276.HK), a leading resin lens manufacturer, is expected to see net profits of 570 million, 710 million, and 880 million yuan from 2025 to 2027. The growth is supported by a stable market for lens products and potential in AI glasses, leading to a "buy" rating [8]