Group 1: Company Overview - Company is a leading optical lens provider, specializing in the research and sales of optical lenses, and has entered the XR glasses market [1][3] - The company is expected to achieve a net profit of 540 million, 660 million, and 830 million RMB from 2025 to 2027, with growth rates of 25.6%, 22.1%, and 26.9% respectively [1] - The company ranks second in global resin lens sales and fifth in sales revenue in 2024, demonstrating significant manufacturing and research advantages [3] Group 2: Industry Insights - The global lens industry retail sales are projected to reach 54.3 billion USD in 2024, with a compound annual growth rate (CAGR) of approximately 4.7% from 2019 to 2024 [2] - The AI glasses market is expected to see sales of about 2.83 million units in 2024, with a penetration rate of only 0.2%, indicating substantial growth potential [2] - The AI glasses lens segment has higher technical and customer barriers due to the specific requirements for AR display compatibility, which may benefit companies with advanced technology [2]

国信证券主要观点如下： 智通财经APP获悉，国信证券发布研报称，首次评级，给予康耐特光学(02276)"优于大市"评级，传统业 务量利齐升，XR业务进一步贡献增量，预计2025-27年归母净利润5.4/6.6/8.3亿元，增速 25.6%/22.1%/26.9%。EPS为1.12/1.37/1.74元人民币。通过多角度估值，预计公司合理估值56.22-61.84元 人民币/61.78-67.96港币。 主营光学镜片研发销售，前瞻切入XR眼镜赛道 公司是全球领先的光学镜片提供商，为下游镜片品牌(ODM模式)和终端(自有品牌)提供标准化和定制化 光学镜片和服务。2021-24年收入CAGR为15%，2021-24年利润复合增速33%。同时公司积极切入了智 能眼镜赛道，2025年已实现了收入确认。 镜片行业：传统镜片行业长坡厚雪，智能(AI)眼镜开辟更大空间 传统镜片行业：2024年全球镜片行业零售额预计为543亿美元(出厂销额口径约为62亿美元)，2019-2024 年全球和国内的零售额复合增速约为4.7%、5.0%。预计国内每年镜片出货量约为9.4亿副，全球销量约 为17亿副。行业空间高但格局分散，尽管如此，也 ...