Investment Rating - The report upgrades the investment rating to "Buy" based on the company's clear growth path and potential in both traditional and AI emerging businesses [4]. Core Insights - The company reported a revenue of 2.061 billion RMB for the fiscal year 2024, representing a year-on-year growth of 17.1%, and a net profit attributable to shareholders of 428 million RMB, up 31.0% year-on-year, with a net profit margin of 20.8% [1]. - The sales volume for customized lenses reached 178 million units in 2024, with an average selling price of 11.6 RMB per unit, reflecting a 4.5% increase [2]. - The company is focusing on product structure optimization and has increased R&D expenses, which rose by 18.2 million RMB, leading to a R&D expense ratio of 4.3% [3]. - The forecast for net profit attributable to shareholders for 2025-2027 is 520 million RMB, 620 million RMB, and 720 million RMB, respectively, with growth rates of 20.9%, 19.4%, and 16.5% [4]. Summary by Sections Performance Review - For the second half of 2024, the company achieved a revenue of 1.084 billion RMB, a year-on-year increase of 16.8%, and a net profit of 220 million RMB, up 30.3% [1]. Operational Analysis - The company’s revenue from functional lenses, standard lenses, customized lenses, and other income was 755 million RMB, 907 million RMB, 395 million RMB, and 3 million RMB, respectively, with year-on-year growth rates of 32.4%, 8.8%, 11.8%, and 60.3% [2]. - Revenue by region showed growth in mainland China (13.92%), the Americas (16.93%), Asia (37.88%), and Europe (6.38%) [2]. Product and R&D Development - The company is enhancing its XR business and has established an XR R&D service center, with plans for production expansion in Thailand [3]. - The company is also accelerating the development of its own brand channels and innovating products with different refractive indices and functions [3]. Profit Forecast and Valuation - The current price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are projected at 25, 21, and 18 times, respectively [4].
康耐特光学：产品结构优化盈利能力提升，XR业务赋能打开新成长空间-20250401