金吾财讯 | 国金证券发研报指，康耐特光学(02276)2025年3月31日公司披露24年财报，全年实现营收20.61亿元，同比+17.1%；实现归母净利润4.28亿元，同比+31.0%，净利率20.8%，同比+2.2pct。其中，2H24实现营收10.84亿元，同比增长16.8%；实现归母净利润2.20亿元，同比增长30.3%,业绩符合预期。该行表示，AI硬件落地开拓新篇章打开成长空间，自主品牌建设进度加快。1)XR业务：公司在有显产品赛道竞争力突出，先后建立XR研发服务中心，并在泰国购置土地以支持XR产品的生产，获得歌尔投资后续赋能可期。2)加快国内自主品牌渠道开拓，不断研发不同折射率、不同功能迭加创新产品，积极改进和升级现有产品。该行预测公司25-27年归母净利润5.2/6.2/7.2亿元，同比%+20.9%/+19.4%/+16.5%。考虑到公司传统业务稳中有进，AI新兴业务具备较大潜力，后续成长路径清晰，当前股价对应PE估值分别为25/21/18X，上调为“买入”评级。
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