证券代码：002273 证券简称：水晶光电 公告编号：（2025）029 号 浙江水晶光电科技股份有限公司 第六届监事会第二十次会议决议公告 本公司及监事会全体成员保证信息披露的内容真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 一、监事会会议召开情况 浙江水晶光电科技股份有限公司（以下简称"公司"）第六届监事会第二十次会议通知 于 2025 年 4 月 21 日以电子邮件、微信、电话的形式送达。会议于 2025 年 4 月 24 日上午 10:00 以通讯表决的方式召开。本次会议应出席监事 3 名，实际出席监事 3 名，会议由监事 会主席泮玲娟女士主持，公司董事会秘书韩莉女士列席了会议。本次会议的召开符合法律、 法规、规章及公司章程的规定。 二、监事会会议审议情况 会议审议通过了《2025 年第一季度报告》。 表决结果：同意 3 票，反对 0 票，弃权 0 票。 根据相关规定，公司监事会对《2025 年第一季度报告》进行了审核，审核意见如下： 1、公司《2025 年第一季度报告》的编制和审议程序符合法律、法规、公司章程和公司 内部管理制度的各项规定； 2、公司《2025 年第一季度报告》的内容和格 ...

证券代码：002273 股票简称：水晶光电 公告编号：（2025）028 号 浙江水晶光电科技股份有限公司 第六届董事会第三十次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 一、董事会会议召开情况 浙江水晶光电科技股份有限公司（以下简称"公司"）第六届董事会第三十次会议通知 于 2025 年 4 月 21 日以电子邮件、微信、电话的形式送达。会议于 2025 年 4 月 24 日上午 09:00 以通讯表决的方式召开。本次会议应出席董事 12 人，实际出席董事 12 人，会议由董 事长林敏先生主持，第六届监事会成员及高管列席了会议。本次会议的召开符合法律、法规、 规章及公司章程的规定。 二、董事会会议审议情况 审议通过了《2025 年第一季度报告》。 1、公司第六届董事会第三十次会议决议； 2、公司第六届董事会审计委员会 2025 年第二次会议决议。 特此公告。 浙江水晶光电科技股份有限公司董事会 2025 年 4 月 25 日 表决结果：同意 12 票，反对 0 票，弃权 0 票。 本议案已经公司第六届董事会审计委员会 2025 年第二次会议 ...

Financial Performance - The company's revenue for Q1 2025 was ¥1,482,423,331.04, representing a 10.20% increase compared to ¥1,345,269,521.66 in the same period last year[4] - Net profit attributable to shareholders was ¥220,855,927.31, up 23.67% from ¥178,582,799.91 year-on-year[4] - Basic and diluted earnings per share increased to ¥0.16, a rise of 23.08% from ¥0.13 in the same period last year[4] - The net profit for the current period is CNY 223,978,356.16, representing an increase of 20.7% compared to CNY 185,557,288.88 in the previous period[25] - Operating profit for the current period is CNY 253,926,386.24, up from CNY 203,494,112.90, indicating a growth of 24.8%[25] - Total comprehensive income for the current period is CNY 223,751,663.77, compared to CNY 181,565,576.68 in the previous period, reflecting an increase of 23.2%[25] Cash Flow and Assets - The net cash flow from operating activities decreased by 46.80%, totaling ¥211,790,279.42 compared to ¥398,071,266.90 in the previous year[4] - The company reported cash and cash equivalents at the end of the period amounting to CNY 1,292,670,287.67, down from CNY 1,693,467,729.05[28] - The company's total liabilities decreased to RMB 2,064,421,176.59 from RMB 2,296,312,105.44, a reduction of about 10.1%[22] - The company's total assets at the end of the reporting period were ¥11,678,557,343.57, a slight decrease of 0.01% from ¥11,679,654,327.79 at the end of the previous year[4] - Total current assets increased slightly to RMB 4,253,993,939.42 from RMB 4,231,898,416.82[21] Shareholder Information - Total number of common shareholders at the end of the reporting period is 127,205[11] - The largest shareholder, Star Group Limited, holds 8.90% of shares, totaling 123,753,273 shares, with 95,500,000 shares pledged[11] - Hong Kong Central Clearing Limited, the second-largest shareholder, holds 7.97% of shares, totaling 110,774,086 shares[11] - The top ten shareholders collectively hold a significant portion of the company's shares, with the first three alone accounting for over 18%[11] - The company has not disclosed any participation in margin financing or securities lending by the top shareholders[12] Investment Activities - The company plans to acquire 95.60% equity of Guangdong Ecosys Technology Co., Ltd. for RMB 32,350.00 million, based on an overall valuation of RMB 34,070.00 million[17] - The company will directly hold 95.60% of Guangdong Ecosys, which will become a subsidiary included in the consolidated financial statements[17] - The acquisition is considered a related party transaction but does not constitute a major asset reorganization[17] Operating Costs and Expenses - Total operating costs rose to RMB 1,253,112,010.84 from RMB 1,187,483,913.76, indicating an increase of about 5.5%[24] - Research and development expenses increased to RMB 96,444,852.50 from RMB 84,167,754.72, reflecting a growth of approximately 14.3%[24] Other Income and Financial Metrics - Other income decreased by 32.00% to ¥8,298,934.39, primarily due to a reduction in government subsidies received compared to the previous year[9] - Investment income fell by 89.52% to ¥2,687,664.66, attributed to a decrease in equity investment income compared to the same period last year[9] - The company recorded a 655.32% increase in asset disposal income, amounting to ¥9,897,096.58, due to higher gains from fixed asset disposals compared to the previous year[9] - The company experienced a foreign exchange impact on cash and cash equivalents amounting to CNY 9,088,826.13, compared to CNY 1,657,134.75 in the previous period[28] Employee Stock Ownership Plans - The company plans to reduce shareholding by key executives, with a total of 3,746,000 shares (0.27% of total shares) to be sold within three months[13] - The fifth employee stock ownership plan has been fully implemented, with a total of 604,000 shares (0.43% of total shares) sold[14] - The sixth employee stock ownership plan's second batch of 229,800 shares (0.17% of total shares) will be unlocked on March 24, 2025[15] - The seventh employee stock ownership plan's second batch of 207,450 shares (0.15% of total shares) will be unlocked on March 28, 2025[16] - The company has a total of 35,831,803 shares held by key executives, representing 2.61% of the total shares excluding repurchased shares[13]

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Insights - In 2024, the company achieved total revenue of 6.278 billion yuan, representing a year-on-year growth of 23.67%. The net profit attributable to shareholders was 1.030 billion yuan, up 71.57% year-on-year, and the net profit after deducting non-recurring items was 0.955 billion yuan, an increase of 82.84% year-on-year [2][6]. - For Q4 2024, the company reported total revenue of 1.568 billion yuan, a year-on-year increase of 2.7%, but a quarter-on-quarter decline of 23.70%. The net profit attributable to shareholders for Q4 was 0.168 billion yuan, up 3.63% year-on-year, but down 61.30% quarter-on-quarter [2][6]. Business Performance - The company's revenue by business segment in 2024 included optical components (2.884 billion yuan, +17.92%), semiconductor optics (0.129 billion yuan, +19.50%), thin-film optical panels (2.472 billion yuan, +33.69%), automotive electronics (0.300 billion yuan, +3.04%), and reflective materials (0.394 billion yuan, +37.17%). The gross margins for these segments were 36.31%, 40.29%, 26.65%, 13.53%, and 30.87% respectively [12]. - The optical components business has strengthened its position by collaborating with major clients and achieving certification as a qualified supplier in Vietnam. The company has also successfully introduced new technologies for its coating filter products [12]. - The thin-film optical panel segment has deepened cooperation with major North American clients, expanding its market share in mobile devices and solidifying its competitive advantage in small-sized panels [12]. - In the automotive optical business, the company achieved a shipment of nearly 300,000 HUD units in 2024, with continuous growth in market share and securing key projects domestically and internationally [12]. - The AR/VR business has made progress in solving mass production challenges for reflective waveguide technology and has established partnerships to enhance its product offerings [12]. Financial Projections - The company is expected to achieve net profits attributable to shareholders of 1.209 billion yuan, 1.426 billion yuan, and 1.644 billion yuan for the years 2025, 2026, and 2027 respectively [12].

Group 1 - The fruit index concept rose by 1.62%, ranking 9th among concept sectors, with 18 stocks increasing in value, led by Xinyi Technology, Lante Optics, and Lens Technology, which rose by 6.73%, 4.82%, and 4.41% respectively [1][2] - The fruit index concept saw a net inflow of 773 million yuan from main funds, with 14 stocks receiving net inflows, and 6 stocks exceeding 50 million yuan in net inflow, with Lens Technology leading at 247 million yuan [2][3] - The top net inflow ratios were recorded for Lens Technology, Xinyi Technology, and Lingyi Technology, with net inflow rates of 15.12%, 12.74%, and 9.75% respectively [3][4] Group 2 - The fruit index concept's performance was contrasted with other sectors, such as the 6G concept which rose by 3.18%, while the South Korea-China Free Trade Zone fell by 3.88% [2] - The trading volume and turnover rates for leading stocks in the fruit index concept were highlighted, with Lens Technology showing a turnover rate of 1.68% and a trading volume of 246.58 million yuan [3][4] - The overall market sentiment reflected a mixed performance across various sectors, with some experiencing significant declines, such as the dairy sector which fell by 3.69% [2]

消费电子组件 水晶光电（002273.SZ） 买入-A(维持) 业绩符合预期，积极布局海外交付能力 2025 年 4 月 15 日 公司研究/公司快报 公司近一年市场表现 事件描述 | 年 月 市场数据：2025 | 4 | 日 14 | | | --- | --- | --- | --- | | 收盘价（元）： | | | 18.51 | | 年内最高/最低（元）： | | | 27.77/12.63 | | 流通A股/总股本（亿）： | | | 13.58/13.91 | | 流通 A 股市值（亿）： | | | 251.35 | | 总市值（亿）： | | | 257.41 | | 年 基础数据：2024 | 月 12 | 日 31 | | | --- | --- | --- | --- | | 基本每股收益(元)： | | | 0.75 | | 摊薄每股收益(元)： | | | 0.75 | | 每股净资产(元)： | | | 6.75 | | 净资产收益率(%)： | | | 11.13 | 资料来源：最闻 分析师： 高宇洋 执业登记编码：S0760523050002 邮箱：gaoyuyang@sx ...

Investment Rating - The report maintains a "Buy-A" rating for the company [1][6] Core Views - The company achieved a revenue of 6.278 billion yuan in 2024, representing a year-on-year increase of 23.67%, and a net profit attributable to shareholders of 1.03 billion yuan, up 71.57% year-on-year [3][9] - The optical components business continues to evolve, solidifying its core position in the client market, with revenue from optical components reaching 2.88 billion yuan, a growth of 17.92% year-on-year [4] - The film optical panel business is expanding steadily, with revenue of 2.47 billion yuan, an increase of 33.69% year-on-year, driven by deepening cooperation with major North American clients [4] - The automotive HUD business is performing well, with shipments nearing 300,000 units, and the company is actively investing in AR/VR business [5] Financial Data Summary - The company forecasts net profits for 2025-2027 to be 1.286 billion, 1.479 billion, and 1.711 billion yuan respectively, with corresponding EPS of 0.92, 1.06, and 1.23 yuan [6][9] - The projected revenue for 2025 is 7.365 billion yuan, with a year-on-year growth of 17.3% [9][11] - The gross margin is expected to improve, reaching 31.3% in 2025 [9][11]

水晶光电 投资要点： 事件：公司发布2024年年度报告，业绩创历史新高。2024年公司实现营业收入62.78亿元，较去年同期增长 23.67%；实现归母净利润10.30亿元，同比增长71.57%；实现扣非归母净利润9.55亿元，同比增长82.84%；实 现毛利率31.09%，同比+3.28pct；实现净利率16.63%，同比+4.47pct。公司盈利能力表现亮眼，其主要原因是 1)从收入端来看，公司各个板块业务均保持了较好的增长态势，其中光学（002189）元器件和薄膜光学面板 业务贡献了主要增量；2)从成本端看，公司内部通过降本增效，实现生产成本和各项费用的下降，管理效能 显著提升。 24Q4盈利能力环比有所回落。单季度看，公司24Q4实现营收15.68亿元，同比增长2.70%，环比下滑23.70%； 实现归母净利润1.68亿元，同比增长3.63%，环比下滑61.38%；实现扣非归母净利润1.25亿元，同比下滑 20.64%，环比下滑71.59%；实现毛利率29.65%，同比-0.05pct，环比-7.06pct，实现净利率10.51%，同 比-0.39pct，环比-10.88pct，其主要原因是1)公司微 ...

Investment Rating - The report maintains an "Outperform" rating for the company [2][6]. Core Insights - The company is focusing on innovation in optical imaging components and accelerating its layout in Southeast Asia [1]. - The revenue growth guidance for 2025 is set between 0% to 30% [6]. - The company has successfully entered key supply chains and is transitioning from a manufacturing advantage to a research and development advantage [6]. Financial Performance - Total revenue is projected to grow from 5,076 million in 2023 to 8,074 million by 2027, with a compound annual growth rate (CAGR) of approximately 10.5% [5][8]. - The net profit attributable to the parent company is expected to increase from 600 million in 2023 to 1,491 million by 2027, reflecting a CAGR of about 34.5% [5][8]. - The gross margin is expected to stabilize around 30% from 2025 onwards, with a slight increase to 30.9% by 2027 [5][6]. Business Segments - The optical components segment generated revenue of 28.84 billion in 2024, up 17.92% year-on-year, with significant advancements in coating filter technology and micro-prism module production [6]. - The film optical panel segment saw revenue of 24.72 billion in 2024, a 33.69% increase year-on-year, as the company expands beyond mobile applications [6]. - The automotive electronics segment achieved revenue of 3.00 billion in 2024, establishing a leading position in the AR-HUD market [6]. Growth Strategies - The company is pursuing three growth curves: focusing on consumer electronics, expanding into automotive optics, and strategic positioning in AR/VR technologies [6]. - The company aims to overcome global mass production challenges in reflective waveguide technology within the next couple of years [6].

Summary of Crystal Optoelectronics Conference Call Company Overview - **Company**: Crystal Optoelectronics - **Date**: April 11, 2025 - **Key Financials**: - Net profit growth rate exceeded sales growth by 48% - Gross margin reached 31.1%, up 3.3 percentage points year-on-year - Net profit margin at 16.4%, up 4.6 percentage points year-on-year - Revenue for 2024 was 6.3 billion RMB, a 24% year-on-year increase [2][3] Core Business Segments - **Revenue Breakdown**: - Optical components: 4.7 billion RMB, 18% increase, 47% of total revenue - Optical panels: 2.5 billion RMB, 34% increase, 40% of total revenue - Semiconductor optics: 100 million RMB, 20-fold increase, 2% of total revenue - Automotive electronics L3: 300 million RMB, 3-fold increase, 5% of total revenue - Reflective materials: 400 million RMB, 37-fold increase, 6% of total revenue [2][5] Market Position and Strategy - **Export and Market Reach**: - 75% of sales are exports, with less than 0.1% directly to the U.S., minimizing tariff impact - Major export markets include Taiwan, Singapore, Vietnam, and other East Asian countries [2][7][8] - **Future Growth Plans**: - Targeting 10% revenue growth in 2025 through customer relationship deepening, strategic business layout, and cost reduction [2][10] - Capital expenditure expected to be 10%-15% of revenue, focusing on new projects and headquarters development [10] Competitive Advantages - **Unique Market Position**: - Positioned uniquely in the global market with significant price advantages, breaking North American market monopolies [2][12][13] - **Technological Leadership**: - Committed to becoming a leader in the optical solutions for the metaverse, focusing on AR/VR and AI applications [20][45] Financial Performance and Profitability - **Profitability Metrics**: - Non-GAAP net profit increased by 83% year-on-year [2][5] - Gross margins improved across all business segments, with optical components at 36.3% and semiconductor optics at 40% [6] Risk Management and External Factors - **Impact of Tariffs**: - Minimal direct impact from U.S. tariffs due to low export volume; no significant order fluctuations reported from key clients [8][17] - **Response to Macro Uncertainty**: - Implementing structural adjustments and cost reduction strategies to enhance resilience against market volatility [15][47] Future Outlook - **Growth Projections**: - Anticipating continued growth driven by high-demand sectors such as consumer electronics and automotive [14][45] - **Investment in Innovation**: - Focused on R&D in AR optics and automotive HUD technologies, with plans for mass production in emerging markets [23][25][30] Shareholder Returns - **Dividend Plans**: - Proposed cash dividend of 2 RMB per ten shares, with no stock bonuses or capital increases [11] Conclusion - **Vision for the Future**: - Aiming to solidify its position as a global leader in optical solutions for the metaverse while maintaining strong relationships with major clients and adapting to market changes [45][48]