公司近日收到叶仙玉先生家属的通知，有关监察机关已解除对叶仙玉先生的留置措施。 目前公司业务经营管理情况正常。 特此公告。 浙江水晶光电科技股份有限公司董事会 2024年12月7日 证券代码：002273 股票简称：水晶光电 公告编号：（2024）083 号 浙江水晶光电科技股份有限公司 关于其他事项的公告 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。 浙江水晶光电科技股份有限公司（以下简称"公司"）于 2024 年 7 月 12 日披露了《关 于其他事项的公告》（公告编号：（2024）055 号），公司实际控制人叶仙玉先生被有关监 察机关采取留置措施。 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [3] Core Insights - The company reported a revenue of 4.71 billion yuan for the first three quarters of 2024, representing a year-on-year growth of 32.69%, and a net profit attributable to shareholders of 862 million yuan, which is a year-on-year increase of 96.77% [3] - The third quarter revenue was 2.055 billion yuan, showing a year-on-year growth of 21.19%, with a net profit of 435 million yuan, up 66.99% year-on-year [3] - The gross margin and net margin for Q3 were 36.71% and 21.39%, respectively, reflecting an increase of 8.14 percentage points and 5.79 percentage points year-on-year, attributed to product mix adjustments and improved internal management efficiency [3] - The company's growth is primarily driven by micro-prism and film optics products, benefiting from market demand expansion and increased smartphone shipments [3] - The company has a strong position in the optical field and is actively expanding into overseas markets [3] Financial Summary - Revenue for 2024 is projected to be 6.73 billion yuan, with a growth rate of 32.63% [5] - Net profit for 2024 is expected to reach 1.096 billion yuan, reflecting a growth rate of 82.67% [5] - The estimated earnings per share (EPS) for 2024 is 0.79 yuan, with a projected P/E ratio of 28.03 [5] - The company’s total assets are expected to grow from 11.255 billion yuan in 2023 to 12.199 billion yuan in 2024 [5] - The return on equity (ROE) is projected to increase to 11.68% in 2024 [5]

Company Overview - Crystal Optoelectronics was established in 2002 and entered the high-end camera market in Japan in 2004, maintaining a significant market share in the camera sector [1] - The company transitioned to the rapidly growing smartphone market and entered the North American supply chain in 2012, evolving from a secondary supplier to a primary supplier and participating in ODM projects [1][2] Product Development and Market Position - Before 2018, the main revenue source was the RICF (Infrared Cut Filter) product, where the company was a secondary supplier to North American clients [2] - In 2020, the company became a primary supplier through thin film optical panel products, establishing direct cooperation with clients [2] - The company has developed eight core technologies, including optical film design and precision optical processing, leading to a diversified product range [2] Financial Performance and Growth Drivers - The main growth drivers for the company in 2023 were the micro-prism and thin film optical panel products, with significant revenue increases due to market demand and smartphone shipment growth [3] - The company’s automotive sector, initiated in 2019 with the AR-HUD product, saw rapid growth, with shipments exceeding hundreds of thousands in 2023 [3] Challenges and Strategic Responses - The company faces pricing pressures in the automotive sector due to intense competition in the new energy vehicle market, requiring adjustments in strategy and increased focus on overseas brands [3] - The penetration rate of spin-coated filters in the Android market remains low, impacting demand and requiring a focus on improving client penetration rates [3][4] Future Outlook - The company is positioned to enhance its supply chain relationships and is optimistic about new business growth opportunities, particularly in spin-coated filters [4] - The company has established bases in Vietnam and Singapore to mitigate risks from international trade policies and is prepared to adapt strategies based on market changes [4]

Investment Rating - The investment rating for Crystal Optech (002273) is "Outperform" and is maintained [2] Core Views - Crystal Optech's Q3 2024 performance showed significant growth with revenue reaching 4.71 billion yuan (YoY +32.69%) and net profit attributable to shareholders of 862 million yuan (YoY +96.77%) [5] - The company's Q3 gross margin improved to 36.71%, an increase of 8.14 percentage points YoY, driven by increased production efficiency, new product launches, and cost reductions [6] - Crystal Optech is deepening its collaboration with a major North American customer, with potential growth driven by AI-driven optical upgrades and AR glasses [6][7] - The company is strategically positioned in the AR glasses market, with breakthroughs expected in reflective waveguide mass production [7] Financial Performance and Forecast - Crystal Optech's Q3 2024 revenue was 2.055 billion yuan (YoY +21.19%, QoQ +56.91%), with net profit attributable to shareholders of 435 million yuan (YoY +66.99%, QoQ +75.30%) [5] - The company's 2024-2026 revenue is forecasted to be 6.23 billion yuan, 8.023 billion yuan, and 9.367 billion yuan, respectively, with net profit expected to reach 1.004 billion yuan, 1.334 billion yuan, and 1.642 billion yuan [7] - EPS for 2024-2026 is projected to be 0.72 yuan, 0.96 yuan, and 1.18 yuan, respectively [7] - The company's gross margin is expected to improve from 27.8% in 2023 to 31.5% by 2026 [8] Market and Industry Analysis - Crystal Optech's stock price has shown strong performance, with a 52-week range of 8.61-23.88 yuan and a total market capitalization of 31.887 billion yuan [2] - The company's valuation is supported by its strategic positioning in the AR and AI-driven optical upgrade markets, with a PE ratio of 25-30x for 2025, implying a fair value range of 24.00-28.80 yuan [7] - Compared to peers, Crystal Optech's 2024E PE ratio of 30.08x is slightly below the industry average of 31.61x, indicating potential undervaluation [9] Operational Highlights - Crystal Optech's Q3 2024 sales, management, and R&D expense ratios improved, with management and R&D expense ratios decreasing by 0.9 and 0.12 percentage points, respectively [6] - The company's operational efficiency is expected to improve, with total asset turnover projected to increase from 0.45 in 2023 to 0.69 by 2026 [10] - Crystal Optech's cash flow from operations is forecasted to grow from 1.23 billion yuan in 2023 to 1.912 billion yuan by 2026, reflecting strong operational performance [11]

Investment Rating - The report maintains a "Buy" rating for the company [2][4]. Core Views - The company achieved record highs in multiple indicators in Q3 2024, indicating a clear medium to long-term growth logic and potential for rapid long-term development [2]. - The company's revenue for the first three quarters reached 4.71 billion yuan, a year-on-year increase of 32.69%, while the net profit attributable to shareholders was 862 million yuan, up 96.77% year-on-year [2]. - The report highlights significant improvements in gross margin and effective cost control, leading to upward revisions of the company's EPS forecasts for 2024-2026 [2]. - The company is expected to benefit from innovations in the optical field, particularly in automotive and AR sectors, which are anticipated to drive future growth [2]. Financial Summary - For 2024, the company is projected to achieve a revenue of 6.56 billion yuan, with a net profit of 1.05 billion yuan, reflecting a year-on-year growth of 74.1% [3]. - The EPS is forecasted to increase to 0.75 yuan in 2024, 0.93 yuan in 2025, and 1.17 yuan in 2026 [3]. - The gross margin for Q3 2024 was reported at 36.71%, an increase of 8.14 percentage points year-on-year [2]. - The company’s total assets are expected to grow from 11.25 billion yuan in 2023 to 15.83 billion yuan by 2026 [3]. Market Data - The current stock price is 22.28 yuan, with a target price raised to 27.90 yuan, reflecting a significant upside potential [4]. - The company has a market capitalization of approximately 30.98 billion yuan [5]. - The stock has shown a 12-month absolute increase of 67% [8]. Comparative Valuation - The report references comparable companies with an average PE ratio of 30x for 2025, indicating a favorable valuation for the company [2][11].

Investment Rating - The report maintains a "Buy" rating for Crystal Optech (002273) [4] Core Views - Crystal Optech's Q3 2024 performance exceeded expectations, driven by strong revenue and profit growth [3] - The company's gross margin improved significantly, reaching 31.57% in the first three quarters of 2024, up 4.57 percentage points year-over-year [2] - AR glasses and automotive business are key drivers for long-term growth, with the company making breakthroughs in AR waveguide technology and expanding its AR-HUD business internationally [1] Financial Performance - Revenue for the first three quarters of 2024 reached 4.71 billion yuan, a year-over-year increase of 32.69% [3] - Net profit attributable to shareholders was 862 million yuan, up 96.77% year-over-year [3] - Q3 2024 revenue was 2.055 billion yuan, a 21.19% year-over-year increase and a 56.91% quarter-over-quarter increase [3] - Q3 2024 net profit was 435 million yuan, up 66.99% year-over-year and 75.30% quarter-over-quarter [3] Business Highlights - The company's gross margin improvement was driven by increased production efficiency, higher utilization rates, and cost control measures [2] - North American customers contributed significantly to growth, with new product sales increasing by 20% year-over-year in the first three weeks after launch [2] - Android customers, including Huawei and Samsung, are adopting periscope lenses, which are expected to become standard in flagship models [3] - The company's Vietnam factory has established a global manufacturing and delivery network, supporting expansion into the Korean market [3] Future Outlook - The company is expected to achieve revenue of 6.55 billion yuan in 2024, 7.66 billion yuan in 2025, and 8.84 billion yuan in 2026 [9] - Net profit is forecasted to reach 1.05 billion yuan in 2024, 1.31 billion yuan in 2025, and 1.62 billion yuan in 2026 [9] - EPS is projected to be 0.76 yuan in 2024, 0.95 yuan in 2025, and 1.17 yuan in 2026 [9] Valuation - The company's P/E ratio is expected to be 28x in 2024, 22x in 2025, and 18x in 2026 [9] - The P/B ratio is forecasted to be 3.13x in 2024, 2.86x in 2025, and 2.60x in 2026 [10]

Investment Rating - The investment rating for the company is "Outperform the Market" [4][15]. Core Views - The company reported a 97% year-on-year increase in net profit attributable to shareholders for the first three quarters of 2024, with a revenue of 4.71 billion yuan, representing a 32.69% increase year-on-year [2]. - The company's gross margin improved to 31.57%, up 4.57 percentage points year-on-year, as it transitions from a single product focus to a diversified product structure [2]. - In Q3 2024, the company achieved a record high in quarterly revenue and net profit, with revenue of 2.06 billion yuan, a 21.19% year-on-year increase, and a net profit of 435 million yuan, a 66.99% year-on-year increase [2]. - The company is solidifying its leading position in the consumer electronics industry and expanding its collaboration with major North American clients [2]. - The company is optimizing its product structure in the optical filter business and is seeing significant sales growth in composite filters [2]. - The automotive optical business is expanding, with the company entering the supply chains of well-known automotive manufacturers [2]. Financial Forecasts and Metrics - Revenue is projected to grow from 6.59 billion yuan in 2024 to 9.10 billion yuan in 2026, with net profit expected to increase from 1.09 billion yuan to 1.58 billion yuan during the same period [3]. - The company's earnings per share (EPS) is forecasted to rise from 0.78 yuan in 2024 to 1.13 yuan in 2026 [3]. - The price-to-earnings (P/E) ratio is expected to decrease from 28.5 in 2024 to 19.7 in 2026, indicating improving valuation metrics [3].

Investment Rating - The investment rating for the company is "Buy" and it is maintained [3][4]. Core Insights - The company reported a significant increase in Q3 performance, with revenue reaching 4.71 billion yuan, a year-on-year growth of 32.69%. The net profit attributable to shareholders was 862 million yuan, up 96.77%, while the net profit after deducting non-recurring items was 831 million yuan, reflecting a growth of 127.36% [4][5]. - In Q3 alone, the company achieved revenue of 2.06 billion yuan, a 21.19% increase year-on-year, and a net profit of 435 million yuan, which is a 66.99% increase year-on-year [4][5]. - The gross margin for Q3 was 36.71%, and the net margin was 21.39%, showing significant improvement due to increased product utilization rates and stable growth in key segments such as micro-prisms, film optical panels, and filters [4][5]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved total revenue of 47.10 billion yuan, with a net profit of 8.62 billion yuan, marking substantial growth compared to the previous year [4][5]. - The company’s Q3 gross margin improvement is attributed to enhanced product utilization and effective cost management strategies [4][5]. Future Outlook - The company anticipates continued growth in the AI smartphone segment and expects to benefit from the cumulative effect of new products featuring periscope lenses in 2025 [5]. - The micro-prism project is expected to see ongoing technological advancements, and the company is closely collaborating with clients on future projects [5]. - The company is also focusing on expanding its presence in the automotive optical sector, with expectations for improved profitability and operational scale [5]. Market Position - The company maintains a stable market share in the film optical panel business, with growth expected from increased smartphone sales and expansion into non-smartphone products [5]. - The company is strategically investing in the metaverse optical field, aiming to develop core components for reflection and diffraction waveguides, which may replicate the success seen in other product lines [5].

证券代码：002273 证券简称：水晶光电 编号：2024009 1 浙江水晶光电科技股份有限公司投资者关系活动记录表 | --- | --- | --- | |-----------------------|----------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | | | | | ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved record high revenue and profit in Q3 2024, driven by the rapid introduction of micro-prism products and cost reduction efforts [2][3] - The company is expected to benefit from the mass production of new products and the continued growth in the automotive electronics and AI+AR sectors [4] Financial Performance Summary - For Q3 2024, the company reported revenue of 20.55 billion yuan, a year-on-year increase of 21.19% and a quarter-on-quarter increase of 56.91% [3] - The net profit attributable to the parent company for Q3 2024 was 4.35 billion yuan, representing a year-on-year increase of 66.99% and a quarter-on-quarter increase of 75.3% [3] - The gross profit margin for Q3 2024 was 36.71%, an increase of 8.14 percentage points year-on-year [3] Revenue and Profit Forecast - The company expects to achieve revenues of 65.04 billion yuan in 2024, with a year-on-year growth of 28.1% [5] - The forecasted net profit attributable to the parent company for 2024 is 10.38 billion yuan, reflecting a year-on-year increase of 73.0% [5] - The projected earnings per share (EPS) for 2024 is 0.75 yuan, with a price-to-earnings (P/E) ratio of 29.8 times [5] Business Development - The company is focusing on expanding its optical device business, particularly in the automotive electronics and AI+AR sectors, which are expected to drive future growth [4] - The introduction of new products, such as the periscope lens in flagship smartphones, is anticipated to enhance revenue from optical components [4] - The company is actively developing its AR technology, particularly in reflective waveguide technology, to capitalize on the rapid growth of the AR industry [4]