Investment Rating - The investment rating for the company is upgraded to "Buy" [2][6] Core Views - The company has achieved stable revenue growth and rapid improvement in profitability, driven by the recovery of the consumer electronics industry and the integration of AI technology [3][4] - The company has diversified its business across five major segments: optical components, optical film panels, semiconductor optics, automotive electronics (AR+), and reflective materials, positioning itself well for growth [4][5] - The company is actively expanding its AR business in response to the accelerating development of the metaverse, with significant expected growth in the VR/AR/MR market [5][6] Summary by Sections Financial Performance - In the first three quarters of 2024, the company achieved revenue of 4.71 billion yuan, a year-on-year increase of 32.69%, and a net profit attributable to shareholders of 862 million yuan, up 96.77% [2][3] - The third quarter alone saw revenue of 2.06 billion yuan, reflecting a year-on-year growth of 21.19%, with a net profit of 435 million yuan, an increase of 66.99% [3] Business Segments - The optical core technology segment is capitalizing on the recovery of the consumer electronics market and is expanding its market share both domestically and internationally [4] - The optical film business is experiencing stable growth due to ongoing innovations in the global technology industry and the deep penetration of 5G technology [4] - The semiconductor optics segment is benefiting from the increased penetration of 3D smartphone cameras, with the company achieving breakthroughs in its nano-optical products [4] - The automotive electronics segment has gained recognition for its HUD products, with new domestic clients and ongoing projects with international manufacturers [4] - The reflective materials segment is enhancing its competitiveness and brand recognition across multiple consumer scenarios [4] Market Outlook - The VR/AR/MR market is projected to grow significantly, with a forecasted 46.4% increase in device shipments in 2024 and a compound annual growth rate (CAGR) of 37.2% from 2023 to 2027 [5] - The company is well-positioned to benefit from this growth, providing comprehensive optical solutions for VR/AR/MR devices [5][6] Earnings Forecast - Revenue forecasts for 2024, 2025, and 2026 are 6.505 billion yuan, 7.817 billion yuan, and 9.236 billion yuan, respectively, with corresponding EPS of 0.73 yuan, 0.88 yuan, and 1.04 yuan [6][8] - The current stock price corresponds to a PE ratio of 31, 26, and 22 for the years 2024, 2025, and 2026, respectively [6]

Investment Rating - The report maintains a "Buy-A" rating for the company [4] Core Views - The company reported better-than-expected performance for Q3 2024, with a revenue of 20.55 billion yuan, up 21.19% year-on-year, and a net profit of 4.35 billion yuan, up 66.99% year-on-year [1][2] - The gross margin reached a record high of 36.71% in Q3 2024, an increase of 5.41 percentage points quarter-on-quarter and 8.14 percentage points year-on-year, driven by improved capacity utilization and product mix adjustments [2][3] - The company has effectively controlled costs, with a management expense ratio of 5.0%, down 2.14 percentage points year-on-year, and a significant increase in operating cash flow, which reached 1.39 billion yuan, up 199.53% year-on-year [3][4] Financial Performance - For the first three quarters of 2024, the company achieved a revenue of 47.10 billion yuan, a year-on-year increase of 32.69%, and a net profit of 8.62 billion yuan, up 96.77% year-on-year [1] - The company expects net profits for 2024-2026 to be 11.05 billion yuan, 13.52 billion yuan, and 16.24 billion yuan respectively, with corresponding EPS of 0.79 yuan, 0.97 yuan, and 1.17 yuan [4][5] - The projected P/E ratios for 2024-2026 are 28.9, 23.6, and 19.7 respectively, indicating a favorable valuation trend [4][5] Market Position and Strategy - The company continues to strengthen its collaboration with major North American clients and is actively exploring opportunities in the Android market, particularly in optical technology applications [4] - The company has seen significant growth in its micro-prism, film optical panel, and filter segments, contributing to a substantial increase in product shipments [2][4]

证券研究报告·公司点评报告·电子 水晶光电（002273） 2024 年三季报业绩点评：业绩大超预期，核 心竞争力稳步提升 2024 年 10 月 31 日 买入（维持） | --- | --- | --- | --- | --- | --- | |------------------------------|--------|--------|----------|----------|----------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 4376 | 5076 | 6529 | 8143 | 9937 | | 同比（ % ） | 14.86 | 16.01 | 28.63 | 24.71 | 22.04 | | 归母净利润（百万元） | 576.33 | 600.25 | 1,027.79 | 1,267.16 | 1,600.74 | | 同比（ % ） | 30.34 | 4.15 | 71.23 | 23.29 | 26.33 | | EPS- 最新摊薄（元 / 股） | ...

还有我们的财务总监郑婷女士那下面我们进入到本次交流的第一个环节由我们的财务总监郑婷女士就我们三季度报昨天晚上披露的这个情况和各位投资的朋友做一个解读好的 各位投资的下午好下面由我来做三季报的解读第一 我们19月份的销售时 47亿同比去年增长33%规模的经营率8.62亿同比增长97%扩飞的规模经营率8.31同比增长127%那么从销售和经营率来看我们这个数据非常意识深高 从三级的三级数来看,我们的收入是20.1亿,同比增长21%,出入的经费4.35亿,同比增幅67%,后飞经费4.4亿,同比增长73%,从三级数环境来看,这个收支都增幅51%。 再看一下我们收入跟经营率库飞的经营率的增长幅度那么从收入增长33%但是我们库飞的增长大于经营的增长94%主要的就是我们各利用板块的销售阶段增长第二个就是我们各板块的毛利率以及我们的费用的下降所以也体现了我们公司最深的增长率的提升 从毛人率和精英率来看公司1-9月份的毛人率是31.57%从比去年增幅4.57%精英率18.29%增幅5.96%从1-9月份的精英性的金额来看是13.9亿从比增幅200%每股收益是0.63 同比增幅102%那么再看一下我们的费产19月份9.64个亿同比 ...

证券代码：002273 股票简称：水晶光电 公告编号：（2024）082 号 浙江水晶光电科技股份有限公司 股票交易异常波动公告 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、 误导性陈述或者重大遗漏。 一、股票交易异常波动的情况介绍 中的虚假记载、误导性陈述或者重大遗漏承担责任。 浙江水晶光电科技股份有限公司（以下简称"公司"或"本公司"，证券简称：水晶光 电，证券代码：002273）股票于 2024 年 10 月 29 日、10 月 30 日连续两个交易日收盘价格 涨幅偏离值累计超过 20％。根据《深圳证券交易所股票交易规则》的相关规定，属于股票 交易异常波动情况。 二、关注、核实情况说明 针对公司股票异常波动情况，公司董事会通过电话及现场问询等方式，对有关事项进行 了核查，现将相关情况说明如下： 1、公司前期披露的信息不存在需要更正、补充之处； 2、公司于 2024 年 10 月 29 日披露了《2024 年第三季度报告》，公司第三季度实现营 业收入 20.55 亿元、同比增长 21.19%，归属于上市公司股东的净利润 4.35 亿元、同比增长 66.99%；公司 1-9 月实 ...

证券代码：002273 证券简称：水晶光电 编号：2024008 浙江水晶光电科技股份 投资者关系活动记录表 | --- | --- | --- | |-------------------------|---------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

| --- | --- | --- | --- | --- | --- | |-------------|------------------------|----------|-------|-------|-------| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | C R Y S T A | L - O P T E C H | | | | | | | | 水晶光电 | | | | | | 2024年三季度业绩说明会 | | | | | | | | | | | | 前瞻性陈述 2 Forward-looking Statement 本文件由浙江水晶光电科技股份有限公司（以下简称"公司"或"本公司"）编制，仅供在本公司的业绩发布 会上使用。 本文件所载数据未经独立核实。本资料应与2024年三季度报告一并阅读，所涉信息及释义以2024年三季度报告 披露为准。本文件并无以明示或暗示方式作出任何陈述或保证，阁下不得依赖本文件所载数据的准确性、公正性或 完整性。本文件所载信息及意见乃于本会 ...

Investment Rating - Buy rating maintained for Crystal Optoelectronics (002273 SZ) [1] Core Views - Q3 2024 results significantly exceeded expectations with record high revenue and profits [1] - Revenue in Q3 2024 reached 2 05 billion yuan up 21 2% YoY and 56 9% QoQ [1] - Net profit attributable to parent company in Q3 2024 was 430 million yuan up 67 0% YoY and 75 3% QoQ [1] - Gross margin in Q3 2024 hit 36 7% the highest since 2014 up 8 1 ppts YoY and 5 4 ppts QoQ [1] - Net margin in Q3 2024 was 21 4% up 5 8 ppts YoY and 2 0 ppts QoQ [1] - Strong growth driven by increased utilization of key products like micro prisms and internal cost optimization [1] - Positive outlook for optical innovation in Apple supply chain and AR waveguide technology [1] Financial Performance - 2024E revenue forecast increased to 6 205 billion yuan up 22 2% YoY [1][4] - 2024E net profit attributable to parent company forecast raised to 1 001 billion yuan up 66 7% YoY [1][4] - 2025E revenue forecast at 7 416 billion yuan up 19 5% YoY [1][4] - 2025E net profit attributable to parent company forecast at 1 301 billion yuan up 30 0% YoY [1][4] - 2026E revenue forecast at 8 680 billion yuan up 17 0% YoY [1][4] - 2026E net profit attributable to parent company forecast at 1 563 billion yuan up 20 2% YoY [1][4] - 2024E EPS forecast at 0 72 yuan up from previous estimate of 0 65 yuan [1][4] - 2025E EPS forecast at 0 94 yuan [1][4] - 2026E EPS forecast at 1 12 yuan [1][4] Growth Drivers - Micro prism products benefiting from periscope camera adoption and future specification upgrades [1] - Increased market share in coating business expected to drive growth [1] - Strategic positioning in high barrier AR waveguide technologies including array and volume holography [1] - Collaboration with industry leaders like Lumus and Digilens in AR space [1] Valuation - 2024E PE ratio at 27x [1] - 2025E PE ratio at 21x [1] - 2026E PE ratio at 17x [1] - Current market capitalization at 26 85 billion yuan [2] - Current share price at 19 31 yuan [2]

消费电子概念29日盘中走势活跃，截至发稿，荣亿精密、银邦股份、格林精密、欧菲光、水晶光电、福 日电子等涨停，光弘科技、闻泰科技、生益电子涨约9%。 消息面上，苹果周一宣布推出首批Apple Intelligence，并发布搭载专注AI功能的M4处理器的全新24英寸 iMac桌面电脑，标志其设备进入新时代。 新款iMac售价与前代相同，起价1299美元，性能提升并配备了增强的神经引擎以处理AI任务。 行业方面，根据IDC数据，2024年第三季度全球智能手机出货量同比上涨4%，达到3.161亿部，实现连 续五个季度出货量增长。 东海证券表示，荣耀、vivo近日均发布了新机型，包括荣耀X60系列和vivoX200系列，未来几周荣耀、 华为、小米等仍将密集召开新品发布会，有望共同带动消费电子行业的持续复苏；当前电子行业需求处 于温和复苏阶段，建议关注AIoT、AI驱动、设备材料、消费电子周期筑底板块四大投资主线。 华福证券认为，消费电子正处在短期企稳回暖、AI带动行业创新周期来临和巨头新品催化不断的三重 拐点。 AI将率先落地手机等成熟消费电子产品，带动量价齐升。 短期来看，硬件变革适配AI负载，催化存量用户被动换机 ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company reported a significant revenue increase of 32.69% year-on-year for the first three quarters of 2024, reaching 4.71 billion yuan, with a net profit attributable to shareholders of 862 million yuan, up 96.77% year-on-year [2][3] - The strong performance is driven by major clients' optical products, with a gross margin of 31.57%, an increase of 4.58 percentage points year-on-year [2] - Future growth is expected from optical innovations, including new products and cost reduction strategies, which are anticipated to enhance profit margins [4] Financial Performance Summary - For Q3 2024, the company achieved a revenue of 2.06 billion yuan, representing a year-on-year increase of 21.19% and a quarter-on-quarter increase of 56.91% [3] - The net profit for Q3 2024 was 435 million yuan, up 66.99% year-on-year and 75.30% quarter-on-quarter, with a gross margin of 36.71%, an increase of 8.14 percentage points year-on-year [3] - The company expects net profits for 2024-2026 to be 1.066 billion, 1.233 billion, and 1.379 billion yuan respectively, with corresponding EPS of 0.77, 0.89, and 0.99 yuan [4] Revenue and Profit Forecast - The projected revenue for 2024 is 6.481 billion yuan, with a growth rate of 27.67% [5] - The net profit for 2024 is expected to be 1.066 billion yuan, reflecting a growth rate of 77.54% [5] - The company’s PE ratios for 2024, 2025, and 2026 are projected to be 25.20, 21.78, and 19.47 respectively [4][5]