杨洋 蔡少东 SAC：S0490517070012 SAC：S0490522090001 SFC：BUW100 公司研究丨点评报告丨水晶光电（002273.SZ） [Table_Title] 技术赋能业绩稳健增长，AR/VR 光学前景广阔 报告要点 [Table_Summary] 水晶光电披露 2025 年半年度报告。报告期内，公司实现营业收入 30.2 亿元，同比增长 13.77%； 公司实现归属于上市公司股东的净利润 5.01 亿元，同比增长 17.35%。公司营收、净利润均稳 健增长，利润端增速优于收入端增速。薄膜光学面板业务推动公司消费电子基本盘业务稳健增 长，已成为驱动公司业绩增长的核心引擎。公司在 HUD 新技术、反射光波导、衍射光波导等 关键技术领域成效显著，我们看好公司的中长期成长性。 分析师及联系人 [Table_Author] 丨证券研究报告丨 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 水晶光电（002273.SZ） cjzqdt11111 [Table_Title2] 技术赋能业绩稳健增长，AR/VR 光学前景广阔 公司基础数据 [T ...

Group 1 - Freshwater Capital recently conducted research on three listed companies, including Mindray Medical, Meichang Co., and Crystal Optoelectronics [1] - Mindray Medical launched the world's first clinically implemented critical care large model, named Qiyuan, and established an animal healthcare subsidiary [1] - In the medical imaging sector, Mindray's "Ruiying Cloud++" has partnered with DeepSeek to officially release the "Ruiying·AI+" solution [1] Group 2 - Meichang Co. reported a 12% overall cost reduction in Q2, with tungsten wire mother line costs decreasing by over 10% due to industry maturity, lower procurement prices, and improved self-manufacturing processes [1] - In Q2, the self-manufacturing ratio of tungsten wire mother lines reached 30%, expected to rise to around 50% by Q4 [1] - The shipment ratio of tungsten diamond wire in Q2 was nearly 55%, with July's shipment ratio reaching 85% [1] - The company benefits from a recycling advantage due to full-process production, with waste tungsten wire sourced from production scraps and customer-used waste lines [1] - Inventory impairment mainly occurred in the micro powder segment and due to auxiliary materials from process switching, with some potentially recoverable [1] - The procurement strategy focuses on demand-based purchasing to mitigate price fluctuation risks [1] Group 3 - Crystal Optoelectronics has developed a small quantity of laser radar window products for humanoid robots [2]

风险提示：消费电子需求下滑风险；AR 行业发展不及预期风险；新技术渗透率不及预期风险；汇率波 动风险；股权质押风险。 积极向汽车与AR/AI 眼镜领域拓展，有望在光学创新时代深度受益： 汽车业务实现收入2.4 亿元，同比+79.07%，毛利率25.24%，同比+16.79pct。上半年公司与国内战略大 客户深度协同，成功拿下LCOS 技术路线AR-HUD 项目定点，并斩获国内一流主机厂及知名合资品牌多 个新项目订单。公司新研发斜投影样机较现有AR-HUD 在AR 融合、指向精度等核心指标实现质的飞 跃，得到多家头部车企高度认可。AR/AI 眼镜行业带来光波导全新增量市场，公司在反射波导与头部客 户积极合作，攻关核心工艺与NPI 产线，成功打通量产路径；衍射波导深化与Digilens 技术协同，升级 体全息产线并实现小批量商业级应用落地，光机同步启动战略布局。 投资建议：公司充分受益光学迭代创新。我们预计公司2025-2027 年归母净利润为12.46/14.99/18.40 亿 元，EPS 为0.90/1.08/1.32 元，对应PE为31.05/25.80/21.03 倍，维持"增持"评级。 事件：公司发布 ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company reported a revenue of 3.02 billion yuan in the first half of 2025, representing a year-on-year increase of 13.77%, and a net profit attributable to shareholders of 501 million yuan, up 17.35% year-on-year [8] - The consumer electronics business is a key growth driver, with a revenue of 2.54 billion yuan in the first half of 2025, reflecting a year-on-year growth of 12.8% [8] - The company is actively expanding into the automotive and AR/AI glasses sectors, with automotive revenue reaching 240 million yuan, a year-on-year increase of 79.07% [8] - The company is expected to benefit from optical innovation, with projected net profits of 1.25 billion yuan, 1.50 billion yuan, and 1.84 billion yuan for 2025, 2026, and 2027 respectively [8] Financial Performance Summary - Revenue forecast for 2023A is 5,076 million yuan, with a growth rate of 16.0%, and projected to reach 7,167 million yuan in 2025E, with a growth rate of 14.2% [7] - Net profit attributable to shareholders is forecasted to be 600 million yuan for 2023A, increasing to 1,246 million yuan in 2025E, reflecting a growth rate of 21.0% [7] - The company's EPS is expected to grow from 0.43 yuan in 2023A to 0.90 yuan in 2025E [7]

Investment Rating - The report maintains a "Buy" investment rating for the company [3][5]. Core Views - The company achieved a total operating revenue of 3.02 billion yuan in H1 2025, representing a year-on-year increase of 13.8%. The net profit attributable to shareholders was 500 million yuan, up 17.4% year-on-year, with a non-recurring net profit of 450 million yuan, reflecting a growth of 14.1% [1]. - The gross margin for H1 2025 was 29.5%, an increase of 1.86 percentage points year-on-year, while the net profit margin was 16.8%, up 0.25 percentage points year-on-year [1]. - The thin-film optical business has become the core driver of the company's performance, with significant contributions expected from non-mobile products from the Vietnam plant and an increase in market share from major clients in the mobile sector [2]. - The company has seen a 79% year-on-year increase in revenue from automotive optical products, benefiting from the rapid penetration of AR-HUD technology in the automotive sector [2]. - In the AR/VR field, the company has established a comprehensive layout in display systems, 3D modules, and core optical components, positioning itself to benefit from the industrialization of major clients [3]. - The company aims to expand its overseas manufacturing scale while focusing on the domestic market, aspiring to become a leading global provider of AR optical display solutions [3]. Financial Summary - The company is projected to achieve net profits of 1.25 billion yuan and 1.53 billion yuan in 2025 and 2026, respectively [3]. - The financial forecast indicates a revenue growth of 16.01% in 2023, 23.67% in 2024, and 17.68% in 2025, with net profit growth of 4.15% in 2023 and 71.57% in 2024 [4]. - The projected earnings per share (EPS) are expected to be 0.90 yuan in 2025 and 1.10 yuan in 2026 [4]. - The company’s price-to-earnings (P/E) ratio is forecasted to decrease from 44.92 in 2023 to 14.78 in 2027, indicating an improving valuation over time [4].

上半年业绩增长显著，各业务板块表现亮眼 据副总经理兼财务总监郑萍介绍，2025年上半年，浙江水晶光电营业收入达30.20亿元，同比增长 14%；归母净利润为5.01亿元，同比增长17%；扣非归母净利润4.46亿元，同比增长14%，归母净利润增 速高于收入增速。单季度来看，二季度营业收入15.38亿元，同比增长17%，环比增长4%；归母净利润 2.80亿元，同比增长13%，环比增长27%；扣非归母净利润2.39亿元，同比增长8%，环比增长15%。 毛利率和净利率方面，上半年公司毛利率为29.46%，较去年同期提升约2%；净利率为16.58%，较去年 同期提升约0.5%。每股收益为0.37元/股，同比增长19%；加权平均净资产收益率为5.39%，较去年同期 提升约0.5%。 分业务板块看，公司调整业务披露口径，按终端应用领域披露。2025年上半年，消费者电子业务收入 25.43亿元，同比增长13%，占比84.19%；汽车电子AR+业务收入2.41亿元，同比增长79%；反光材料业 务收入1.87亿元，同比增长2%。各业务板块毛利率也有所提升，消费电子业务毛利率为29.52%，汽车 电子AR+业务毛利率为25.24% ...

每经AI快讯，水晶光电（SZ 002273，收盘价：27.82元）发布公告称，2025年8月28日，水晶光电接受 国盛证券有限责任公司等投资者调研，公司董事长李夏云等人回答了投资者提出的问题。 2025年1至6月份，水晶光电的营业收入构成为：光学光电子行业占比92.2%，反光材料行业占比 6.21%，其他业务占比1.6%。 截至发稿，水晶光电市值为387亿元。 每经头条（nbdtoutiao）——申请超2万份，已开出41家，加盟海底捞，你要准备多少钱？1000万元不算 多，真实"账单"公布 （记者 王晓波） ...

Group 1: Company Overview and Investor Relations - The report documents an investor relations activity held on August 28, 2025, involving various financial institutions and asset management companies [2][3]. - Key company representatives included the Chairman, CFO, and other executives who presented on the company's performance and strategic direction [3][4]. Group 2: AR Industry Insights - The AR industry is experiencing a significant evolution, with a focus on AI integration as a key driver for growth [3][4]. - The development of AR technology can be divided into three phases: pre-2020, 2020-2023, and the current phase characterized by optical breakthroughs [3][4]. - Major players in the AR market are investing heavily, leading to a diverse technological landscape with no single technology dominating [4][5]. Group 3: Technological Developments - Two main optical technologies for AR glasses are highlighted: Glass Waveguide (GWG) and Surface Relief Grating (SRG), each with distinct advantages and challenges [5][6]. - GWG technology is noted for its potential in achieving large field of view (FOV) and better energy efficiency, while SRG faces challenges in color uniformity and manufacturing complexity [5][6]. - The company has been actively involved in AR technology since 2011, collaborating with various partners to enhance its optical components and systems [6][7]. Group 4: Market Strategy and Customer Relations - The company aims to maintain a balanced customer base while deepening relationships with key clients, particularly in the domestic market [12][15]. - The strategic focus includes enhancing capabilities in consumer electronics, automotive electronics, and emerging fields like AR and 3D visual perception [12][13]. - The company emphasizes a dual-circulation strategy to mitigate risks associated with reliance on single customers [15]. Group 5: Talent Development and Organizational Structure - Recent organizational changes reflect a commitment to talent development and innovation, with new senior hires focusing on technology and market strategies [14]. - The company has established training programs to enhance leadership and technical skills, fostering a culture of continuous improvement [14]. Group 6: Financial Performance and Future Outlook - The company has maintained a stable growth rate and aims to become a leading provider of AR display solutions globally [7][19]. - Future projects are in the pipeline, with a focus on integrating advanced optical technologies and expanding market reach [11][19].

C R Y S T A L - O P T E C H 水晶光电 2025年半年度业绩说明会 1 前瞻性陈述 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2025年半年度报告一并阅读，所涉信息及释义以2025年半年度报告 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举行当日的说明及看法，如有更改恕不另行通知，且不会更新或修订，以 反映简介会举行当日后可能出现的任何事态发展。本公司或其任何联属公司概不就因本文件所载的任何数据的提供 和使用所引起的任何实际或间接损失或损害赔偿承担任何责任。本公司可以任何方式改动、修改或更改本文件的内 容而毋须就有关改动、修改或更改通知任何人士。 本文件载有构成前瞻性陈述的陈述。该等陈述可通过使用「预期」、「计划」、「将」、「估计」、「预计」、 「打算」等字眼或类似含义及意图的字眼识别。该等前瞻性声明是以关于本公司的营运业务及其它因素等 ...

证券代码：002273 证券简称：水晶光电 浙江水晶光电科技股份有限公司投资者关系活动记录表 编号：2025016 | | 特定对象调研 分析师会议 | | --- | --- | | 投资者关系活动 类别 | 媒体采访 业绩说明会 | | | 新闻发布会 路演活动 | | | 现场参观 其他 | | | 华福证券；东方证券；国盛证券；东北证券；华安证券；国泰海通证券；西部证券； | | | 西南证券；华创证券；东方财富证券；财通证券；东吴证券；国信证券；华西证券； | | | 中泰证券；中国国际金融；兴业证券；光大证券；山西证券；中信证券；中银国际 | | | 证券；中国银河证券；招商证券；天风证券；国海证券；国金证券；恒泰证券；广 | | | 发证券；甬兴证券；中信建投证券、英大基金；诺德基金；民生加银基金；长信基 | | | 金；南华基金；兴证全球基金；圆信永丰基金；九泰基金；方正富邦基金；长盛基 | | | 金；睿远基金；博时基金；联博基金；嘉实基金；银华基金；摩根士丹利基金(中 | | | 国)；国泰基金、鸿运私募基金；宏鼎财富管理；中天汇富基金；金仕达投资；百 | | | 川财富资 ...