证券代码：002273 股票简称：水晶光电 公告编号：（2024）030 号 浙江水晶光电科技股份有限公司 关于首次实施回购公司股份的公告 浙江水晶光电科技股份有限公司（以下简称"公司"）于 2024 年 2 月 5 日召开的第六 届董事会十九次会议审议通过了《关于回购公司股份方案的议案》，根据《公司章程》的规 定，本次回购方案无需提交股东大会审议。本次公司拟使用自有资金以集中竞价方式从二级 市场回购公司股份，金额总额不低于人民币 10,000 万元（含）、不超过人民币 20,000 万元 （含），回购价格不超过人民币 14 元/股（含），本次回购股份实施期限为自公司董事会审 议通过回购方案之日起 6 个月内（即 2024 年 2 月 5 日至 2024 年 8 月 4 日）。详情请见 2024 年 2 月 6 日 披露于信息披露媒体《证券时报》和信息披露网站巨潮资讯网 （http://www.cninfo.com.cn）上的《关于回购公司股份的方案》（公告编号：（2024）013 号）、《回购报告书》（公告编号：（2024）014 号）。 2024 年 3 月 28 日，公司首次实施了本次股份回购。根据《上 ...

证券代码：002273 股票简称：水晶光电 公告编号：（2024）029 号 浙江水晶光电科技股份有限公司 关于第五期员工持股计划第二批股票出售完毕的公告 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、 误导性陈述或者重大遗漏。 2、公司于 2022 年 4 月 21 日实施了 2021 年年度权益分派方案，向全体股东每 10 股派 2.00 元人民币现金（含税），不送红股，不以资本公积金转增股本。公司本员工持股计划 因此获得现金红利 120.80 万元人民币（含税）。 浙江水晶光电科技股份有限公司（以下简称"公司"）于 2021 年 10 月 22 日召开的第 五届董事会第三十八次会议及 2021 年 11 月 9 日召开的 2021 年第二次临时股东大会审议通 过了《浙江水晶光电科技股份有限公司第五期员工持股计划（草案）及其摘要的议案》（以 下简称"《第五期员工持股计划（草案）》"）、《关于提请股东大会授权董事会办理浙江 水晶光电科技股份有限公司第五期员工持股计划相关事宜的议案》，同意公司实施第五期员 工持股计划（以下简称"本员工持股计划"），并授权董事会全权办理与本员工持股计划 ...

Investment Rating - The report maintains a rating of "Accumulate" for the company [2][14]. Core Views - The company's performance in 2023 met expectations, with growth in micro-prism and film optical panel businesses, benefiting from the development of the optical industry [14]. - The target price is set at 17.10, with the current price at 13.72, indicating potential upside [14]. - The company achieved a revenue of 5,076 million in 2023, a year-on-year increase of 16.01%, and a net profit of 600 million, up 4.15% year-on-year [14]. Financial Summary - **Revenue Forecast**: - 2022A: 4,376 million - 2023A: 5,076 million - 2024E: 6,560 million - 2025E: 7,638 million - 2026E: 9,561 million [2][14]. - **Net Profit**: - 2022A: 576 million - 2023A: 600 million - 2024E: 787 million - 2025E: 999 million - 2026E: 1,199 million [2][14]. - **Earnings Per Share (EPS)**: - 2023: 0.43 - 2024: 0.57 - 2025: 0.72 - 2026: 0.86 [14]. - **Profitability Ratios**: - Operating Profit Margin: 11.4% in 2023, expected to rise to 14.2% by 2026 - Net Asset Return Rate (ROE): 7.0% in 2023, expected to reach 10.8% by 2026 [14]. Industry Position - The company is a leading player in the optical components sector, with significant market share in micro-prism modules and film optical panels, benefiting from strong demand in consumer electronics and automotive sectors [14]. - The company is positioned to benefit from the growth in the optical industry, with ongoing developments in augmented reality and other advanced optical technologies [14].

Investment Rating - The report maintains a "Buy" rating for the company [12]. Core Insights - The company achieved steady revenue and profit growth in 2023, driven by optical components and film optical panels, while the HUD (Heads-Up Display) business is expected to open a new growth curve [3][7]. - Revenue for 2023 reached 5.076 billion yuan, a year-on-year increase of 16.01%, with a net profit attributable to shareholders of 600 million yuan, up 4.15% year-on-year [3][7]. - The company is focusing on expanding its market share in the optical components and micro-prism sectors, with significant opportunities for innovation and collaboration with major domestic and international clients [3][7]. Summary by Sections Financial Performance - In 2023, the company reported a revenue of 5.076 billion yuan, with a growth rate of 16.01% and a net profit of 600 million yuan, reflecting a 4.15% increase [3][15]. - The fourth quarter of 2023 saw a revenue of 1.527 billion yuan, a year-on-year increase of 30.03%, while net profit for the same period was 162 million yuan, up 69.10% year-on-year [3]. Product Segmentation - The optical components segment generated 2.446 billion yuan in revenue, growing 21.11% year-on-year, with a gross margin of 30.66% [3]. - The film optical panel segment achieved 1.849 billion yuan in revenue, a 17.77% increase year-on-year, with a gross margin of 25.48% [3]. - The HUD and AR business became a new growth driver, with HUD shipments exceeding 200,000 units and revenue of 291 million yuan, up 54.39% year-on-year [3]. Future Outlook - The company expects significant growth in the market for reflective composite filters and micro-prisms, with enhanced collaboration with major clients leading to increased market share [3][7]. - The HUD business is positioned as a new growth point, with successful projects with major automotive brands and a focus on cost control to improve operational quality [3][7]. - The company has been strategically positioning itself in the VR/AR metaverse space, developing a comprehensive optical solution capability [3].

证券代码：002273 股票简称：水晶光电 公告编号：（2024）028 号 浙江水晶光电科技股份有限公司 关于第七期员工持股计划第一批股票锁定期届满的提示性公告 本公司及董事会全体成员保证信息披露内容的真实、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 2022 年 12 月 12 日召开的第 六届董事会第十次会议及 2022 年 12 月 28 日召开的 2022 年第四次临时股东大会审议通过了 《关于<浙江水晶光电科技股份有限公司第七期员工持股计划（草案）>及其摘要的议案》（以 下简称"《第七期员工持股计划（草案）》"）、《关于提请股东大会授权董事会办理公司 第七期员工持股计划有关事项的议案》，同意公司实施第七期员工持股计划（以下简称"本 员工持股计划"或"本持股计划"），并授权董事会全权办理与本员工持股计划相关的事宜。 具体内容详见公司于 2022 年 12 月 13 日、2022 年 12 月 29 日在信息披露媒体《证券时报》 和信息披露网站巨潮资讯网 http://www.cninfo.com.cn 上披露的相关公告。 根据中国证监会《关 ...

Financial Performance - Revenue in 2023 reached 5.076 billion yuan, a year-on-year increase of 16.01% [5] - Net profit attributable to shareholders was 600 million yuan, up 4.15% year-on-year [5] - Non-GAAP net profit stood at 523 million yuan, increasing by 2.72% [5] - R&D expenses accounted for 8.35% of total revenue in 2023 [6] Business Segment Performance Optical Components - Generated 2.446 billion yuan in revenue, up 21.11% year-on-year [5] - Gross margin increased by 4.5 percentage points [5] Thin Film Optical Panels - Achieved 1.849 billion yuan in revenue, growing 17.77% year-on-year [5] - Gross margin improved by 3.37 percentage points [5] Automotive Electronics (AR+) - AR-HUD products achieved domestic market share leadership [5] - Revenue structure transitioning from components to modules [5] Semiconductor Optics - Revenue declined 62.46% to 108 million yuan [5] - Gross margin decreased by 4.94 percentage points [5] Strategic Focus Areas Consumer Electronics - Maintained deep cooperation with leading smartphone manufacturers [6] - Benefited from domestic Android brand recovery in H2 2023 [6] - Focused on absorption-reflection composite filters and prism products [8] Automotive Electronics - Secured nearly 20 project designations in automotive sector [7] - Achieved three firsts in AR-HUD market [7] - Expanded customer base to include domestic and international OEMs [7] Metaverse Optics - 15-year experience in AR/VR field [7] - Focused on reflective waveguide technology [9] - Positioned to provide comprehensive optical solutions [7] Operational Highlights - Q3 contributed 43% of annual net profit, highest among all quarters [5] - Q4 revenue reached peak levels due to new product ramp-up [5] - R&D expenses peaked at 11.69% of revenue in H1 2023 [6] Future Outlook - Targeting 10%-30% revenue growth in 2024 [8] - Focusing on structural optimization and cost reduction [8] - Expanding overseas presence with new office in Stuttgart [7] - Continuing Vietnam factory phase II construction [7] Competitive Advantages - Clear strategic positioning across three major business segments [7] - Cumulative R&D investment of 1.002 billion yuan from 2021-2023 [7] - Established talent development system through Crystal Academy [7] - Global asset allocation with overseas manufacturing capabilities [7]

请务必阅读正文之后的重要声明部分 中泰证券股份有限公司（以下简称"本公司"）具有中国证券监督管理委员会许可的证券投资咨询业务资格。 。本公司不会因接收人收到本报告而视其为客户。 请务必阅读正文之后的重要声明部分 - 3 - [Table_Industry] [Table_Finance 1] 23 年受益微棱镜增量贡献，布局多类中长期增长点 水晶光电(002273.SZ)/电子 证券研究报告/公司点评 2024 年 3 月 24 日 | --- | --- | --- | --- | --- | --- | --- | --- | |-------------------------------------------------------------------------------------------------------------------------|---------|------------------------------------------------------------------------------------|------------------------- ...

股价表现 002273.SZ (%) 今年 1 个月 3 个月 12 个月 (33%) (24%) (14%) (5%) 5% 14% Mar-23Apr-23May-23Jul-23Aug-23Sep-23Oct-23Nov-23Dec-23Jan-24Feb-24Mar-24 水晶光电 深圳成指 至今 绝对 16.0 44.5 26.2 13.9 相对深圳成指 14.3 38.7 22.5 30.7 中银国际证券股份有限公司 具备证券投资咨询业务资格 电子：光学光电子 证券分析师：苏凌瑶 lingyao.su@bocichina.com 证券投资咨询业务证书编号：S1300522080003 水晶光电 评级面临的主要风险 [Table_FinchinaDetail] 利润表(人民币 百万) 现金流量表(人民币 百万) | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |----------------------------------|--------|--------|--------|--------| ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected performance that will exceed the market by over 20% [11][25]. Core Insights - The company achieved a revenue of 5.08 billion yuan in 2023, representing a year-over-year increase of 16.0%. The net profit attributable to shareholders was 600 million yuan, up 4.2% year-over-year, with a gross margin of 27.8%, an increase of 0.9 percentage points [25]. - The company’s optical components and film optical panels have shown significant revenue and profit growth, with optical components generating 2.45 billion yuan in revenue (YoY +21.1%) and a gross margin of 30.7% (YoY +4.5 percentage points) [18]. - The automotive business saw a revenue increase of 54.4% year-over-year, reaching 290 million yuan, although the gross margin decreased to 11.7% [18]. - The strategic focus remains on optical components, automotive optics, and AR/VR, with a target of achieving a revenue growth of 10%-30% in 2024 [18]. Financial Summary - The company’s financial forecasts for 2024, 2025, and 2026 project net profits of 760 million yuan, 878 million yuan, and 1.05 billion yuan respectively, with corresponding EPS of 0.55 yuan, 0.63 yuan, and 0.76 yuan [25]. - The projected P/E ratios for 2024, 2025, and 2026 are 28.5, 24.6, and 20.6 respectively, indicating a favorable valuation trend [25]. - The company’s gross margin is expected to remain stable around 27.9% in 2024, with a slight decrease to 27.4% by 2026 [20].

Fundraising and Investment - The company raised a total of approximately RMB 2.25 billion through a non-public offering of 172,943,889 shares at RMB 13.01 per share, with a net amount of RMB 2.21 billion after deducting fees[9]. - As of December 31, 2023, the actual use of raised funds was RMB 2,098.20 million, leaving a balance of RMB 165.77 million[9]. - The company invested RMB 40.34 million in the optical component technology upgrade project, achieving 100% of the planned investment[10]. - The mobile IoT smart terminal precision film optical panel project received RMB 3.66 million in investment during the reporting period, with a cumulative investment of RMB 25.46 million, representing 68.81% of the total planned investment[10]. Sales and Market Expansion - Approximately 77.47% of the company's sales were from exports to markets including Singapore, Vietnam, Thailand, Malaysia, Japan, and Europe and the US, with major currencies being JPY, USD, and EUR[16]. - The company aims to optimize its market structure by stabilizing the North American market and expanding into the Asia-Pacific and European markets[20]. - The company is currently heavily reliant on the smartphone consumer electronics market, with automotive optical business contributing a small percentage to overall revenue[28]. - The company is actively exploring market expansion opportunities to increase its footprint in the automotive electronics sector[176]. Business Strategy and Risk Management - The company aims to reduce reliance on major customers by expanding into the automotive optical and metaverse sectors, while stabilizing its consumer electronics business[16]. - The company has implemented a risk management strategy focusing on enhancing audit efforts and legal compliance to support anti-corruption initiatives[14]. - The company has developed a feasibility analysis report and management system for foreign exchange derivative trading to mitigate foreign exchange risks[5]. - The company is facing risks from macroeconomic fluctuations and intensified industry competition, which may impact its operations[27]. Financial Performance - The company reported a total revenue of 1.5 billion RMB for the fiscal year 2023, representing a year-over-year increase of 15%[68]. - The gross margin for the year was reported at 35%, an improvement from 30% in the previous year[68]. - Net profit attributable to shareholders was ¥600,247,982.89, up 4.15% from ¥576,170,658.74 in the previous year[181]. - The net cash flow from operating activities increased by 46.14% to ¥1,229,860,079.71 from ¥841,576,169.42 in 2022[181]. Research and Development - The company is investing 200 million RMB in R&D for new technologies, particularly in the field of advanced optics and smart devices[68]. - The company continues to focus on research and development in new optical technologies and products to enhance its market position[176]. - The company has established an engineering college to standardize training for technical positions and enhance manufacturing capabilities[125]. Corporate Governance - The company emphasizes the independence of its operations, ensuring no reliance on the controlling shareholder for business activities[40]. - The company has established a complete and independent financial management system, with no interference from the controlling shareholder in financial decisions[51]. - The board of directors includes 12 members, with 5 independent directors, ensuring a balanced governance framework[80]. - The company is committed to enhancing its corporate governance practices in line with industry standards[76]. Employee Relations and Compensation - The total employee compensation during the reporting period amounts to CNY 1,063.49 million, accounting for 23.68% of the total company costs[125]. - The company has implemented employee stock ownership plans to enhance employee motivation and align interests with corporate strategy[37]. - The company has initiated the "Crystal Talent" program to train hundreds of reserve talents to support strategic implementation[108]. Product Development and Innovation - New product launches are expected to contribute an additional 300 million RMB in revenue, with a focus on smart optical components[68]. - The company has developed a range of optical products, including infrared cutoff filters and micro optical prism modules, which are widely used in smartphones and automotive imaging systems[196]. - The company aims to enhance product quality and technology to elevate the Chinese reflective materials industry[194]. Strategic Acquisitions - The company is considering strategic acquisitions to enhance its product portfolio, with a budget of 500 million RMB allocated for potential mergers and acquisitions[68]. - The company is considering strategic acquisitions to bolster its market position, with potential targets identified in the semiconductor sector[100]. Government Support - The company reported a government subsidy of ¥102,826,368.72 in 2023, an increase from ¥80,095,929.46 in 2022, indicating a growth of approximately 28.4% year-over-year[174].