Investment Rating - The report initiates coverage with a "Buy" rating for the company [1][10]. Core Insights - The company is experiencing stable growth in its mobile business, primarily driven by demand from major North American clients and a shift towards new product development [4]. - The automotive electronics segment is identified as a second growth curve, with significant potential in AR-HUD technology and related optical products [5]. - Strategic investments in AR glasses and the acquisition of Guangdong Ecost to enhance capabilities in the AR/VR space are highlighted as key future growth drivers [6][8]. - Revenue projections for 2024, 2025, and 2026 are estimated at 65 billion, 78 billion, and 92 billion yuan respectively, with corresponding net profits of 10.88 billion, 13.23 billion, and 15.91 billion yuan [9]. Company Overview - The latest closing price is 23.68 yuan, with a total market capitalization of 329 billion yuan and a PE ratio of 55.07 [3]. - The company has a debt-to-asset ratio of 20.3%, indicating a relatively low level of financial leverage [3]. Financial Forecasts - Expected revenue growth rates are 28.06% for 2024, 20.08% for 2025, and 17.88% for 2026, reflecting a robust growth trajectory [12]. - The company anticipates a significant increase in net profit margins, with net profit growth rates of 81.31% in 2024 and around 20% in the following years [12][15].

Investment Rating - The report initiates coverage with an "Accumulate" rating for the company [7]. Core Views - The company has shown significant growth since its establishment in 2002, with revenue increasing from 45.98 million yuan to 5.076 billion yuan from 2005 to 2023, reflecting a CAGR of 30% [4][20]. - The company has diversified its business into five major segments: optical components, film optical panels, semiconductor optics, automotive electronics (AR+), and reflective materials [4][16]. - The company is positioned as a leading supplier in the AR-HUD market, with a projected revenue of 62 billion yuan in 2024 and a net profit of 10.8 billion yuan [7][39]. Summary by Sections Company Overview - The company has built a strong client base, including major brands like Apple, Huawei, Samsung, and Sony, and has evolved through three stages: from a filter supplier to a leading optical component ODM supplier [4][22][23]. Financial Data and Profit Forecast - Revenue and profit forecasts for 2024-2026 are as follows: - 2024E Revenue: 6.16 billion yuan, Net Profit: 1.08 billion yuan - 2025E Revenue: 7.42 billion yuan, Net Profit: 1.30 billion yuan - 2026E Revenue: 8.48 billion yuan, Net Profit: 1.52 billion yuan - The projected PE for 2025 is 27X, which is lower than the average PE of comparable companies at 32X [5][7]. Business Model Evolution - The company has transitioned from a manufacturing-focused model to a research and development-driven model, enhancing its competitive edge in the optical market [6][21]. Growth Drivers - The company is focusing on automotive optics and AR technologies, with significant investments in AR-HUD and micro-prism components, which are expected to drive future growth [39][48]. Market Position - The company ranks third in the AR-HUD market share in China, with a projected installation volume of 164,429 units in 2024, capturing 17.4% of the market [46].

Core Views - The article highlights significant economic and financial developments in China, including monetary policy adjustments, the establishment of investment funds, and regulatory measures to protect investors [4][5][6][7]. Group 1: Monetary Policy and Economic Measures - The People's Bank of China plans to adjust the reserve requirement ratio and interest rates based on domestic and international economic conditions, indicating there is still room for lowering the reserve requirement ratio [4]. - A national venture capital guidance fund will be established to support the growth of innovative enterprises, combining the cultivation of new and traditional industries [5]. - The Ministry of Finance will implement two new loan interest subsidy policies to stimulate consumer spending, particularly in sectors closely related to daily life [9]. Group 2: Regulatory Actions - The China Securities Regulatory Commission emphasizes strict regulation to protect investors, focusing on serious violations such as financial fraud and market manipulation [6]. - The regulatory framework will be enhanced across all stages of the market, including information disclosure and corporate governance [6]. Group 3: Industry Developments - The launch of the first general-purpose AI intelligent agent product, Manus, by the Monica team marks a significant advancement in AI technology [10]. - The European Central Bank has lowered key interest rates, aligning with market expectations, which may influence global financial conditions [11]. Group 4: Company Announcements - Water Crystal Optoelectronics plans to acquire a 95.6% stake in Guangdong Aikesi for approximately 323.5 million yuan, aiming to enhance its AR/VR business [14]. - Wuhan Holdings intends to purchase 100% of Wuhan Municipal Institute, which will diversify its business and create new revenue streams [15]. - Macro Shenghuayuan's subsidiary is a candidate for multiple procurement projects from the State Grid, with a potential value of approximately 1.354 billion yuan [21].

| 报告编码: | 3133020001311101202500006 | | --- | --- | | 合同编号: | H-SH24-000061 | | 报告类型: | 法定评估业务资产评估报告 | | 报告文号: | 坤元评报（2025）1-2号 | | 报告名称: | 浙江水晶光电科技股份有限公司拟收购股权涉及的广东埃科思科 | | | 技有限公司股东全部权益价值评估项目资产评估报告 | | 评估结论: | 340,700,000.00元 | | 评估报告日: | 2025年02月06日 | | 评估机构名称: | 坤元资产评估有限公司 | | 签名人员: | 韩桂华 (资产评估师) 正式会员 编号:33030090 | | | (资产评估师) 黄晓玲 正式会员 编号:31190020 | | | 韩桂华、黄晓玲已实名认可 | 本资产评估报告依据中国资产评估准则编制 浙江水晶光电科技股份有限公司拟收购股权 涉及的广东埃科思科技有限公司 股东全部权益价值评估项目 资 产 评 估 报 告 坤元评报〔2025〕1-2 号 （共一册 第一册） 坤元资产评估有限公司 2025 年 2 月 6 日 | 声 | ...

目 录 | 一、审计报告……………………………………………………… | 第 | 1—3 | 页 | | --- | --- | --- | --- | | 二、财务报表……………………………………………………… | 第 | 4—11 | 页 | | （一）合并资产负债表…………………………………………… | 第 | 4 | 页 | | --- | --- | --- | --- | | （二）母公司资产负债表………………………………………… | 第 | 5 | 页 | | （三）合并利润表………………………………………………… | 第 | 6 | 页 | | （四）母公司利润表……………………………………………… | 第 | 7 | 页 | | （五）合并现金流量表…………………………………………… | 第 | 8 | 页 | | （六）母公司现金流量表………………………………………… | 第 | 9 | 页 | | （七）合并所有者权益变动表……………………………………第 | | 10 | 页 | | （八）母公司所有者权益变动表…………………………………第 | | 11 | 页 | | | | 审 计 报 ...

证券代码：002273 股票简称：水晶光电 公告编号：（2025）012 号 浙江水晶光电科技股份有限公司 关于拟以现金收购广东埃科思科技有限公司 95.60%股权 暨关联交易的公告 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。 特别提示： 1、浙江水晶光电科技股份有限公司（以下简称"公司"或"水晶光电"）拟以自有及 自筹资金 3.235 亿元人民币收购嘉兴卓进股权投资合伙企业（有限合伙）（以下简称"嘉兴 卓进"）、嘉兴创进股权投资合伙企业（有限合伙）（以下简称"嘉兴创进"）、深圳聚源 芯创私募股权投资基金合伙企业（有限合伙）、南京翎贲昭离雷风恒股权投资合伙企业（有 限合伙）（以下简称"南京翎贲昭离"）、嘉兴凤凰长进股权投资合伙企业（有限合伙）、 杭州尚研壹号股权投资合伙企业（有限合伙）、高冬、浙江浙大联合创新投资管理合伙企业 （有限合伙）、浙江双环传动机械股份有限公司、浙江银轮机械股份有限公司、青岛火眼贝 爱股权投资合伙企业（有限合伙）、海南火眼曦和股权投资私募基金合伙企业（有限合伙）、 深圳市瑞创未来投资有限公司、星火燎原股权投资（珠海横琴）合伙企业（有 ...

证券代码：002273 证券简称：水晶光电 公告编号：（2025）013 号 浙江水晶光电科技股份有限公司 根据浙江水晶光电科技股份有限公司（以下简称"公司"）第六届董事会第二十八次会 议决议决定，公司定于 2025 年 3 月 27 日（星期四）下午 14:00 召开 2025 年第一次临时股 东大会。现将有关事项通知如下： 一、 召开会议的基本情况 1、 股东大会届次：公司 2025 年第一次临时股东大会 2、 股东大会的召集人：公司董事会 3、 会议召开的合法、合规性：本次股东大会会议召开符合有关法律、行政法规、部门 规章、规范性文件和公司章程的规定。 4、 会议召开的日期、时间： 关于召开 2025 年第一次临时股东大会的通知 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。 公司股东应选择现场投票、网络投票中的一种方式，如果同一表决权出现重复投票表决 的，以第一次投票表决结果为准。 6、 股权登记日：2025 年 3 月 20 日（星期四） 7、出席对象： （1）截至 2025 年 3 月 20 日（星期四）下午 15:00 深圳证券交易所收市时，在中 ...

证券代码：002273 股票简称：水晶光电 公告编号：（2025）011 号 浙江水晶光电科技股份有限公司 第六届董事会第二十八次会议决议公告 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"）第六届董事会第二十八次会议通 知于 2025 年 3 月 1 日以电子邮件、微信、电话的形式送达。会议于 2025 年 3 月 6 日上午 09:00 以通讯表决的方式召开。本次会议应出席会议董事 12 人，实际出席会议董事 12 人， 会议由董事长林敏先生召集并主持。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 1、审议通过了《关于拟以现金收购广东埃科思科技有限公司 95.60%股权暨关联交易的 议案》； 表决结果：关联董事林敏、王震宇、刘风雷、李夏云、俞志刚回避表决，同意 7 票，反 对 0 票，弃权 0 票。 本次关联交易事项已经第六届董事会独立董事专门会议 2025 年第二次会议审议通过。 《关于拟以现金收购广东埃科思科技有限公司 95.60%股权暨关联交易的 ...

会议形成如下决议： 第六届董事会独立董事专门会议 2025 年第二次会议决议 浙江水晶光电科技股份有限公司（以下简称"公司"）第六届董事会独立董事专门会议 2025 年第二次会议通知于 2025 年 2 月 27 日以电子邮件、微信、电话的形式送达。会议于 2025 年 3 月 1 日上午 09:00 以通讯表决的方式召开。本次会议由全体独立董事共同推举方 刚先生召集并主持，会议应出席独立董事 4 名，实际出席独立董事 4 名。本次会议的召开符 合法律、法规、规章及公司章程的规定。 审议通过了《关于拟以现金收购广东埃科思科技有限公司 95.60%股权暨关联交易的议 案》。 浙江水晶光电科技股份有限公司 经审核，我们认为：本次交易事项紧密契合公司发展战略规划，有利于加快 AR/VR 业务 快速扩张和公司战略的深入推进。本次交易涉及的标的资产已由具备证券、期货从业资格的 审计机构和资产评估机构进行了专业的审计与评估，并分别出具了相关的审计报告和资产评 估报告。本次收购标的股权价格是以评估机构出具的评估结果为参考依据，并经交易各方充 分协商确定，交易定价遵循了一般商业条款，避免了可能发生损害公司及其股东，尤其是中 ...

Investment Rating - The report maintains a "Recommended" rating for key companies in the AR industry, including Tianyue Advanced, Goer, Lante Optics, and Crystal Optoelectronics [4][5]. Core Insights - The report highlights the significance of Silicon Carbide (SiC) in the development of AR glasses, emphasizing its advantages such as improved display quality, reduced weight, and enhanced heat dissipation [1][2][3]. - The collaboration among companies like Longqi, XREAL, Kunyou Optoelectronics, and Jing Sheng Machinery in the AR glasses sector is noted, indicating a strategic move towards innovation and market expansion [1]. - The report discusses the ongoing advancements in SiC technology, including the reduction of material and processing costs, which are crucial for the mass production of AR glasses [2][3]. Summary by Sections Industry Developments - SiC-based SRG waveguides are identified as a revolutionary innovation, offering high refractive index (2.6-2.7), wide field of view (FOV), and full-color integration, significantly enhancing the immersive experience of AR glasses [1]. - The report mentions that traditional high-refractive index glass provides a maximum full-color FOV of less than 40°, while SiC allows for over 80° [1]. - The report also notes that SiC waveguides can effectively mitigate environmental light diffraction, reducing visual artifacts like "rainbow patterns" [1]. Cost and Production Efficiency - The report indicates that the current challenge in adopting SiC for AR waveguides lies in the material and processing costs, but advancements in production lines for 8-inch SiC substrates are expected to lower costs further [2]. - It is mentioned that a 6-inch wafer can produce 2 pairs of glasses, an 8-inch wafer can yield 3-4 pairs, and a 12-inch wafer can produce 8-12 pairs [2]. Key Companies and Investment Suggestions - The report suggests focusing on companies involved in the assembly and production of SiC materials, including Goer, Tianyue Advanced, and Lante Optics, as well as Crystal Optoelectronics [3].