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：2025009 | | 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 | | 参与单位名称 | 中信证券；太平资产；同方全球人寿；众安财险；建信资产；长江养老；百年保险 | | | 资管；太平养老；汇添富基金；台州国运集团 | | 时间 | 2025 年 2 月 28 日 | | 形式 | 线下调研 | | 上市公司接待人 员姓名 | 副总经理兼董事会秘书 韩莉；IR | | 投资者关系活动 | 1、问：请问公司在业务上怎么分配精力？ | | 主要内容介绍 | 答：首先是公司稳健的消费电子板块。目前公司的收入主要来源于以智能手机 | | | 为代表的消费电子端客户，公司目前和北美大客户在合作上已经从过去的以制造导 | | | 向转变为新品研发。现在公司为大客户有多个项目并行开发中，为了更好地承接客 | | | 户的新品和升级开发需求，确保项目顺利落地，因此自 24 年底 ...

尤其是在反射光波导里面，公司也是进行了一个重点的布局。同时，在衍射光波导上面， 公司跟这个 DXN 也是持续的在保持战略合作，并且已经有小批量的产品，面向北美级的 商业应用已经开始出货。反射光波导作为公司目前的一号工程，也是由领导亲自带队，坚 定的在里面投入，并且着力去解决反射光波导这样的一个世界性的量产难题。第三块，我 们是看到公司的这个汽车电子业务，随着智能制造的时代来临，我们看到公司也是把汽车 电子打造成为另一条成长曲线。 公司已经预告 2024 年全年的盈利预测维持在 10 到 11.2 亿之间，同比是增长 66.6%到 86.59%。我们看到去年公司在各大业务板块的市场份额提升也是非常显著的，同时在产 品的毛利率与净利率端，也是实现了一个双重的增长。首先在消费电子业务，我们看到公 司也是持续抓住光学创新的机会，积极去探索新的成长空间。首先在这个光学元器件方面 传统的红外滤光片的业务是实现了稳健的发展。它的升级产品吸收反射复合型的滤光片同 比的销售是实现了一个大幅的增长。 目前在 ARHUD 方面，公司是国内首家量产 ARHUD 的厂商，同时也是储备了 TFTL cos DLP 光波导等多种的技术方案 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [5]. Core Viewpoints - The company has been deeply engaged in the optical field for over 20 years, diversifying its layout to maintain growth, with a focus on consumer electronics, automotive optics, and the metaverse [1][15]. - The company is expected to see significant profit growth in 2024, with net profit forecasted between 1.0 to 1.12 billion yuan, representing a year-on-year increase of 66.60% to 86.59% [1]. - The company has increased its R&D expenditure significantly, from 158 million yuan in 2019 to 424 million yuan in 2023, indicating a strong commitment to innovation [1]. Summary by Sections Company Overview - Established in 2002 and listed in 2008, the company has focused on the optical sector for over two decades, building a diverse product portfolio across five major business segments: optical components, thin-film optical panels, semiconductor optics, automotive electronics (AR+), and reflective materials [1][15]. - The company has transitioned its R&D focus to AR technology, aiming to solve mass production challenges in reflective waveguide technology [1][3]. Consumer Electronics - The optical components segment has shown robust growth, particularly in infrared filter products and micro-prism modules, with significant sales increases expected in 2024 [2]. - The thin-film optical panel segment is expanding beyond mobile phones into other electronic devices, while the semiconductor optics segment is benefiting from increased market penetration of 3D camera technology [2][21]. AR/VR - The company has been investing in AR technology for over a decade, focusing on reflective waveguide technology and strategic partnerships to enhance its product offerings in the AR space [3][20]. Automotive Electronics - The company is a leading supplier of AR-HUD systems in China, with a market share of 23.1% in the first half of 2024, and is actively expanding its partnerships with major automotive manufacturers [4][22]. - The global automotive LiDAR market is projected to grow significantly, and the company is positioned to capitalize on this trend through its advanced technology in LiDAR window components [4][22]. Financial Forecast and Investment Recommendations - The company is projected to achieve revenues of 6.6 billion yuan in 2024, with a year-on-year growth rate of 30%, and net profits of 1.1 billion yuan, reflecting an 82.9% increase [9][10]. - The report highlights favorable valuations for the next two years, with projected P/E ratios of 32, 28, and 23 for 2024, 2025, and 2026 respectively [9].

夯筑消费电子基本盘，开拓 AR&汽车新增量 | 买入（首次） | | | --- | --- | | 股票信息 | | | 行业 | 光学光电子 | | 02 月 20 日收盘价（元） | 25.19 | | 总市值（百万元） | 35,030.03 | | 总股本（百万股） | 1,390.63 | | 其中自由流通股（%） | 97.65 | | 30 日日均成交量（百万股） | 55.07 | 证券研究报告 | 首次覆盖报告 gszqdatemark 2025 02 24 年 月 日 二十余载深耕光学领域，多元化布局延续增长，研发转型初见成效。公司 成立于 2002 年，2008 年在深交所上市，聚焦光学赛道二十余年，围绕消 费电子、车载光电、元宇宙三大应用场景布局产品业务，目前已经构建了 光学元器件、薄膜光学面板、半导体光学、汽车电子（AR+）、反光材料五 大业务板块。公司坚定研发转型，不断迭代攻破一号工程，公司研发费用 从 2019 年的 1.58 亿元大幅提升至 2023 年的 4.24 亿元。公司的上一个 一号工程是微棱镜项目，该项目在 2023 年 6 月实现量产，2024 年，公司 的一号工 ...

水晶光电今日涨停，全天换手率9.62%，成交额32.29亿元，振幅7.28%。龙虎榜数据显示，机构净卖出 5600.21万元，深股通净卖出534.26万元，营业部席位合计净卖出4502.61万元。 深交所公开信息显示，当日该股因日涨幅偏离值达9.45%上榜，机构专用席位净卖出5600.21万元，深股 通净卖出534.26万元。 证券时报•数据宝统计显示，上榜的前五大买卖营业部合计成交8.08亿元，其中，买入成交额为3.51亿 元，卖出成交额为4.57亿元，合计净卖出1.06亿元。 具体来看，今日上榜的营业部中，共有2家机构专用席位现身，即卖三、卖五，合计买入金额3020.52万 元，卖出金额8620.73万元，合计净卖出5600.21万元，深股通为第一大买入营业部及第一大卖出营业 部，买入金额为1.51亿元，卖出金额为1.56亿元，合计净卖出534.26万元。 资金流向方面，今日该股主力资金净流入4.56亿元，其中，特大单净流入3.94亿元，大单资金净流入 6233.56万元。近5日主力资金净流入2.99亿元。 融资融券数据显示，该股最新（2月19日）两融余额为13.87亿元，其中，融资余额为13.73亿元， ...

Summary of Crystal Optoelectronics Conference Call Company Overview - **Company**: Crystal Optoelectronics - **Industry**: Optoelectronics, focusing on mobile devices, automotive HUDs, AR glasses, and semiconductor optics Key Financial Performance - **Net Profit**: First time exceeding 1 billion RMB, reaching between 1 billion to 1.12 billion RMB in 2024, representing a year-on-year growth of 66.60% to 86.59% [4] - **Non-recurring Net Profit**: Expected to be between 950 million to 1.07 billion RMB, with a growth of 81.80% to 104.77% [4] - **Revenue Growth**: Significant growth across all business segments, particularly in mobile and automotive sectors [3][5] Business Segments and Developments Mobile Business - **Micro-prism Products**: Increased shipment volumes, particularly for major clients, enhancing equipment utilization rates [5] - **3D Imaging Components**: Strong performance in mobile 3D imaging and AR glasses [5] Automotive Business - **AI HUD Leadership**: Maintained a leading position in AI HUD technology, collaborating with brands like Changan, Great Wall, Geely, and BYD [4][6] - **Market Penetration**: HUD penetration remains low at approximately 10%, indicating significant growth potential [6] AR Glasses and Metaverse Optics - **Strategic Importance**: AR glasses are considered a key strategic business, with ongoing development in waveguide technology and optical components [8] - **Reflection Waveguide Technology**: Gaining attention for its advantages in full-color high-definition and wide field of view, with confidence in overcoming mass production challenges [8] Strategic Partnerships - **North American Clients**: Transitioning from OEM to strategic partnerships, engaging in over ten parallel development projects with clear mass production timelines [9] - **Collaboration with Jaguar Land Rover**: First domestic AI HUD supplier to secure a contract, indicating a significant increase in client quality and quantity [4][6] Future Outlook - **2025 as a Milestone Year**: Expected to be a pivotal year for growth and transformation, aiming to become a leader in the global AR optics field [12][13] - **ASP Projections**: Anticipated increase in average selling prices (ASP) for optical components from around 1 RMB to several tens of RMB over the next three to five years [28] - **Market Share Goals**: Targeting a 10% market share in new automotive products, with potential to exceed 50% in the coming years [29][30] Challenges and Opportunities - **Supply Chain and Quality Control**: Emphasis on maintaining high-quality standards to meet stringent client requirements, especially in new product launches [29] - **Technological Advancements**: Continuous innovation in optical technologies is crucial for maintaining competitive advantage [41][44] Conclusion - **Investment Potential**: The company is positioned for significant growth across multiple sectors, with strong financial performance and strategic partnerships paving the way for future success [10][12]

Group 1: Company Performance Overview - The company expects a net profit of 1.0 to 1.12 billion yuan for 2024, representing a year-on-year growth of 66.60% to 86.59% [4] - The non-recurring net profit is projected to be 0.95 to 1.07 billion yuan, with a growth rate of 81.80% to 104.77% [4] - The net profit exceeding 1 billion yuan marks a historical high for the company [4] Group 2: Business Segment Performance - The mobile business segment has seen increased demand for micro-prism products, supporting revenue growth [4] - The optical film panel business has become a significant product line, contributing to overall business growth [4] - The semiconductor optical business is recovering, driven by trends in 3D innovation and applications in AR and AI glasses [4] Group 3: Automotive Sector Insights - The penetration rate of HUD (Head-Up Display) technology remains low, indicating significant growth potential [5] - The company maintains a leading market share in the AR-HUD sector, with a strong customer base [5] Group 4: AR Glasses Strategy - AR glasses are a strategic focus for the company, with AI technology driving industry growth [6] - The company has invested in optical waveguide technology and related optical components for AR glasses [6] - The company aims to solve mass production challenges for reflective waveguides, which are crucial for AR glasses [6] Group 5: Future Outlook and Strategic Goals - The period from 2025 to 2030 is seen as a transformative opportunity for the company, aiming to become a leader in global AR optical display solutions [8] - The company is transitioning from a cost-manufacturing focus to a technology innovation-driven growth model [7] - The company is positioned to leverage its accumulated technical expertise to meet increasing customer demands for optical innovations [7] Group 6: Market Trends and Customer Engagement - The company anticipates a stable order situation in the consumer electronics industry for 2025 [9] - The fourth quarter typically sees a seasonal decline, which is expected and aligns with historical trends [10] - The company is focused on maintaining its position as a primary supplier for high-end micro-prism products in 2025 [11] Group 7: Pricing and Value Trends - The price of micro-prism products is expected to decrease in 2024 due to improved yield rates [12] - The company sees long-term benefits from optical innovation, which will enhance the value of its products [14] - The AR glasses segment is expected to significantly increase the hardware cost share, opening new value opportunities [17]

证券代码：002273 股票简称：水晶光电 公告编号：（2025）010 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三批股票出售完毕暨计划终止的公告 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。 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"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 2021 年 10 月 23 日、2021 年 11 月 10 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 ...

经审核，我们认为：公司控股子公司新台佳本次向日本光驰购买镀膜设备而产生的关联 交易属于正常的商业交易行为，其交易定价遵循了公开、公平、公正及市场化的原则,交易 价格公允合理，不存在损害公司及其股东特别是中小股东利益的情形；本次关联交易事项将 对公司的生产、经营产生积极影响，有利于进一步增强公司光学业务的可持续发展能力，符 合全体股东的利益和公司长远发展战略。我们同意将该事项提交公司董事会审议,关联董事 需回避表决。 浙江水晶光电浙江水晶光电科技股份有限公司第六届董事会 独立董事：李宗彦、甘为民、张宏旺、方刚 2025 年 1 月 22 日 ［本页无正文，为第六届董事会独立董事专门会议 2025 年第一次会议决议签字页］ 浙江水晶光电科技股份有限公司 第六届董事会独立董事专门会议 2025 年第一次会议决议 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 年第一次会议通知于 2025 年 1 月 21 日以电子邮件、微信、电话的形式送达。会议于 2025 年 1 月 22 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 ...

证券代码：002273 股票简称：水晶光电 公告编号：（2025）007 号 浙江水晶光电科技股份有限公司 第六届董事会第二十七次会议决议公告 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。 董事会同意公司控股子公司新台佳光电有限公司向公司关联方株式会社オプトラン购 买镀膜设备，交易总金额为 4,800.00 万日元（按 2025 年 1 月 24 日汇率约合人民币 222.42 万元），占公司 2023 年经审计净资产的 0.03%。公司在连续十二个月内与同一关联人日本 光驰进行的交易累计在三百万元以上，且达到公司最近一期经审计净资产的 0.5%。按照相 关规定，本次关联交易提交公司董事会审议后，无需提交公司股东大会审议批准。 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 年第一次会议审议通过。 《关于子公司购买设备资产暨关联交易的公告》（公告编号：（2025）008 号），详见信息 披露媒体《证券时报》《中国证券报》《上海证券报》《证券日报》和信息披露网站巨潮资 讯网 http://www.cninfo.com.cn。 三、备查文件 1、第六 ...