证券代码：002273 股票简称：水晶光电 公告编号：（2025）014 号 浙江水晶光电科技股份有限公司 关于第六期员工持股计划第二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六期员工持股计划（草案）>及其摘要的议案》（以 下简称"《第六期员工持股计划（草案）》"）、《关于提请股东大会授权董事会办理公司 第六期员工持股计划有关事项的议案》，同意公司实施第六期员工持股计划（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 ...

星标 ★ IPO日报 精彩文章第一时间推送 全球光学元器件龙头、苹果华为核心供应商浙江水晶光电科技股份有限公司（ 002273.SZ， 下称"水晶光电"） ，近日抛出了一笔受争议的收购案 ——拟以自有及自筹资金3.235亿元收购广东埃科思科技有限公司（下称"广东埃科思"、"标的公司"）95.6%股权。 在这场增值率高达280%的关联交易背后，标的公司依旧处于持续亏损状态，这究竟是上市公司借助收购进一步完善产业布局，还是一场左手倒右手的"自 家人"交易？ 公司产品以外销为主，部分产品出口新加坡、越南、泰国、马来西亚、日本、欧美等海外市场，报告期内的外销占比约为 77.47%。 公司近年来营收快速增长。2021年至2023年及2024年前三季度，营业收入规模分别为38.09亿元、43.76亿元、50.76亿元和41.10亿元；同期，归母净利润分 别为4.42亿元、5.76亿元、6亿元和8.62亿元。 细分来看，公司业务主要涉及光学光电子行业、反光材料行业和其他业务，其中，光学光电子行业是公司主要的收入来源，2023年占公司营业收入比重为 92.49%。 光学产品最大的下游应用领域为智能手机、平板电脑等消费电子产品 ...

股票投资评级 证券研究报告：电子 | 公司点评报告 买入 |首次覆盖 个股表现 2024-03 2024-05 2024-08 2024-10 2024-12 2025-03 -12% 2% 16% 30% 44% 58% 72% 86% 100% 114% 水晶光电 电子 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 23.68 | | --- | --- | | 总股本/流通股本（亿股）13.91 | / 13.58 | | 总市值/流通市值（亿元）329 | / 322 | | 周内最高/最低价 52 | 27.22 / 12.72 | | 资产负债率(%) | 20.3% | | 市盈率 | 55.07 | | 第一大股东 | 星星集团有限公司 | 研究所 分析师:吴文吉 SAC 登记编号:S1340523050004 Email:wuwenji@cnpsec.com 水晶光电(002273) 汽车+AR 打开新空间 l 投资要点 手机业务基本盘稳健发展。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 ...

证券研究报告：电子 | 公司点评报告 股票投资评级 个股表现 2024-03 2024-05 2024-08 2024-10 2024-12 2025-03 -12% 2% 16% 30% 44% 58% 72% 86% 100% 114% 水晶光电 电子 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 23.68 | | --- | --- | | 总股本/流通股本（亿股）13.91 | / 13.58 | | 总市值/流通市值（亿元）329 | / 322 | | 周内最高/最低价 52 | 27.22 / 12.72 | | 资产负债率(%) | 20.3% | | 市盈率 | 55.07 | | 第一大股东 | 星星集团有限公司 | 研究所 分析师:吴文吉 SAC 登记编号:S1340523050004 Email:wuwenji@cnpsec.com 买入 |首次覆盖 水晶光电(002273) 汽车+AR 打开新空间 l 投资要点 手机业务基本盘稳健发展。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 ...

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 ...