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].

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]