Investment Rating - The investment rating for the company is "Outperform the Market" [4][15]. Core Views - The company reported a 97% year-on-year increase in net profit attributable to shareholders for the first three quarters of 2024, with a revenue of 4.71 billion yuan, representing a 32.69% increase year-on-year [2]. - The company's gross margin improved to 31.57%, up 4.57 percentage points year-on-year, as it transitions from a single product focus to a diversified product structure [2]. - In Q3 2024, the company achieved a record high in quarterly revenue and net profit, with revenue of 2.06 billion yuan, a 21.19% year-on-year increase, and a net profit of 435 million yuan, a 66.99% year-on-year increase [2]. - The company is solidifying its leading position in the consumer electronics industry and expanding its collaboration with major North American clients [2]. - The company is optimizing its product structure in the optical filter business and is seeing significant sales growth in composite filters [2]. - The automotive optical business is expanding, with the company entering the supply chains of well-known automotive manufacturers [2]. Financial Forecasts and Metrics - Revenue is projected to grow from 6.59 billion yuan in 2024 to 9.10 billion yuan in 2026, with net profit expected to increase from 1.09 billion yuan to 1.58 billion yuan during the same period [3]. - The company's earnings per share (EPS) is forecasted to rise from 0.78 yuan in 2024 to 1.13 yuan in 2026 [3]. - The price-to-earnings (P/E) ratio is expected to decrease from 28.5 in 2024 to 19.7 in 2026, indicating improving valuation metrics [3].

证券代码：002273 证券简称：水晶光电 编号：2024009 1 浙江水晶光电科技股份有限公司投资者关系活动记录表 | --- | --- | --- | |-----------------------|----------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | | | | | ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved record high revenue and profit in Q3 2024, driven by the rapid introduction of micro-prism products and cost reduction efforts [2][3] - The company is expected to benefit from the mass production of new products and the continued growth in the automotive electronics and AI+AR sectors [4] Financial Performance Summary - For Q3 2024, the company reported revenue of 20.55 billion yuan, a year-on-year increase of 21.19% and a quarter-on-quarter increase of 56.91% [3] - The net profit attributable to the parent company for Q3 2024 was 4.35 billion yuan, representing a year-on-year increase of 66.99% and a quarter-on-quarter increase of 75.3% [3] - The gross profit margin for Q3 2024 was 36.71%, an increase of 8.14 percentage points year-on-year [3] Revenue and Profit Forecast - The company expects to achieve revenues of 65.04 billion yuan in 2024, with a year-on-year growth of 28.1% [5] - The forecasted net profit attributable to the parent company for 2024 is 10.38 billion yuan, reflecting a year-on-year increase of 73.0% [5] - The projected earnings per share (EPS) for 2024 is 0.75 yuan, with a price-to-earnings (P/E) ratio of 29.8 times [5] Business Development - The company is focusing on expanding its optical device business, particularly in the automotive electronics and AI+AR sectors, which are expected to drive future growth [4] - The introduction of new products, such as the periscope lens in flagship smartphones, is anticipated to enhance revenue from optical components [4] - The company is actively developing its AR technology, particularly in reflective waveguide technology, to capitalize on the rapid growth of the AR industry [4]

Investment Rating - The investment rating for the company is upgraded to "Buy" [2][6] Core Views - The company has achieved stable revenue growth and rapid improvement in profitability, driven by the recovery of the consumer electronics industry and the integration of AI technology [3][4] - The company has diversified its business across five major segments: optical components, optical film panels, semiconductor optics, automotive electronics (AR+), and reflective materials, positioning itself well for growth [4][5] - The company is actively expanding its AR business in response to the accelerating development of the metaverse, with significant expected growth in the VR/AR/MR market [5][6] Summary by Sections Financial Performance - In the first three quarters of 2024, the company achieved revenue of 4.71 billion yuan, a year-on-year increase of 32.69%, and a net profit attributable to shareholders of 862 million yuan, up 96.77% [2][3] - The third quarter alone saw revenue of 2.06 billion yuan, reflecting a year-on-year growth of 21.19%, with a net profit of 435 million yuan, an increase of 66.99% [3] Business Segments - The optical core technology segment is capitalizing on the recovery of the consumer electronics market and is expanding its market share both domestically and internationally [4] - The optical film business is experiencing stable growth due to ongoing innovations in the global technology industry and the deep penetration of 5G technology [4] - The semiconductor optics segment is benefiting from the increased penetration of 3D smartphone cameras, with the company achieving breakthroughs in its nano-optical products [4] - The automotive electronics segment has gained recognition for its HUD products, with new domestic clients and ongoing projects with international manufacturers [4] - The reflective materials segment is enhancing its competitiveness and brand recognition across multiple consumer scenarios [4] Market Outlook - The VR/AR/MR market is projected to grow significantly, with a forecasted 46.4% increase in device shipments in 2024 and a compound annual growth rate (CAGR) of 37.2% from 2023 to 2027 [5] - The company is well-positioned to benefit from this growth, providing comprehensive optical solutions for VR/AR/MR devices [5][6] Earnings Forecast - Revenue forecasts for 2024, 2025, and 2026 are 6.505 billion yuan, 7.817 billion yuan, and 9.236 billion yuan, respectively, with corresponding EPS of 0.73 yuan, 0.88 yuan, and 1.04 yuan [6][8] - The current stock price corresponds to a PE ratio of 31, 26, and 22 for the years 2024, 2025, and 2026, respectively [6]

Investment Rating - The report maintains a "Buy-A" rating for the company [4] Core Views - The company reported better-than-expected performance for Q3 2024, with a revenue of 20.55 billion yuan, up 21.19% year-on-year, and a net profit of 4.35 billion yuan, up 66.99% year-on-year [1][2] - The gross margin reached a record high of 36.71% in Q3 2024, an increase of 5.41 percentage points quarter-on-quarter and 8.14 percentage points year-on-year, driven by improved capacity utilization and product mix adjustments [2][3] - The company has effectively controlled costs, with a management expense ratio of 5.0%, down 2.14 percentage points year-on-year, and a significant increase in operating cash flow, which reached 1.39 billion yuan, up 199.53% year-on-year [3][4] Financial Performance - For the first three quarters of 2024, the company achieved a revenue of 47.10 billion yuan, a year-on-year increase of 32.69%, and a net profit of 8.62 billion yuan, up 96.77% year-on-year [1] - The company expects net profits for 2024-2026 to be 11.05 billion yuan, 13.52 billion yuan, and 16.24 billion yuan respectively, with corresponding EPS of 0.79 yuan, 0.97 yuan, and 1.17 yuan [4][5] - The projected P/E ratios for 2024-2026 are 28.9, 23.6, and 19.7 respectively, indicating a favorable valuation trend [4][5] Market Position and Strategy - The company continues to strengthen its collaboration with major North American clients and is actively exploring opportunities in the Android market, particularly in optical technology applications [4] - The company has seen significant growth in its micro-prism, film optical panel, and filter segments, contributing to a substantial increase in product shipments [2][4]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company has achieved significant growth in its financial performance, with a revenue increase of 32.7% year-on-year in the first three quarters of 2024, reaching 4.71 billion yuan, and a net profit increase of 96.8%, amounting to 860 million yuan [2] - The company's core competitiveness is steadily improving, driven by advancements in product optimization, market expansion, and increased order volumes [3][4] - The report projects a positive outlook for the company's profitability, with revised net profit forecasts for 2024, 2025, and 2026 set at 1 billion, 1.3 billion, and 1.6 billion yuan respectively, reflecting a strong growth trajectory [4] Financial Performance Summary - For 2024, the company is expected to generate total revenue of 6.53 billion yuan, a 28.63% increase year-on-year, and a net profit of 1.03 billion yuan, representing a 71.23% increase [1][10] - The gross margin for the first three quarters of 2024 was 31.6%, up 4.6 percentage points year-on-year, while the net margin was 18.7%, up 6.0 percentage points [2] - The company has effectively controlled production costs and expenses, leading to significant improvements in both gross and net margins [2] Business Development Summary - The company has made substantial progress in its main business areas, including optical components, semiconductor optics, thin-film optical panels, automotive electronics, and reflective materials [3] - The company is expanding its market presence globally, with offices established in Japan and the United States, and ongoing construction of a factory in Vietnam [4] - The company is focusing on enhancing its product offerings and optimizing its customer base, which has led to new opportunities with major clients [4]

还有我们的财务总监郑婷女士那下面我们进入到本次交流的第一个环节由我们的财务总监郑婷女士就我们三季度报昨天晚上披露的这个情况和各位投资的朋友做一个解读好的 各位投资的下午好下面由我来做三季报的解读第一 我们19月份的销售时 47亿同比去年增长33%规模的经营率8.62亿同比增长97%扩飞的规模经营率8.31同比增长127%那么从销售和经营率来看我们这个数据非常意识深高 从三级的三级数来看,我们的收入是20.1亿,同比增长21%,出入的经费4.35亿,同比增幅67%,后飞经费4.4亿,同比增长73%,从三级数环境来看,这个收支都增幅51%。 再看一下我们收入跟经营率库飞的经营率的增长幅度那么从收入增长33%但是我们库飞的增长大于经营的增长94%主要的就是我们各利用板块的销售阶段增长第二个就是我们各板块的毛利率以及我们的费用的下降所以也体现了我们公司最深的增长率的提升 从毛人率和精英率来看公司1-9月份的毛人率是31.57%从比去年增幅4.57%精英率18.29%增幅5.96%从1-9月份的精英性的金额来看是13.9亿从比增幅200%每股收益是0.63 同比增幅102%那么再看一下我们的费产19月份9.64个亿同比 ...

证券代码：002273 股票简称：水晶光电 公告编号：（2024）082 号 浙江水晶光电科技股份有限公司 股票交易异常波动公告 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。 一、股票交易异常波动的情况介绍 中的虚假记载、误导性陈述或者重大遗漏承担责任。 浙江水晶光电科技股份有限公司（以下简称"公司"或"本公司"，证券简称：水晶光 电，证券代码：002273）股票于 2024 年 10 月 29 日、10 月 30 日连续两个交易日收盘价格 涨幅偏离值累计超过 20％。根据《深圳证券交易所股票交易规则》的相关规定，属于股票 交易异常波动情况。 二、关注、核实情况说明 针对公司股票异常波动情况，公司董事会通过电话及现场问询等方式，对有关事项进行 了核查，现将相关情况说明如下： 1、公司前期披露的信息不存在需要更正、补充之处； 2、公司于 2024 年 10 月 29 日披露了《2024 年第三季度报告》，公司第三季度实现营 业收入 20.55 亿元、同比增长 21.19%，归属于上市公司股东的净利润 4.35 亿元、同比增长 66.99%；公司 1-9 月实 ...

证券代码：002273 证券简称：水晶光电 编号：2024008 浙江水晶光电科技股份 投资者关系活动记录表 | --- | --- | --- | |-------------------------|---------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

| --- | --- | --- | --- | --- | --- | |-------------|------------------------|----------|-------|-------|-------| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | C R Y S T A | L - O P T E C H | | | | | | | | 水晶光电 | | | | | | 2024年三季度业绩说明会 | | | | | | | | | | | | 前瞻性陈述 2 Forward-looking Statement 本文件由浙江水晶光电科技股份有限公司（以下简称"公司"或"本公司"）编制，仅供在本公司的业绩发布 会上使用。 本文件所载数据未经独立核实。本资料应与2024年三季度报告一并阅读，所涉信息及释义以2024年三季度报告 披露为准。本文件并无以明示或暗示方式作出任何陈述或保证，阁下不得依赖本文件所载数据的准确性、公正性或 完整性。本文件所载信息及意见乃于本会 ...