Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase of over 15% in stock price compared to the benchmark index over the next 6 to 12 months [8]. Core Views - The company is expected to benefit from the incremental contribution of micro-prism technology, with multiple long-term growth points identified [4]. - The report highlights a significant increase in revenue and net profit projections for the coming years, driven by high-margin products such as micro-prisms and composite filters [4][6]. Financial Summary - **Revenue Forecast**: - 2022A: 4,376 million - 2023A: 5,076 million (yoy +16%) - 2024E: 6,540 million (yoy +29%) - 2025E: 7,918 million (yoy +21%) - 2026E: 8,951 million (yoy +13%) [4][6] - **Net Profit Forecast**: - 2022A: 576 million - 2023A: 600 million (yoy +4%) - 2024E: 801 million (yoy +33%) - 2025E: 998 million (yoy +25%) - 2026E: 1,168 million (yoy +17%) [4][6] - **Earnings Per Share (EPS)**: - 2023: 0.43 - 2024E: 0.58 - 2025E: 0.72 - 2026E: 0.84 [4][6] - **Return on Equity (ROE)**: - 2023: 6.7% - 2024E: 8.4% - 2025E: 9.7% - 2026E: 10.4% [6] - **Price-to-Earnings (P/E) Ratio**: - 2024E: 36 - 2025E: 27 - 2026E: 22 [4][6] Key Investment Points - The company is expected to see significant growth in its optical components revenue, particularly from micro-prisms and composite filters, which are projected to have high gross margins [4]. - The report notes that the company has successfully expanded its market share in the domestic market, particularly with mainstream terminal products [4]. - The automotive electronics segment is also highlighted as a growth area, with successful customer expansion and new product developments [4].

Investment Rating - The report maintains a "Buy" rating for the company, expecting its stock price to outperform the benchmark index by over 20% in the next 6-12 months [9][13][21]. Core Views - The company demonstrated strong performance in 2023, with revenue of RMB 5.08 billion, a year-on-year increase of 16.01%, and a net profit of RMB 600 million, up 4.15% year-on-year. The gross margin improved to 27.81%, reflecting growth in the micro-prism and optical film panel businesses [21]. - The fourth quarter of 2023 saw significant growth, with revenue reaching RMB 1.53 billion, a 30.05% increase year-on-year, and net profit soaring by 68.83% to RMB 162 million. This growth was primarily driven by the mass production of the micro-prism project and improvements in market share and gross margin for optical film panels [21]. - The company is expected to benefit from the optical upgrade trend in smartphones in 2024, with new product launches from major brands like Huawei and Apple driving demand for its optical products [21]. Financial Summary - The company’s projected financials for 2024-2026 include: - Revenue: RMB 6.48 billion in 2024, RMB 7.91 billion in 2025, and RMB 9.63 billion in 2026, with growth rates of 27.6%, 22.1%, and 21.8% respectively [21][14]. - Net profit: Expected to reach RMB 755 million in 2024, RMB 990 million in 2025, and RMB 1.16 billion in 2026, with growth rates of 25.8%, 31.1%, and 17.5% respectively [21][14]. - EBITDA: Projected to be RMB 1.27 billion in 2024, RMB 1.64 billion in 2025, and RMB 2.02 billion in 2026 [21][14]. - The report also highlights an increase in earnings per share (EPS) from RMB 0.54 in 2024 to RMB 0.84 in 2026, with corresponding price-to-earnings (P/E) ratios decreasing from 28.6 to 18.6 [21][14]. Market Position and Growth Drivers - The company has secured over ten new contracts in the automotive sector, expanding its product offerings to include automotive cameras and LCoS PGU modules, positioning itself as a leading supplier in the AR-HUD market [21]. - The report emphasizes the company's effective operational strategies, which have allowed it to achieve significant results even during a downturn in the consumer electronics industry [21].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected performance that will exceed the market by over 20% [11][25]. Core Insights - The company achieved a revenue of 5.08 billion yuan in 2023, representing a year-over-year increase of 16.0%. The net profit attributable to shareholders was 600 million yuan, up 4.2% year-over-year, with a gross margin of 27.8%, an increase of 0.9 percentage points [25]. - The company’s optical components and film optical panels have shown significant revenue and profit growth, with optical components generating 2.45 billion yuan in revenue (YoY +21.1%) and a gross margin of 30.7% (YoY +4.5 percentage points) [18]. - The automotive business saw a revenue increase of 54.4% year-over-year, reaching 290 million yuan, although the gross margin decreased to 11.7% [18]. - The strategic focus remains on optical components, automotive optics, and AR/VR, with a target of achieving a revenue growth of 10%-30% in 2024 [18]. Financial Summary - The company’s financial forecasts for 2024, 2025, and 2026 project net profits of 760 million yuan, 878 million yuan, and 1.05 billion yuan respectively, with corresponding EPS of 0.55 yuan, 0.63 yuan, and 0.76 yuan [25]. - The projected P/E ratios for 2024, 2025, and 2026 are 28.5, 24.6, and 20.6 respectively, indicating a favorable valuation trend [25]. - The company’s gross margin is expected to remain stable around 27.9% in 2024, with a slight decrease to 27.4% by 2026 [20].

Fundraising and Investment - The company raised a total of approximately RMB 2.25 billion through a non-public offering of 172,943,889 shares at RMB 13.01 per share, with a net amount of RMB 2.21 billion after deducting fees[9]. - As of December 31, 2023, the actual use of raised funds was RMB 2,098.20 million, leaving a balance of RMB 165.77 million[9]. - The company invested RMB 40.34 million in the optical component technology upgrade project, achieving 100% of the planned investment[10]. - The mobile IoT smart terminal precision film optical panel project received RMB 3.66 million in investment during the reporting period, with a cumulative investment of RMB 25.46 million, representing 68.81% of the total planned investment[10]. Sales and Market Expansion - Approximately 77.47% of the company's sales were from exports to markets including Singapore, Vietnam, Thailand, Malaysia, Japan, and Europe and the US, with major currencies being JPY, USD, and EUR[16]. - The company aims to optimize its market structure by stabilizing the North American market and expanding into the Asia-Pacific and European markets[20]. - The company is currently heavily reliant on the smartphone consumer electronics market, with automotive optical business contributing a small percentage to overall revenue[28]. - The company is actively exploring market expansion opportunities to increase its footprint in the automotive electronics sector[176]. Business Strategy and Risk Management - The company aims to reduce reliance on major customers by expanding into the automotive optical and metaverse sectors, while stabilizing its consumer electronics business[16]. - The company has implemented a risk management strategy focusing on enhancing audit efforts and legal compliance to support anti-corruption initiatives[14]. - The company has developed a feasibility analysis report and management system for foreign exchange derivative trading to mitigate foreign exchange risks[5]. - The company is facing risks from macroeconomic fluctuations and intensified industry competition, which may impact its operations[27]. Financial Performance - The company reported a total revenue of 1.5 billion RMB for the fiscal year 2023, representing a year-over-year increase of 15%[68]. - The gross margin for the year was reported at 35%, an improvement from 30% in the previous year[68]. - Net profit attributable to shareholders was ¥600,247,982.89, up 4.15% from ¥576,170,658.74 in the previous year[181]. - The net cash flow from operating activities increased by 46.14% to ¥1,229,860,079.71 from ¥841,576,169.42 in 2022[181]. Research and Development - The company is investing 200 million RMB in R&D for new technologies, particularly in the field of advanced optics and smart devices[68]. - The company continues to focus on research and development in new optical technologies and products to enhance its market position[176]. - The company has established an engineering college to standardize training for technical positions and enhance manufacturing capabilities[125]. Corporate Governance - The company emphasizes the independence of its operations, ensuring no reliance on the controlling shareholder for business activities[40]. - The company has established a complete and independent financial management system, with no interference from the controlling shareholder in financial decisions[51]. - The board of directors includes 12 members, with 5 independent directors, ensuring a balanced governance framework[80]. - The company is committed to enhancing its corporate governance practices in line with industry standards[76]. Employee Relations and Compensation - The total employee compensation during the reporting period amounts to CNY 1,063.49 million, accounting for 23.68% of the total company costs[125]. - The company has implemented employee stock ownership plans to enhance employee motivation and align interests with corporate strategy[37]. - The company has initiated the "Crystal Talent" program to train hundreds of reserve talents to support strategic implementation[108]. Product Development and Innovation - New product launches are expected to contribute an additional 300 million RMB in revenue, with a focus on smart optical components[68]. - The company has developed a range of optical products, including infrared cutoff filters and micro optical prism modules, which are widely used in smartphones and automotive imaging systems[196]. - The company aims to enhance product quality and technology to elevate the Chinese reflective materials industry[194]. Strategic Acquisitions - The company is considering strategic acquisitions to enhance its product portfolio, with a budget of 500 million RMB allocated for potential mergers and acquisitions[68]. - The company is considering strategic acquisitions to bolster its market position, with potential targets identified in the semiconductor sector[100]. Government Support - The company reported a government subsidy of ¥102,826,368.72 in 2023, an increase from ¥80,095,929.46 in 2022, indicating a growth of approximately 28.4% year-over-year[174].

证券代码：002273 股票简称：水晶光电 公告编号：（2024）027 号 浙江水晶光电科技股份有限公司 关于举行 2023 年度网上业绩说明会的公告 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。 浙江水晶光电科技股份有限公司（以下简称"公司"）已于2024年3月22日披露了2023 年年度报告。为进一步加强与投资者的沟通交流，使广大投资者更深入全面地了解公司经营 情况，公司将举办2023年度网上业绩说明会，现将有关事项公告如下： 欢迎广大投资者积极参与本次业绩说明会。 特此公告。 浙江水晶光电科技股份有限公司董事会 2024 年 3 月 22 日 1、召开时间：2024年4月3日（周三）下午15:00-17:00 2、召开方式：采用网络远程方式召开 3、公司出席人员：董事长林敏先生、副总经理兼财务总监郑萍女士、副总经理兼董事 会秘书韩莉女士、独立董事甘为民先生。 4、投资者参与方式：登录深圳证券交易所"互动易"平台（http://irm.cninfo.com.cn）， 进入"云访谈"栏目参与本次年度业绩说明会。 二、投资者问题征集方式 为充分尊重投资者、 ...

浙江水晶光电科技股份有限公司 董事会战略委员会议事规则 二〇二四年三月 浙江水晶光电科技股份有限公司 董事会战略委员会议事规则 第二条 为规范、高效地开展工作，公司董事会根据《中华人民共和国公司 法》（以下简称"《公司法》"）等有关法律、法规和规范性文件及《浙江水晶光电 科技股份有限公司章程》（以下简称"《公司章程》"）的有关规定，制定本议事规 则。 第三条 战略委员会是公司董事会下设的专门机构，主要负责对公司长期发 展战略规划、重大战略性投资进行可行性研究，向董事会报告工作并对董事会负 责。 第四条 战略委员会所作决议，应当符合有关法律、法规、规范性文件及《公 司章程》、本议事规则的规定。战略委员会决议内容违反有关法律、法规或《公 司章程》、本议事规则的规定的，该项决议无效。战略委员会决策程序违反有关 法律、法规或《公司章程》、本议事规则的规定的，自该决议作出之日起 60 日内， 有关利害关系人可向公司董事会提出撤销该项决议。 第二章 人员组成 第五条 战略委员会由 9 名董事组成，其中包括公司董事长和至少 1 名独立 董事。战略委员会委员由公司董事会选举产生。 浙江水晶光电科技股份有限公司 董事会战略委员 ...

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 2024 年第一次会议通知于 2024 年 3 月 15 日以电子邮件、微信、电话的形式送达。会议于 2024 年 3 月 18 日上午 09:30 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李 宗彦先生召集并主持，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。 会议形成如下决议： 浙江水晶光电科技股份有限公司 审议通过了《关于部分募投项目结项暨结余募集资金永久补充流动资金的议案》。 第六届董事会独立董事专门会议 2024 年第一次会议决议 表决结果：同意 4 票，反对 0 票，弃权 0 票。 经审核，独立董事认为公司在部分募投项目建设完毕并达到预定可使用状态的情况下， 将该募投项目结项并将结余募集资金永久补充流动资金，能够降低公司财务成本，提高募集 资金使用效率，符合公司实际经营发展需求。本次结余募集资金永久补充流动资金不影响其 他募集资金项目的实施，不存在变相改变募集资金投向和损害股东利益的情况，符合公司和 全体股东的利益。因此，我们同意本次部分募投项目结项 ...

浙江水晶光电科技股份有限公司 独立董事工作制度 二○二四年三月 浙江水晶光电科技股份有限公司 独立董事工作制度 浙江水晶光电科技股份有限公司 独立董事工作制度 第一章 总则 第七条 独立董事应当按照中国证监会及其授权机构、深圳证券交易所的要 求积极参加其组织的培训，持续加强证券法律法规及规则的学习，不断提高履职 能力。 第二章 独立董事的任职资格与独立性 第八条 担任本公司独立董事的人士应当具备与其行使职权相适应的任职条 件： 1 第一条 为完善浙江水晶光电科技股份有限公司（以下简称"公司"或"本 公司"）治理结构，规范独立董事行为，充分发挥独立董事在公司治理中的作用， 维护公司和全体股东的合法权益，促进公司规范运作，现根据《中华人民共和国 公司法》《上市公司独立董事管理办法》《深圳证券交易所上市公司自律监管指 引第 1 号——主板上市公司规范运作》等有关法律法规、规范性文件及《公司章 程》的相关规定，特制定本制度。 第二条 独立董事是指不在公司担任除董事以外的其他职务，并与其所受聘 的公司及其主要股东、实际控制人不存在直接或者间接利害关系，或者其他可能 影响其进行独立客观判断关系的董事。 第三条 独立董事对 ...

浙江水晶光电科技股份有限公司 董事会薪酬与考核委员会议事规则 二〇二四年三月 第一章 总则 第一条 为建立和完善浙江水晶光电科技股份有限公司（以下简称"公司"） 非独立董事和高级管理人员的业绩考核与评价体系，制订科学、有效的薪酬管理 制度，实施公司的人才开发与利用战略，公司董事会下设董事会薪酬与考核委员 会（以下简称"薪酬委员会"），作为拟订和管理公司高级管理人员薪酬方案、评 估非独立董事和高级管理人员业绩的专门机构。 第二条 为规范、高效地开展工作，公司董事会根据《中华人民共和国公司 法》（以下简称"《公司法》"）等有关法律、法规和规范性文件及《浙江水晶光电 科技股份有限公司章程》（以下简称"《公司章程》"）的有关规定，制定本议事规 则。 第三条 薪酬委员会所作决议，应当符合有关法律、法规、规范性文件及《公 司章程》、本议事规则的规定。薪酬委员会决议内容违反有关法律、法规或《公 司章程》、本议事规则的规定的，该项决议无效。薪酬委员会决策程序违反有关 法律、法规或《公司章程》、本议事规则的规定的，自该决议作出之日起 60 日内， 有关利害关系人可向公司董事会提出撤销该项决议。 浙江水晶光电科技股份有限公司 董 ...

浙江水晶光电科技股份有限公司 2024 年度董事薪酬方案 为建立和完善科学有效的激励约束机制，有效调动和发挥公司内部董事的积极性与创造 性，进一步提升公司的经营管理水平和核心竞争力，保证公司战略和中长期目标的实现，在 充分考虑公司的实际情况以及公司所处的行业特点的基础上，根据《公司法》、《公司章程》、 《董事会薪酬与考核委员会议事规则》等规定，制定 2024 年度董事薪酬方案： 一、实施对象 本方案所称董事指内部董事，不包含外部董事和独立董事。 二、适用期限 本方案至公司股东大会审议通过后实施，至新的薪酬方案通过后自动失效。 （3）效益奖励：是根据公司年度经济目标完成情况，结合其个人综合考评，年终兑现 的奖金。 2、薪酬标准及发放 （1）基本薪酬 税前薪酬标准的 70%,具体如下： | 姓名 | 职务 | 税前薪酬标准 | 税前基本薪酬 | | | --- | --- | --- | --- | --- | | | | （元/年） | （元/年） | （元/月） | | 林敏 | 董事长 | 1,800,000 | 1,260,000 | 105,000 | | 王震宇 | 董事、总经理 | 1,600,00 ...