Investment Rating - The report maintains an "Outperform the Market" rating for the company [16][18]. Core Views - The company is expected to achieve significant growth in Q2, driven by the early mass production of micro-prism products and increased shipments of film optical panels, alongside cost reduction and efficiency improvement initiatives [18]. - The strategic positioning in AR glasses and the potential breakthrough in reflective waveguide mass production are highlighted as key growth drivers, with the company having established technical capabilities in various optical solutions [19]. Financial Performance Summary - The company forecasts a net profit of 400-450 million yuan for H1 2024, representing a year-on-year increase of 125%-154%, with a core net profit of 380-420 million yuan, reflecting a growth of 243%-280% [4]. - Revenue projections for 2024-2026 are 6.408 billion yuan, 8.123 billion yuan, and 9.134 billion yuan, respectively, with corresponding net profits of 872 million yuan, 1.187 billion yuan, and 1.421 billion yuan [6][7]. - The expected EPS for 2024, 2025, and 2026 are 0.63 yuan, 0.85 yuan, and 1.02 yuan, respectively [6][7]. Market Comparison - The company has shown a relative performance increase of 12.5% over 1 month, 27.0% over 2 months, and 41.7% over 3 months compared to the CSI 300 index [3]. Valuation Metrics - The report suggests a PE valuation range of 25-30x for 2024, translating to a fair value range of 15.75-18.90 yuan per share [6].

F熄证券 水晶光电（002273.SZ） 2024 年 07 月 16 日 投资评级：买入（维持） 股价走势图 数据来源：聚源 《2023 全年业绩符合预期，新品带动 盈利能力提升—公司信息更新报告》 -2024.3.24 《毛利率逆势提升，薄膜光学和汽车 业务增速亮眼—公司信息更新报告》 -2023.9.3 公司发布业绩预告，预计 2024H1 归母利润 4.0~4.5 亿元，YOY+125.5%~153.6%； 扣非后归母净利润 3.8~4.2 亿元，YOY+243.5%~279.6%。从 2024Q2 单季度来看， 公司实现归母净利润 2.2~2.7 亿元，YOY+160.0%~218.8%，QoQ+23.5%~51.4%； 扣非后归母净利润 2.1~2.5 亿元，YOY+337.5%~420.8%，QoQ+23.5%~47.1%。 展望 2024H2，公司在消费电子旺季下收入持续增长，以及潜望式镜头导入新机 型和车载光学持续放量带来业绩增长。我们上调 2024/2025/2026 年盈利预测，预 计 2024/2025/2026 年归母净利润为 8.79/10.46/11.47 亿元（前值为 7.60 ...

司战略目标的实现。 关键词 全文摘要 章节速览 ● 08:48 公司股权与治理结构演变 ● 14:50 公司高级管理层介绍与战略规划 ● 23:07 探讨光学业务增长与北美大客户合作关系 ● 28:31 水晶光电：面向未来的光学技术创新与市场机遇 ● 34:33 AR眼镜与元宇宙：机遇与挑战 ● 40:47 探讨光电领域新技术与未来发展潜力 ● 48:37 探讨光学方案解决与AR光波导量产挑战 ● 52:57 汽车业务与AR技术：未来发展与挑战 ● 01:10:43 公司新品发布与市场策略讨论 讨论了玻璃卫生镜与塑料卫生间的性能差异，强调玻璃在透射率、折射率稳定性方面的优势。同时提到 安卓系统在玻璃微棱镜技术上的尝试未获成功，指出大客户对新技术的采用持谨慎态度。此外，强调随 着生产工艺进步，玻璃成本快速下降，减少了塑料在成本上的优势。最后，预测未来市场将更多关注玻 璃材质的优化，并认为塑料在高端市场的应用仍有挑战。 问答回顾 发言人 答：下半年业务增量的主要贡献来源于盖板业务和以OEM/ODM身份参与的微量定等大单品在二 季度的同比出货量大幅增长，约占70%左右的增量。其他业务板块也为整体业务增量做出了贡献。 ...

首先请允许我介绍本次出席活动的嘉宾有我们的林宁董事长董事兼总经理王真宇先生董事兼副总经理刘峰雷先生董事兼副总经理李夏云女士副总经理兼财务总监郑婷女士同时出席本次活动的还有我们的四大官媒《证券时报》《证券日报》《中国证券报》及中《上海证券报》的各位记者朋友们 那么下面正式的进入本次会议的重要议程那么本次会议主要就昨天晚上公告的两项议程向各位投资者朋友及各位老师做汇报首先是第一项议程关于2014年水冰冬天上半年业绩预告的信息 那么根据昨天晚上的公告我们25年上半年淨利润预计4到4.5亿同比增速125.45%到153.6%上半年空飞淨利润预计3.8到4.2亿元同比增速243.47%到279.62%上半年 基本每股收益纪律0.29到0.32元每股同比增加0.16到0.19元每股 关于上半年的预告我们觉得有三点信息非常想与各位朋友做分享第一点继2024年一季度收入利润扣非利润EPS创历史新高之后2024年半年到再创佳绩2024年半年到旧利润扣非新利润EPS均再创历史新高延续了一季度的良好态势 第二点,扣非净利润同比增速远远大于利润同比增速,很好地体现了公司内生竞争力的提升一方面这是得益于公司产品结构的优化,产品竞争力的 ...

这是对于第一个产品，也就是绿片上逐步升级的一个国产替代的机会。并且这个机会它的定价，你的壁垒 比安卓还是要高很多。它从厂房装修、产线自动化要求、工艺要求方面都有很高的难度。所以我们今年实 现了供应链的突破之后，预计未来两三年除了份额提升之外，我们的一个竞争格局应该是要得到更好的一 个优化，这是第一个产品。 发言人 30:20 其是北美客户在砍掉车载之后聚焦 AI 手机。在硬件层面，我围绕着光学成像系统的一个升级趋势是非常明 显的。在这个过程中，我们光学企业还非常大有可为。因为我们跟客户合作关系的一个深入，有尤其是研 发互动的一个深入。在后续的一个确定性的升级机会上，北美客户是值得被期待的，我们水晶光电也是值 得非常期待的。关于这一块，我们暂时只能释放到这个消息。谢谢大家。好的，感谢王总，感谢韩总。非 常清晰这个是大家不用担心我们这个业绩增长。 发言人 31:55 然后第二个问题就是 AI 这一块大家很关注，前面王总包括韩总都有提到，然后也是林总非常重视的一个发 展方向。AR 眼镜市场上之前也讨论比较多或者说关注比较多的一个点在于 VR 眼镜。如果我们去看反射光 波导的方案，它未来在大批量量产的过程中，对于水晶 ...

Investment Rating - The report maintains an "Outperform the Market" rating for the company [2][18]. Core Insights - The company is expected to achieve a year-on-year growth in net profit attributable to shareholders of 125.45% to 153.64%, with an estimated net profit of 400 to 450 million yuan for the first half of 2024 [2][18]. - The strong performance is attributed to robust shipments of micro-prisms and film optical panels, alongside contributions from other business segments [2][18]. - The company has improved its internal competitiveness through strategic focus, resource optimization, and cost reduction efforts, leading to a significant increase in non-recurring net profit growth [2][18]. Financial Performance Summary - The company forecasts a median net profit of 246 million yuan for Q2 2024, representing a year-on-year increase of 191.12% and a quarter-on-quarter increase of 37.98% [2]. - The expected non-recurring net profit for Q2 2024 is projected to be 230 million yuan, reflecting a year-on-year growth of 379.98% [2]. - Revenue forecasts for 2024-2026 are adjusted to 6.736 billion, 7.946 billion, and 9.015 billion yuan respectively, with net profit estimates of 908 million, 1.115 billion, and 1.292 billion yuan for the same period [2][18]. Business Strategy and Market Position - The company is focusing on deepening relationships with major clients, particularly in North America, which is expected to enhance profit realization [2]. - The introduction of coated filter products and four-fold reflective prism products is anticipated to support performance as new models from major clients are launched [2]. - The growth in artificial intelligence is expected to drive demand for optical upgrades and smart sensing solutions, providing additional market opportunities [2].

下面开始播报声明本次会议仅服务邀请参会的广大投资者会以PPT音频及文字记录的内容仅供参会者内部使用不得公开发布水晶光电未授权任何媒体转发本次会议相关内容未经允许和授权的转载转发均属侵权水晶光电将保留追究其法律责任的权利水晶光电不承担因转载转发而产生的任何损失和责任 下会开始前我们提示各位投资者本文件基于已披露的公告之作公告可以在以下网站中查询www.cnifo.com.cn业绩预告为公司财务部门初步核算的结果具体财务数据以公司披露的2024年半年度报告为准进行广大投资者谨慎决策注意投资风险 今天的讨论包括基于我们当前所看到的环境的前瞻性声明这些陈述基于当前的信念假设和期望仅代表当前日期因此涉及风险和不确定性可能导致实质结果与我们当前的期望存在中大差异接下来有请公司领导发言谢谢 尊敬的各位投资者朋友及线上的各位老师大家下午好我是水晶光剑的董事会秘书韩丽首先请允许我介绍本次出席活动的嘉宾有我们的林宁董事长董事兼总经理王真宇先生董事兼副总经理刘峰雷先生 董事兼副总经理李夏云女士副总经理兼财务总监郑婷女士同时出席本次活动的还有我们的四大官媒《证券时报》《证券日报》《中国证券报》及中《上海证券报》的各位记者朋友们 那么 ...

Financial Performance - The company expects a net profit of 400 million to 450 million CNY for the first half of 2024, representing a year-on-year growth rate of 125.45% to 153.64% [6] - The expected non-net profit is projected to be between 380 million and 420 million CNY, with a year-on-year growth rate of 243.47% to 279.62% [7] - Basic earnings per share are anticipated to be between 0.29 and 0.32 CNY, an increase of 0.16 to 0.19 CNY compared to the previous year [7] Business Highlights - The company achieved record highs in revenue, profit, and non-net profit for the first half of 2024, continuing the positive trend from Q1 2024 [7] - The significant growth in non-net profit compared to net profit indicates improved internal competitiveness, driven by product structure optimization and cost reduction efforts [7] - Key contributors to business growth include increased shipments of micro-prism products and optical film panels [7] Strategic Development - The company is transitioning from a cost-driven growth model to a technology and new product-driven model, particularly in the AR glasses market [7] - Future growth is expected to be significantly influenced by the AI era, especially with the integration of AI and AR technologies [7] - The company has established a strong competitive position in the AR glasses market, anticipating substantial product value and growth opportunities [7] Corporate Governance - The company maintains a robust governance structure, with a clear separation between the controlling shareholder and daily operations [8] - The board consists of 12 members, including independent directors, ensuring a balanced governance framework [8] - The management team is well-structured, with clear roles and responsibilities across various business functions [9] Market Position - The company has successfully penetrated the North American market, establishing itself as a key supplier for major clients [10] - Continuous innovation and product development are prioritized to meet the evolving demands of the optical market, particularly in automotive applications [12] - The company is focused on maintaining competitive advantages through cost reduction and efficiency improvements in production [12]

C R Y S T A L - O P T E C H 交流会 1 水晶光电 2024年半年度业绩预告 C R Y S T A L - O P T E C H 重要说明 2 Important Explanation 1、本文件基于已披露的公告制作,公告可以在以下网址中查询:http://www.cninfo.com.cn This document is based on the disclosed announcement, which can be accessed at the following URL: http://www.cninfo.com.cn 2、业绩预告为公司财务部门初步核算的结果,具体财务数据以公司披露的2024年半年度报告为准。 敬请广大投资者谨慎决策,注意投资风险。 This performance forecast is the preliminary accounting of the company's financial department, and the specific financial data are subject to the company's dis ...

Financial Data and Key Metrics Changes - The company expects a net profit of 400 to 450 million yuan for the first half of 2024, representing a year-on-year growth rate of 125.45% to 153.64% [2] - The expected non-net profit is projected to be 380 to 420 million yuan, with a year-on-year growth rate of 240% to 279.62% [2] - Basic earnings per share are anticipated to be between 0.29 to 0.32 yuan, an increase of 0.16 to 0.19 yuan per share compared to the previous year [2] Business Line Data and Key Metrics Changes - The core growth drivers are identified as the gentle lens and film optical panel, contributing approximately 70% to the revenue increase in the second quarter [4] - The company has seen a significant increase in non-net profit growth compared to net profit growth, indicating improved internal competitiveness and cost management [10] Market Data and Key Metrics Changes - The company has established a strong presence in the North American market, with a market share of about 10% in the IRCF segment [24] - The company has maintained over 50% market share in the high-end camera market in Japan [24] Company Strategy and Development Direction - The company's strategy focuses on globalization, technology-driven development, and open cooperation, aiming to serve top-tier international clients [23][24] - The company is transitioning from a diversified strategy to a focused strategy, concentrating on semiconductor optics and metaverse optics [48] Management's Comments on Operating Environment and Future Outlook - Management emphasized that the recent investigation into a major shareholder will not affect the company's normal operations [7] - The management expressed confidence in maintaining steady growth and highlighted the importance of internal efficiency improvements and product competitiveness [10][49] Other Important Information - The company has invested approximately 1.5 billion yuan in R&D over the past five years, with R&D expenses accounting for about 6% of revenue [28] - The management team has undergone significant restructuring to enhance operational efficiency and governance [16][49] Q&A Session All Questions and Answers Question: Future upgrades with North American major clients - The company anticipates continued upgrades in products with North American clients, particularly in traditional filters and reflective prisms, which are expected to contribute to revenue growth [54] Question: AI and AR market developments - Management acknowledged the potential of AI to drive demand for optical products and emphasized the company's commitment to capturing opportunities in the AR market [62][64] Question: Automotive business and overseas market positioning - The company is optimistic about its automotive business growth, particularly with upcoming orders from overseas clients like Jaguar Land Rover [78]