证券研究报告 3、技术成果产业化不及预期的风险。公司正积极从制造型企业向技术型企业转 型，坚持技术富配，持续增加研发投入，培育多项新产品、新项目，充分发掘终 端解决方案新机会。但目前多数新品仍处于项目开发和小批量试样阶段，且从研 发到投产形成产能周期长、不确定因素较多，如果公司未能加快研发项目量产导 入并实现经济效益，将面临较大盈利压力的风险。 定，除了 2021-2022 年外均保持在 15.3%-15.9%左右水平；2021 年-2022 年期间 费用率较低主要有 2021 年管理费用改善、2022 年获得较多汇兑收益等因素造成。 净利率方面，公司 2018-2021 年净利率呈现下降趋势，主要由于收入增长的同时 净利润减少，包括 2019 年产生较多资产（主要是存货跌价）及信用减值损失、2020 年产生较多营业外支出（主要是预计负债）等原因；而 2022-2023 年净利率止跌 企稳，2023 年为 11.82%。 光学元器件业务 2023 年收入 24.46 亿元，同比增长 21.11%，收入占比 48.2%；毛 利率 30.66%，同比提升 4.50pct。公司微型光学棱镜模块项目于 2023 年 ...

回购进展公告 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"或"本公司"）于 2024 年 2 月 5 日召开的第六届董事会十九次会议审议通过了《关于回购公司股份方案的议案》，根据《公 司章程》的规定，本次回购方案无需提交股东大会审议。本次公司拟使用自有资金以集中竞 价方式从二级市场回购公司股份，金额总额不低于人民币 10,000 万元（含）、不超过人民 币 20,000 万元（含），回购价格不超过人民币 14 元/股（含），本次回购股份实施期限为 自公司董事会审议通过回购方案之日起 6 个月内（即 2024 年 2 月 5 日至 2024 年 8 月 4 日）。 因公司实施了 2023 年年度权益分派，根据《关于回购公司股份方案的公告》中的相关规定， 自本次权益分派除权除息之日（即 2024 年 4 月 23 日）起，公司本次回购股份的价格由不超 过人民币 14.00 元/股（含）调整至不超过人民币 13.70 元/股（含）。详情请见 2024 年 2 月 6 日、2024 年 4 月 16 日披露于信息披露媒 ...

水晶光电（002273.SZ） | --- | --- | --- | --- | --- | --- | --- | --- | |----------------------|-------|-------|-------|-------|-------|------------------------------------------|-----------| | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | 买入（维持评级） | | | 营业收入（百万元） | 4,376 | 5,076 | 6,464 | 7,751 | 9,143 | 股票信息 | | | 增长率 yoy （ % ） | 14.9 | 16.0 | 27.3 | 19.9 | 18.0 | | | | 归母净利润（百万元） | 576 | 600 | 798 | 996 | 1,170 | 行业 | 电子 | | 增长率 yoy （ % ） | 30.3 | 4.2 | 33.0 | 24.8 | 17.5 | 2024 年 5 月 28 日收盘价（元） | 14.65 | | R ...

证券代码：002273 股票简称：水晶光电 公告编号：（2024）046 号 浙江水晶光电科技股份有限公司（以下简称"公司"或"本公司"）近日接到控股股东星 星集团有限公司（以下简称"星星集团"）函告，获悉星星集团所持有本公司的部分股份解除 质押以及质押，具体事项如下： | 股东 名称 | 是否为控股 股东或第一 大股东及其 | | 本次解除质押 股份数量 | | 占其所 持股份 | 占公司 总股本 | 起始日 | | 解除日期 | | 质权人 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 一致行动人 | | | | 比例 | 比例 | | | | | | | 星星 集团 | | 是 | 1,600 | 万股 | 12.93% | 1.15% | 年 2023 | 11 | 年 2024 5 | | 华夏银行股 份有限公司 | | | | | | | | | 月 24 | 日 | 月 28 | 日 | 台州分行 | | | 合计 | | 1,600 | 万股 | 12.93% | 1.15% | ...

司实施 2023 年年度权益分派之前，回购价格上限未做调整。 证券代码：002273 股票简称：水晶光电 公告编号：（2024）043 号 浙江水晶光电科技股份有限公司 回购进展公告 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"或"本公司"）于 2024 年 2 月 5 日召开的第六届董事会十九次会议审议通过了《关于回购公司股份方案的议案》，根据《公 司章程》的规定，本次回购方案无需提交股东大会审议。本次公司拟使用自有资金以集中竞 价方式从二级市场回购公司股份，金额总额不低于人民币 10,000 万元（含）、不超过人民 币 20,000 万元（含），回购价格不超过人民币 14.00 元/股（含），本次回购股份实施期限 为自公司董事会审议通过回购方案之日起 6 个月内（即 2024 年 2 月 5 日至 2024 年 8 月 4 日）。因公司实施了 2023 年年度权益分派，根据《关于回购公司股份方案的公告》中的相 关规定，自本次权益分派除权除息之日（即 2024 年 4 月 23 日）起，公司本次回购股份的价 ...

水晶光电（002273） 买入（维持） [Table_Tag] [Table_Summary] 事件：公司发布 2023 年度报告及 2024 年一季报 ◼ 持续优化产品、市场、客户三大结构，全方位稳健增长之路：1）产品 方面，稳定消费类电子业务发展的同时，提升车载光电业务比重。公司 微型光学棱镜模块项目已实现量产；芯片镀膜产品攻克了光刻、镀膜等 技术难题。2）市场方面，公司坚持把握国内市场，稳定北美市场，拓展 亚太和欧洲市场，在日本、美国等地均设立办事处，不断优化市场结构。 3）客户方面，公司稳定并开拓国内客户，丰富并深化北美和亚太客户 群体合作。公司越南产品线已成功取得多家大客户的合格供应商资格。 ◼ 盈利预测与投资评级：我们看好公司作为光学元器件头部厂商，基于车 载光电及元宇宙领域业务稳步增长，调整公司盈利预测，预计 24-26 年 归母净利润分别为 8/9.9/12.8 亿元(24/25 年的前值为 8.0/9.8 亿元)，当前 市值对应 PE 分别为 25/20/16 倍，维持"买入"评级。 证券分析师 马天翼 执业证书：S0600522090001 maty@dwzq.com.cn 证券分析师 金 ...

24Q1 利润大幅增长，控费效果明显 [Table_Industry] | --- | --- | --- | --- | --- | --- | --- | --- | |-------------------------------------------------------------------------------------------------------|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------|------------------- ...

Financial Performance - The company's operating revenue for Q1 2024 reached ¥1,345,269,521.66, representing a 53.41% increase compared to ¥876,901,073.04 in the same period last year[22] - The net profit for Q1 2024 was ¥185,557,288.88, a 94.25% increase from ¥95,526,885.52 in the previous year, driven by business growth[22] - The net profit attributable to shareholders was ¥178,582,799.91, up 92.49% from ¥92,775,767.49 year-over-year[50] - The net profit after deducting non-recurring gains and losses reached ¥169,587,813.70, a significant increase of 170.77% from ¥62,631,293.51 in the previous year[50] - The total operating profit is 203,494,112.90, up from 106,699,534.65, indicating a growth of 90.9%[31] - The total comprehensive income for the current period is 181,565,576.68, compared to 94,384,249.14 in the previous period, reflecting an increase of 92.3%[32] - Basic and diluted earnings per share are both 0.13, compared to 0.07 in the previous period, showing an increase of 85.7%[32] - The weighted average return on equity was 2.05%, up from 1.13% year-over-year[50] Cash Flow - The net cash flow from operating activities was ¥398,071,266.90, up 118.84% from ¥181,904,184.15 year-on-year, primarily due to increased sales and timely collection of receivables[7] - The cash inflow from operating activities totals 1,608,235,245.68, up from 1,213,206,738.04, representing an increase of 32.5%[32] - The cash outflow from investing activities is 859,701,988.35, compared to 642,835,688.83 in the previous period, indicating an increase of 33.8%[33] - The net cash flow from financing activities is -6,047,989.91, a decrease from 85,485,276.22 in the previous period, indicating a negative shift[33] Assets and Liabilities - The total liabilities as of the current period stand at RMB 1,856,424,191.82, a decrease from RMB 2,282,165,196.38 in the previous period, showing a reduction of about 18.6%[30] - The company reported a total of 1,667,701,221.55 in current liabilities, down from 2,098,658,844.22 in the previous period, indicating a decrease of about 20.6%[30] - The company's total assets amounted to RMB 11,015,969,459.83, showing a decrease from RMB 11,254,920,900.91 in the previous period[40] - Shareholders' equity attributable to the parent company increased to ¥8,788,588,768.30, a rise of 2.16% from ¥8,602,934,343.25 at the end of the previous year[50] Investments and Shareholder Actions - The company’s investment income rose by 87.59% to ¥25,634,789.04, attributed to increased long-term equity investment returns[22] - The company has completed a capital increase for its wholly-owned subsidiary, New Tai Jia Optoelectronics, raising its registered capital from RMB 50 million to RMB 62.5 million, with a contribution of RMB 12.5 million from individual shareholder Wang Ping[27] - The company successfully acquired state-owned land use rights for a total price of RMB 104.42 million, covering an area of 130,387 square meters, to support future expansion plans[37] - The company repurchased a total of 7,192,900 shares, accounting for 0.52% of the total share capital, with a total expenditure of RMB 100 million to RMB 200 million planned for the buyback[37] Operational Developments - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[9] - The company is actively pursuing strategic planning and operational development needs for its subsidiaries, indicating a focus on future growth and market expansion[27] Inventory and Financial Health - The company’s inventory decreased from RMB 718,795,888.45 to RMB 586,195,657.28, reflecting a reduction of approximately 18.4%[40] - The company’s cash and cash equivalents at the end of the period were ¥2,578,407,101.53, up from ¥2,420,841,444.40 at the beginning of the period[14] - The company’s cash flow statement indicates significant operational cash flow, although specific figures were not detailed in the provided content[43]

Financial Performance - Revenue for the reporting period reached ¥1,345,269,521.66, an increase of 53.41% compared to ¥876,901,073.04 in the same period last year[3] - Net profit attributable to shareholders was ¥178,582,799.91, up 92.49% from ¥92,775,767.49 year-on-year[3] - Net profit excluding non-recurring gains and losses was ¥169,587,813.70, representing a significant increase of 170.77% from ¥62,631,293.51 in the previous year[3] - Basic and diluted earnings per share were both ¥0.13, reflecting an increase of 85.71% from ¥0.07[3] - The weighted average return on equity was 2.05%, up from 1.13% in the previous year[3] - Net cash flow from operating activities was ¥398,071,266.90, an increase of 118.84% compared to ¥181,904,184.15 in the same period last year[3] Assets and Equity - Total assets at the end of the reporting period were ¥11,015,969,459.83, a decrease of 2.12% from ¥11,254,920,900.91 at the end of the previous year[8] - Shareholders' equity attributable to the company was ¥8,788,588,768.30, an increase of 2.16% from ¥8,602,934,343.25 at the end of the previous year[8] Corporate Governance - The company will enhance the review process for periodic reports to improve the quality of information disclosure[8] - The company expressed apologies for any inconvenience caused to investors due to the correction of financial data[8]

[Table_Title] 三大板块布局初见成效，期待 2024 年继续高增 请务必仔细阅读本报告最后部分的重要法律声明 请务必仔细阅读本报告最后部分的重要法律声明 1 [Table_Rank] 评级： 买入 | --- | --- | |---------------------------------|------------| | [Table_BaseData] 公司基本数据 | | | 最新收盘价（元） | 13.61 | | 一年内最高 / 最低价（元） | 15.60/8.31 | | 市盈率（当前） | 31.53 | | 市净率（当前） | 2.20 | | 总股本（亿股） | 13.91 | | 总市值（亿元） | 189.27 | | 资料来源：聚源数据 | | 韩杨，电子行业分析师，厦门大学会计学硕士，2021 年 8 月加入首创证券。 [Table_ReportDate] 水晶光电(002273)公司简评报告 | 2024.04.28 韩杨 电子行业分析师 SAC 执证编号：S0110523070002 hanyang@sczq.com.cn 电话：010-81152681 相关研究 ...