Growth Drivers - The company has established three growth curves: consumer electronics as the first, automotive optics as the second, and AR/VR as the third, creating a diversified and sustainable development pattern [2][3] - The smartphone segment remains a stable growth curve, with significant potential for optical innovation and new product launches [3][4] - The automotive electronics segment has accumulated a stable customer base, with increasing shipments of products like HUD and Lidar window pieces [4] Financial Performance - In Q1 2025, the company achieved a revenue of CNY 1.482 billion, a year-on-year increase of 10.20% [3] - The net profit attributable to shareholders was CNY 221 million, reflecting a year-on-year growth of 23.67% [3] - The gross profit margin reached 27.95%, an increase of 3.95% compared to the same period last year, indicating high-quality growth [3] Internationalization Strategy - The company has initiated internationalization strategies for several years, establishing market windows around core customers in Japan, South Korea, Singapore, Taiwan, the USA, and Germany [3][4] - A second office has been set up in Seattle to better serve overseas clients, and a manufacturing base in Vietnam is expected to enter mass production this year [3][4] - Future plans include expanding into emerging markets in North America, Europe, and Southeast Asia, enhancing international influence [4][6] Industry Outlook - The optical industry is expected to experience significant growth due to increasing demand for optical hardware in smart terminals such as smartphones, smart homes, automotive optics, and AR glasses [5][6] - The company is well-positioned with a solid strategic layout, technical accumulation, and stable customer relationships, fostering confidence in future growth [3][4]

展望2025年，光学创新有望提升提振消费电子业务业绩，AR类业务具备长线空间。 公司指引 2025年营收增长0%-30%，展望未来几年仍有诸多看点：1）未来几年A客户仍有潜望新方案、可 变光圈等光学创新，公司作为核心光学零部件供应商大概率将受益；同时A客户滤光片、薄膜光学 面板业务份额仍有成长空间。2）吸收反射复合型滤光片等高端产品在安卓客户的渗透率不断提 升，单价及毛利率明显高于传统产品；3）车载光学份额及盈利能力有望提升，公司ARHUD业务居 于全球领先地位，当前国内客户的盈利能力较低，未来几年将大力拓展毛利率较高的海外客户； 5）前瞻布局AR技术及产品，通过投资Lumus及德国肖特、与Digilens合作等方式深化AR光学技术 积累。公司大力投入资源来突破核心技术难点，反射光波导作为公司一号工程，建设初步的NPI产 线，有望长线受益于AR浪潮。 风险提示： 宏观经济风险，新车推出不及预期，技术进展不及预期，市场竞争加剧风险 点击招商研究小程序查看PDF报告原文 事件 ： 公司发布2024年及25Q1业绩，24全年营收62.78亿元，同比+23.67%；归母净利润 10.30亿元，同比+71.57%。25 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][9] Core Views - The company reported Q1 2025 earnings that exceeded expectations, with revenue of 1.48 billion yuan, a year-over-year increase of 10.2%, and a net profit of 220 million yuan, up 23.7% year-over-year. The gross margin improved to 27.95%, an increase of 3.95 percentage points year-over-year [6][4] - The company is expected to benefit from optical innovation in the fruit supply chain and the growth potential of AI and AR technologies. The company has seen an increase in market share for micro-prisms and coated optical components, and it is well-positioned to capitalize on new product launches in the future [6][4] - The forecast for the company's net profit for 2025-2027 is 1.3 billion, 1.6 billion, and 1.9 billion yuan, respectively, corresponding to P/E ratios of 20.0, 16.6, and 13.9 [6][4] Financial Summary - The company's revenue is projected to grow from 5.08 billion yuan in 2023 to 10.94 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 18% [2] - The net profit is expected to increase from 600 million yuan in 2023 to 1.87 billion yuan in 2027, reflecting a CAGR of around 20% [2] - The earnings per share (EPS) is forecasted to rise from 0.43 yuan in 2023 to 1.35 yuan in 2027 [2] Market Position - The company has a total market capitalization of approximately 26.02 billion yuan, with a circulating market value of about 25.41 billion yuan [4] - The company is focusing on the development of AR technologies and has established partnerships with key players in the industry, indicating a strong commitment to innovation and growth in this sector [6][4]

Financial Performance - In Q1 2025, the company achieved revenue of 1.482 billion CNY, a year-on-year increase of 10.20% [3] - The net profit attributable to shareholders was 221 million CNY, up 23.67% year-on-year [3] - The gross profit margin was 27.95%, an increase of 3.95% compared to the same period last year [3] Business Growth Drivers - Improvement in product structure, with significant growth in the shipment of new products like micro-prisms [3] - Optimization of management systems, maintaining stable period expenses compared to the previous year [3] - Enhanced operational quality, with a continuous increase in the profit contribution from core business activities [3] Market and Competitive Landscape - The company has not received any notifications from core customers regarding order plans or price adjustments due to tariff uncertainties [5] - The company’s products maintain a competitive advantage due to their high cost-performance ratio, regardless of tariff impacts [5] - The company is focusing on innovation and new product development as key growth drivers [5] International Strategy - The company has established a factory in Vietnam to support overseas customers, with plans for further international expansion [6] - The Vietnam factory is primarily focused on mature process mass production, while R&D remains concentrated in China [7] Industry Outlook - The company expects to maintain a steady growth trajectory, targeting a revenue increase of 0-30% for the year [9] - The automotive electronics sector is projected to grow, particularly in AR-HUD applications, with the company maintaining a top-three market share [22] Operational Adjustments - The company is undergoing significant structural adjustments, including the relocation of production lines, which is expected to take one to two years to complete [16] - The adjustments are anticipated to have a manageable impact on capital expenditures and gross profit fluctuations [16] Future Innovations - The company is actively collaborating with major clients on micro-prism product upgrades, with a focus on both incremental and disruptive innovations [18] - The company is preparing for the mass production of coated optical filters, with quality control and downstream verification being critical [19] Strategic Positioning - The company has transitioned from a contract manufacturer to a technology-driven partner, collaborating with global tech giants on high-difficulty projects [23] - The AR glasses market is expected to grow significantly, with the company positioned to benefit from this trend due to its strategic partnerships and technological capabilities [23]

Core Viewpoint - Water Crystal Optoelectronics (002273) reported strong financial performance for Q1 2025, with significant year-on-year increases in revenue and net profit, indicating improved profitability and operational efficiency [1] Financial Performance - Total revenue for Q1 2025 reached 1.482 billion yuan, a 10.2% increase compared to Q1 2024 [1] - Net profit attributable to shareholders was 221 million yuan, reflecting a 23.67% year-on-year growth [1] - Gross margin improved to 27.95%, up 16.45% year-on-year, while net margin increased to 15.11%, a 9.54% rise [1] - Total expenses (selling, administrative, and financial) amounted to 72.48 million yuan, accounting for 4.89% of revenue, a slight decrease of 0.52% [1] - Earnings per share (EPS) rose to 0.16 yuan, a 23.08% increase from the previous year [1] Asset and Liability Management - Cash and cash equivalents decreased to 1.458 billion yuan, a decline of 43.45% year-on-year [1] - Accounts receivable increased to 1.062 billion yuan, a 5.61% rise [1] - Interest-bearing debt decreased to 118 million yuan, down 14.57% [1] Market Position and Strategy - The company has a Return on Invested Capital (ROIC) of 10.62%, indicating a stable capital return [3] - The net profit margin for the previous year was 16.63%, suggesting high added value in products or services [3] - The company has maintained a financing and dividend ratio of 0.47, with total financing of 4.266 billion yuan and total dividends of 2.011 billion yuan since its listing [3] Analyst Expectations - Analysts project that the company's performance for 2025 will reach 1.273 billion yuan, with an average EPS forecast of 0.92 yuan [3] Fund Holdings - The largest fund holding Water Crystal Optoelectronics is Dongwu Mobile Internet Mixed A, with a scale of 2.279 billion yuan and a recent net value increase of 1.72% [4] - Other funds have shown varied changes in their holdings, with some increasing their positions in the company [4] Strategic Outlook - The company emphasizes a commitment to its strategic principles despite uncertainties in tariff policies, focusing on globalization and technological collaboration [5] - The management believes in maintaining a strong cash flow and risk-averse operational style to enhance resilience against market fluctuations [5] - Future plans include accelerating the establishment of operational centers in Singapore and Vietnam, while continuing to strengthen internal capabilities [5]

Core Viewpoint - The report highlights the investment strategies and portfolio adjustments of Morgan Stanley fund manager Lei Zhiyong, focusing on the digital economy sector, particularly in intelligent computing infrastructure and AI applications [2][10]. Group 1: Fund Performance and Management - Lei Zhiyong's managed fund size increased by over 50% in Q1 2025, reaching a total management scale of 55.31 billion yuan, up from 36.09 billion yuan in the previous quarter [5]. - The fund "Damo Digital Economy Mixed" saw a net subscription of 763 million units during Q1, bringing its latest scale to 52.33 billion yuan, a nearly 55% increase from the end of last year [5]. - The fund maintained a high stock position, with stock holdings exceeding 90%, and made slight increases compared to the previous quarter [6]. Group 2: Investment Focus and Adjustments - The top ten holdings of the Damo Digital Economy Mixed fund remained stable, with structural adjustments made in individual stocks. New additions included KOTAI Power, Lens Technology, and Shenghong Technology, while stocks like Zhongji Xuchuang and Huadian were removed [7]. - The fund continues to focus on the digital economy sector, with a positive outlook on intelligent computing infrastructure and AI applications for future investment opportunities [9][10]. Group 3: Market Environment and Challenges - The market environment in 2025 has not been favorable for Lei Zhiyong, with only one of the three managed funds, Damo Wan Zhong Innovation, showing a profit, while the others reported negative returns [10]. - The strategy of focusing on the technology sector reflects Lei Zhiyong's long-term belief in AI, but the current market performance indicates that this approach may not yield leading returns compared to diversified investments [10].

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company has shown steady improvement in performance, with Q1 2025 revenue reaching 1.482 billion yuan, a year-on-year increase of 10.20%, and a net profit of 221 million yuan, up 23.67% year-on-year [1] - The company is focusing on three main sectors: consumer electronics, automotive optics, and AR/VR, enhancing collaboration with industry leaders and increasing customer loyalty [1][2] - The company is committed to R&D, with total R&D investment expected to reach 1.165 billion yuan from 2022 to 2024, and Q1 2025 R&D expenses amounting to 96 million yuan, reflecting a year-on-year increase [4] Summary by Sections Financial Performance - In Q1 2025, the company achieved a gross margin of 27.95%, up 3.95 percentage points year-on-year, and a net margin of 15.11%, an increase of 1.3 percentage points year-on-year [1] - The company forecasts revenues of 7.593 billion yuan, 9.020 billion yuan, and 10.355 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 20.9%, 18.8%, and 14.8% [5] Consumer Electronics Sector - The company is expanding its market share in optical components, with new processes for reflective composite filters and mass production of micro-prism products [2] - It is also diversifying into non-mobile phone sectors while strengthening its position in small-sized panels [2] Automotive Electronics and AR/VR - The company is a leader in the AR-HUD industry and is recognized for its technology and product quality, having received a nomination for a global quality supplier award from Jaguar Land Rover [3] - It is advancing its AR/VR capabilities by focusing on reflective waveguide technology and collaborating with leading firms to address mass production challenges [3] R&D Commitment - The company is enhancing its R&D capabilities to cover core aspects of the optical industry chain, aiming to provide comprehensive optical solutions [4] - The R&D investment is expected to significantly contribute to the company's long-term growth and competitive advantage [4]

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company has shown steady improvement in performance, with a significant increase in profitability and a strong focus on R&D investment [1][4] - The company is deeply engaged in three main sectors: consumer electronics, automotive optics, and AR/VR, enhancing customer loyalty and supply chain position [1][2][3] Financial Performance - In Q1 2025, the company achieved revenue of 1.482 billion yuan, a year-on-year increase of 10.20%, and a net profit of 221 million yuan, up 23.67% year-on-year [1] - The gross margin for Q1 2025 was 27.95%, an increase of 3.95 percentage points year-on-year, while the net margin was 15.11%, up 1.3 percentage points year-on-year [1] - The company expects revenues of 7.593 billion yuan in 2025, with a year-on-year growth of 20.9%, and net profit of 1.269 billion yuan, a growth of 23.3% [5] R&D and Innovation - The company is committed to R&D transformation, with total R&D investment reaching 1.165 billion yuan from 2022 to 2024 [4] - In Q1 2025, R&D expenses amounted to 96 million yuan, reflecting a year-on-year increase [4] Market Position and Strategy - In the consumer electronics sector, the company is expanding its market share through innovative optical components and applications [2] - In automotive electronics, the company is leading in AR-HUD technology and has been recognized as a global quality supplier by Jaguar Land Rover [3] - The company is also focusing on AR/VR solutions, collaborating with leading firms to address production challenges and enhance its product offerings [3]

"目前，公司国内外客户的生产规划和订单指引仍然在按计划快速推进，没有重要变化，而且在全年指 引内短期还有上调。从二季度开始，公司业务将逐渐聚焦今年新机型的量产，目前也在按计划推进，整 体看对全年业绩保持乐观。"蓝思科技透露。 受苹果公司为规避美国关税政策提前备货影响，2025年第一季度，苹果公司核心供应商普遍淡季 不"淡"，业绩纷纷报喜。 作为苹果结构件模组的核心供应商，蓝思科技（300433）为苹果公司供应前后盖、金属中框等核心结构 件，同时还将玻璃、金属、蓝宝石等新材料应用于多代、多款苹果旗舰手机中。 2025年一季度蓝思科技实现营业收入170.63亿元，在2024年一季度高基数的成绩上，同比增长10.10%； 净利润4.29亿元，同比增长38.71%；经营性现金流净额26.30亿元，同比增长29.59%。 蓝思科技在该公司一季度业绩说明会上表示，智能手机和电脑类是一季度业绩增长的主要驱动力。北美 客户在一季度发布的新机型，带动公司整体稼动率提升。 手机镜头制造商水晶光电（002273）为苹果提供光学解决方案，今年一季度，水晶光电营收同比增长 10.2%至14.82亿元，净利润同比增长23.67%至2.2 ...

Core Viewpoint - The company has disclosed its first quarter report for 2025, ensuring the accuracy and completeness of the information provided, with no significant omissions or misleading statements [2][12][20]. Financial Data - The first quarter report has not been audited [11]. - The company does not require retrospective adjustments or restatements of previous accounting data [3]. - There are no non-recurring profit and loss items applicable for the reporting period [3]. Shareholder Information - The company disclosed that its chairman and two executives planned to reduce their holdings by a total of 3,746,000 shares, which is approximately 0.27% of the total share capital, and this plan has been fully executed [5]. - The fifth phase of the employee stock ownership plan has been completed, with a total of 604,000 shares sold, representing 0.43% of the total share capital [6]. Strategic Transactions - The company plans to acquire 95.60% of Guangdong Aikesi Technology Co., Ltd. for RMB 32,350 million, based on an overall valuation of RMB 34,070 million [9]. - This acquisition is classified as a related party transaction but does not constitute a major asset restructuring [9]. Board and Supervisory Meetings - The board of directors and the supervisory board have both approved the first quarter report, confirming compliance with legal and regulatory requirements [14][20].