财信证券：首次覆盖水晶光电给予增持评级

Core Viewpoint - Water Crystal Optoelectronics (002273) has achieved record-high performance in its 2024 annual report, with significant growth across all business segments, leading to an initial "Buy" rating from Caixin Securities [1] Financial Performance - In 2024, the company reported revenue of 6.278 billion yuan, a year-on-year increase of 23.67% - The net profit attributable to shareholders reached 1.030 billion yuan, up 71.57% year-on-year - The net profit after deducting non-recurring gains and losses was 955 million yuan, reflecting an 82.84% increase year-on-year - The gross margin was 31.09%, an increase of 3.28 percentage points year-on-year, while the net margin was 16.63%, up 4.47 percentage points year-on-year [1] Business Segment Performance - Optical Components: Revenue of 2.884 billion yuan, a 17.92% increase, accounting for 45.94% of total revenue, with a gross margin of 36.31% [3] - Thin Film Optical Panels: Revenue of 2.472 billion yuan, a 33.69% increase, making up 39.38% of total revenue, with a gross margin of 26.65% [3] - Reflective Materials: Revenue of 394 million yuan, a 37.17% increase, contributing 6.27% to total revenue, with a gross margin of 30.87% [3] - Automotive Electronics (AR+): Revenue of 300 million yuan, a 3.04% increase, representing 4.78% of total revenue, with a gross margin of 13.53% [3] - Semiconductor Optics: Revenue of 129 million yuan, a 19.50% increase, accounting for 2.06% of total revenue, with a gross margin of 40.29% [3] Quarterly Performance - In Q4 2024, the company achieved revenue of 1.568 billion yuan, a year-on-year increase of 2.70% but a quarter-on-quarter decline of 23.70% - The net profit attributable to shareholders was 168 million yuan, up 3.63% year-on-year but down 61.38% quarter-on-quarter - The gross margin for Q4 was 29.65%, a slight decrease of 0.05 percentage points year-on-year and a decline of 7.06 percentage points quarter-on-quarter [2] Future Outlook - The company is expected to maintain a diversified and sustainable growth pattern, with projected revenues of 7.585 billion yuan, 9.021 billion yuan, and 10.334 billion yuan for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 20.82%, 18.94%, and 14.56% [4] - The net profit forecasts for the same years are 1.240 billion yuan, 1.503 billion yuan, and 1.797 billion yuan, with corresponding year-on-year growth rates of 20.45%, 21.12%, and 19.61% [4]