Crystal-Optech(SZ:002273) Guoxin Securities·2024-07-15 00:30Investment 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].