Crystal-Optech(SZ:002273) Haitong Securities·2024-07-25 03:01Investment 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].