Crystal-Optech(002273) 财通证券·2024-10-29 01:23Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company reported a significant revenue increase of 32.69% year-on-year for the first three quarters of 2024, reaching 4.71 billion yuan, with a net profit attributable to shareholders of 862 million yuan, up 96.77% year-on-year [2][3] - The strong performance is driven by major clients' optical products, with a gross margin of 31.57%, an increase of 4.58 percentage points year-on-year [2] - Future growth is expected from optical innovations, including new products and cost reduction strategies, which are anticipated to enhance profit margins [4] Financial Performance Summary - For Q3 2024, the company achieved a revenue of 2.06 billion yuan, representing a year-on-year increase of 21.19% and a quarter-on-quarter increase of 56.91% [3] - The net profit for Q3 2024 was 435 million yuan, up 66.99% year-on-year and 75.30% quarter-on-quarter, with a gross margin of 36.71%, an increase of 8.14 percentage points year-on-year [3] - The company expects net profits for 2024-2026 to be 1.066 billion, 1.233 billion, and 1.379 billion yuan respectively, with corresponding EPS of 0.77, 0.89, and 0.99 yuan [4] Revenue and Profit Forecast - The projected revenue for 2024 is 6.481 billion yuan, with a growth rate of 27.67% [5] - The net profit for 2024 is expected to be 1.066 billion yuan, reflecting a growth rate of 77.54% [5] - The company’s PE ratios for 2024, 2025, and 2026 are projected to be 25.20, 21.78, and 19.47 respectively [4][5]