Crystal-Optech(SZ:002273) Shanxi Securities·2024-11-01 10:31Investment Rating - The report maintains a "Buy-A" rating for the company [4] Core Views - The company reported better-than-expected performance for Q3 2024, with a revenue of 20.55 billion yuan, up 21.19% year-on-year, and a net profit of 4.35 billion yuan, up 66.99% year-on-year [1][2] - The gross margin reached a record high of 36.71% in Q3 2024, an increase of 5.41 percentage points quarter-on-quarter and 8.14 percentage points year-on-year, driven by improved capacity utilization and product mix adjustments [2][3] - The company has effectively controlled costs, with a management expense ratio of 5.0%, down 2.14 percentage points year-on-year, and a significant increase in operating cash flow, which reached 1.39 billion yuan, up 199.53% year-on-year [3][4] Financial Performance - For the first three quarters of 2024, the company achieved a revenue of 47.10 billion yuan, a year-on-year increase of 32.69%, and a net profit of 8.62 billion yuan, up 96.77% year-on-year [1] - The company expects net profits for 2024-2026 to be 11.05 billion yuan, 13.52 billion yuan, and 16.24 billion yuan respectively, with corresponding EPS of 0.79 yuan, 0.97 yuan, and 1.17 yuan [4][5] - The projected P/E ratios for 2024-2026 are 28.9, 23.6, and 19.7 respectively, indicating a favorable valuation trend [4][5] Market Position and Strategy - The company continues to strengthen its collaboration with major North American clients and is actively exploring opportunities in the Android market, particularly in optical technology applications [4] - The company has seen significant growth in its micro-prism, film optical panel, and filter segments, contributing to a substantial increase in product shipments [2][4]