Crystal-Optech(SZ:002273) KAIYUAN SECURITIES·2024-11-01 13:49Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved record high revenue and profit in Q3 2024, driven by the rapid introduction of micro-prism products and cost reduction efforts [2][3] - The company is expected to benefit from the mass production of new products and the continued growth in the automotive electronics and AI+AR sectors [4] Financial Performance Summary - For Q3 2024, the company reported revenue of 20.55 billion yuan, a year-on-year increase of 21.19% and a quarter-on-quarter increase of 56.91% [3] - The net profit attributable to the parent company for Q3 2024 was 4.35 billion yuan, representing a year-on-year increase of 66.99% and a quarter-on-quarter increase of 75.3% [3] - The gross profit margin for Q3 2024 was 36.71%, an increase of 8.14 percentage points year-on-year [3] Revenue and Profit Forecast - The company expects to achieve revenues of 65.04 billion yuan in 2024, with a year-on-year growth of 28.1% [5] - The forecasted net profit attributable to the parent company for 2024 is 10.38 billion yuan, reflecting a year-on-year increase of 73.0% [5] - The projected earnings per share (EPS) for 2024 is 0.75 yuan, with a price-to-earnings (P/E) ratio of 29.8 times [5] Business Development - The company is focusing on expanding its optical device business, particularly in the automotive electronics and AI+AR sectors, which are expected to drive future growth [4] - The introduction of new products, such as the periscope lens in flagship smartphones, is anticipated to enhance revenue from optical components [4] - The company is actively developing its AR technology, particularly in reflective waveguide technology, to capitalize on the rapid growth of the AR industry [4]