Crystal-Optech(002273) 东方财富·2024-11-05 08:23Investment Rating - The report maintains a "Buy" rating for Crystal Optech (002273) [4] Core Views - Crystal Optech's Q3 2024 performance exceeded expectations, driven by strong revenue and profit growth [3] - The company's gross margin improved significantly, reaching 31.57% in the first three quarters of 2024, up 4.57 percentage points year-over-year [2] - AR glasses and automotive business are key drivers for long-term growth, with the company making breakthroughs in AR waveguide technology and expanding its AR-HUD business internationally [1] Financial Performance - Revenue for the first three quarters of 2024 reached 4.71 billion yuan, a year-over-year increase of 32.69% [3] - Net profit attributable to shareholders was 862 million yuan, up 96.77% year-over-year [3] - Q3 2024 revenue was 2.055 billion yuan, a 21.19% year-over-year increase and a 56.91% quarter-over-quarter increase [3] - Q3 2024 net profit was 435 million yuan, up 66.99% year-over-year and 75.30% quarter-over-quarter [3] Business Highlights - The company's gross margin improvement was driven by increased production efficiency, higher utilization rates, and cost control measures [2] - North American customers contributed significantly to growth, with new product sales increasing by 20% year-over-year in the first three weeks after launch [2] - Android customers, including Huawei and Samsung, are adopting periscope lenses, which are expected to become standard in flagship models [3] - The company's Vietnam factory has established a global manufacturing and delivery network, supporting expansion into the Korean market [3] Future Outlook - The company is expected to achieve revenue of 6.55 billion yuan in 2024, 7.66 billion yuan in 2025, and 8.84 billion yuan in 2026 [9] - Net profit is forecasted to reach 1.05 billion yuan in 2024, 1.31 billion yuan in 2025, and 1.62 billion yuan in 2026 [9] - EPS is projected to be 0.76 yuan in 2024, 0.95 yuan in 2025, and 1.17 yuan in 2026 [9] Valuation - The company's P/E ratio is expected to be 28x in 2024, 22x in 2025, and 18x in 2026 [9] - The P/B ratio is forecasted to be 3.13x in 2024, 2.86x in 2025, and 2.60x in 2026 [10]