水晶光电：三季度业绩亮眼，毛利率增长迅速

Investment Rating - The investment rating for the company is "Buy" (maintained) [3] Core Insights - The company reported a revenue of 4.71 billion yuan for the first three quarters of 2024, representing a year-on-year growth of 32.69%, and a net profit attributable to shareholders of 862 million yuan, which is a year-on-year increase of 96.77% [3] - The third quarter revenue was 2.055 billion yuan, showing a year-on-year growth of 21.19%, with a net profit of 435 million yuan, up 66.99% year-on-year [3] - The gross margin and net margin for Q3 were 36.71% and 21.39%, respectively, reflecting an increase of 8.14 percentage points and 5.79 percentage points year-on-year, attributed to product mix adjustments and improved internal management efficiency [3] - The company's growth is primarily driven by micro-prism and film optics products, benefiting from market demand expansion and increased smartphone shipments [3] - The company has a strong position in the optical field and is actively expanding into overseas markets [3] Financial Summary - Revenue for 2024 is projected to be 6.73 billion yuan, with a growth rate of 32.63% [5] - Net profit for 2024 is expected to reach 1.096 billion yuan, reflecting a growth rate of 82.67% [5] - The estimated earnings per share (EPS) for 2024 is 0.79 yuan, with a projected P/E ratio of 28.03 [5] - The company’s total assets are expected to grow from 11.255 billion yuan in 2023 to 12.199 billion yuan in 2024 [5] - The return on equity (ROE) is projected to increase to 11.68% in 2024 [5]