Crystal-Optech(002273) 国盛证券·2025-02-24 08:23Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [5]. Core Viewpoints - The company has been deeply engaged in the optical field for over 20 years, diversifying its layout to maintain growth, with a focus on consumer electronics, automotive optics, and the metaverse [1][15]. - The company is expected to see significant profit growth in 2024, with net profit forecasted between 1.0 to 1.12 billion yuan, representing a year-on-year increase of 66.60% to 86.59% [1]. - The company has increased its R&D expenditure significantly, from 158 million yuan in 2019 to 424 million yuan in 2023, indicating a strong commitment to innovation [1]. Summary by Sections Company Overview - Established in 2002 and listed in 2008, the company has focused on the optical sector for over two decades, building a diverse product portfolio across five major business segments: optical components, thin-film optical panels, semiconductor optics, automotive electronics (AR+), and reflective materials [1][15]. - The company has transitioned its R&D focus to AR technology, aiming to solve mass production challenges in reflective waveguide technology [1][3]. Consumer Electronics - The optical components segment has shown robust growth, particularly in infrared filter products and micro-prism modules, with significant sales increases expected in 2024 [2]. - The thin-film optical panel segment is expanding beyond mobile phones into other electronic devices, while the semiconductor optics segment is benefiting from increased market penetration of 3D camera technology [2][21]. AR/VR - The company has been investing in AR technology for over a decade, focusing on reflective waveguide technology and strategic partnerships to enhance its product offerings in the AR space [3][20]. Automotive Electronics - The company is a leading supplier of AR-HUD systems in China, with a market share of 23.1% in the first half of 2024, and is actively expanding its partnerships with major automotive manufacturers [4][22]. - The global automotive LiDAR market is projected to grow significantly, and the company is positioned to capitalize on this trend through its advanced technology in LiDAR window components [4][22]. Financial Forecast and Investment Recommendations - The company is projected to achieve revenues of 6.6 billion yuan in 2024, with a year-on-year growth rate of 30%, and net profits of 1.1 billion yuan, reflecting an 82.9% increase [9][10]. - The report highlights favorable valuations for the next two years, with projected P/E ratios of 32, 28, and 23 for 2024, 2025, and 2026 respectively [9].