水晶光电：盈利水平表现亮眼，多维赛道齐驱并进-20250410

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company achieved record high performance in 2024, with revenue reaching 6.278 billion yuan, a year-on-year increase of 23.67%, and a net profit of 1.03 billion yuan, up 71.57% year-on-year [1] - The company is focusing on three main sectors: consumer electronics, automotive optics, and AR/VR, enhancing collaboration with industry leaders and increasing customer stickiness [1][3] - The company has optimized its product and market structure, resulting in significant cost reduction and efficiency improvements, with gross margin increasing by 3.28 percentage points to 31.1% in 2024 [1][4] Summary by Sections Financial Performance - In 2024, the optical components business generated revenue of 2.88 billion yuan, up 17.9% year-on-year, with a gross margin of 36.3%, an increase of 5.7 percentage points [2] - The thin-film optical panel segment reported revenue of 2.47 billion yuan, a 33.7% increase, with a gross margin of 26.7% [2] - The semiconductor optics segment achieved revenue of 130 million yuan, a 19.5% increase, with a gross margin of 40.3% [2] Business Segments - The automotive electronics segment generated revenue of 300 million yuan, a 3.0% increase, with a gross margin of 13.5% [2] - The company secured over ten key projects in the automotive optics sector, with HUD shipments nearing 300,000 units, indicating steady market share growth [3] - In the AR/VR sector, the company has developed a one-stop optical solution capability and is addressing mass production challenges [3][4] Research and Development - The company has significantly increased its R&D investment, with expenses rising from 160 million yuan in 2019 to 420 million yuan in 2023, and a total of 1.165 billion yuan allocated from 2022 to 2024 [4] - The focus of R&D has shifted to AR reflective waveguides, with efforts to resolve mass production issues [4] Future Projections - Revenue projections for 2025, 2026, and 2027 are estimated at 7.593 billion yuan, 9.020 billion yuan, and 10.355 billion yuan, respectively, with corresponding net profits of 1.269 billion yuan, 1.574 billion yuan, and 1.829 billion yuan [5][4] - The current stock price corresponds to a PE ratio of 19, 15, and 13 for the years 2025, 2026, and 2027, respectively [4]