Crystal-Optech(SZ:002273) Shenwan Hongyuan Securities·2025-04-11 13:15Investment Rating - The report maintains an "Outperform" rating for the company [2][6]. Core Insights - The company is focusing on innovation in optical imaging components and accelerating its layout in Southeast Asia [1]. - The revenue growth guidance for 2025 is set between 0% to 30% [6]. - The company has successfully entered key supply chains and is transitioning from a manufacturing advantage to a research and development advantage [6]. Financial Performance - Total revenue is projected to grow from 5,076 million in 2023 to 8,074 million by 2027, with a compound annual growth rate (CAGR) of approximately 10.5% [5][8]. - The net profit attributable to the parent company is expected to increase from 600 million in 2023 to 1,491 million by 2027, reflecting a CAGR of about 34.5% [5][8]. - The gross margin is expected to stabilize around 30% from 2025 onwards, with a slight increase to 30.9% by 2027 [5][6]. Business Segments - The optical components segment generated revenue of 28.84 billion in 2024, up 17.92% year-on-year, with significant advancements in coating filter technology and micro-prism module production [6]. - The film optical panel segment saw revenue of 24.72 billion in 2024, a 33.69% increase year-on-year, as the company expands beyond mobile applications [6]. - The automotive electronics segment achieved revenue of 3.00 billion in 2024, establishing a leading position in the AR-HUD market [6]. Growth Strategies - The company is pursuing three growth curves: focusing on consumer electronics, expanding into automotive optics, and strategic positioning in AR/VR technologies [6]. - The company aims to overcome global mass production challenges in reflective waveguide technology within the next couple of years [6].