水晶光电（002273）：深度报告：光学积淀，AR领航

Investment Rating - The report initiates coverage with a "Buy" rating for the company [5]. Core Views - The company is positioned as a leader in the optical component sector, with a diversified business model that includes optical components, film optical panels, semiconductor optics, automotive electronics (AR+), and reflective materials [1][12]. - The recovery in the consumer electronics market, particularly driven by AI innovations from major clients like Apple, is expected to boost the company's core products such as micro-prisms and filters [1][2]. - The automotive sector, particularly AR-HUD, is anticipated to grow significantly, with the company already achieving substantial market penetration [2][3]. - The integration of AI in AR glasses is seen as a catalyst for hardware innovation and sales growth, with the company having established strategic partnerships for development [3]. - Revenue projections for 2025-2027 are estimated at 7.53 billion, 9.06 billion, and 10.36 billion CNY, respectively, with corresponding net profits of 1.27 billion, 1.55 billion, and 1.83 billion CNY [4][3]. Summary by Sections 1. Company Overview - The company has been deeply involved in the optical industry for over 20 years, focusing on three growth curves: consumer electronics, automotive optics, and metaverse optics [9][12]. - It has established a comprehensive product matrix and is poised for growth as downstream demand increases [1][12]. 2. Consumer Electronics - The company is focusing on optical components, particularly filters and micro-prism modules, to capitalize on the smartphone market recovery [40][45]. - The market share for the company's filter products has reached 21%, making it a leading player in the global smartphone filter market [2][56]. 3. Automotive Electronics - The HUD market is expected to grow rapidly, with AR-HUD products gaining traction [2][3]. - The company has already achieved significant shipment volumes in the AR-HUD segment and is set to increase production in the coming years [2][3]. 4. AR Development - The company has been investing in AR technologies since 2010 and is well-positioned to benefit from the expected growth in AR glasses [3][4]. - Strategic collaborations with global partners are enhancing the company's capabilities in AR optics [3]. 5. Financial Projections - The company is projected to achieve significant revenue growth, with a forecasted revenue of 6.28 billion CNY in 2024, increasing to 10.36 billion CNY by 2027 [4][3]. - The net profit is expected to grow from 1.03 billion CNY in 2024 to 1.83 billion CNY in 2027, reflecting a strong growth trajectory [4][3].