晶盛机电（300316）：AR眼镜催化不断，材料龙头有望充分受益

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company is expected to benefit significantly from the growing demand for AR glasses, with silicon carbide (SiC) materials being ideal for AR lens substrates due to their high refractive index and thermal conductivity [3] - The company has partnered with leading AR players to establish a presence in the AR glasses substrate market, with plans to increase production capacity significantly [3] - The projected net profit for the company from 2025 to 2027 is estimated at 20 billion, 22 billion, and 27 billion CNY, corresponding to a price-to-earnings ratio of 19, 18, and 15 times respectively [9] Financial Projections - Total revenue is projected to decline from 17,983 million CNY in 2023 to 13,385 million CNY in 2025, with a subsequent increase to 15,236 million CNY by 2027 [1] - The net profit attributable to the parent company is expected to decrease from 4,558 million CNY in 2023 to 2,017 million CNY in 2025, before rising to 2,658 million CNY in 2027 [1] - The earnings per share (EPS) is forecasted to drop from 3.48 CNY in 2023 to 1.54 CNY in 2025, then increase to 2.03 CNY by 2027 [1] Market Data - The closing price of the company's stock is 29.71 CNY, with a market capitalization of approximately 38,906.25 million CNY [6] - The company has a price-to-book ratio of 2.26 and a total share capital of 1,309.53 million shares [6][7] Production Capacity - The company currently has a crystal pulling capacity of 300,000 pieces, which will increase to 900,000 pieces after the new capacity is established in 2025 [3] - A subsidiary in Malaysia is expected to achieve an annual production capacity of 240,000 pieces of 8-inch silicon carbide substrates [3]