水晶光电（002273）：上半年稳健增长，AR眼镜开辟新蓝海

Investment Rating - The report maintains a "Buy" rating for the company [4][7]. Core Views - The company achieved steady growth in the first half of 2025, with revenue of 3.02 billion yuan, a year-on-year increase of 13.8%, and a net profit of 500 million yuan, up 17.3% year-on-year [1]. - The company is focusing on three core business areas: consumer electronics, automotive optics, and AR/VR, expanding its product matrix from components to modules and solutions [1][4]. - The company is committed to R&D innovation, with R&D investment reaching 190 million yuan in the first half of 2025, a year-on-year increase of 9.2% [4]. Summary by Sections Consumer Electronics - In the first half of 2025, the consumer electronics segment generated revenue of 2.54 billion yuan, a year-on-year increase of 12.8%, with a gross margin of 29.5% [2]. - The company is enhancing cooperation with major North American and Korean clients, optimizing product structure, and expanding its production capacity in Vietnam [2]. - The semiconductor optics segment is also expanding into new applications, maintaining a strong market share in key products [2]. Automotive Optics and AR/VR - The automotive electronics (AR+) business achieved revenue of 240 million yuan in the first half of 2025, a year-on-year increase of 79.1% [3]. - The company has made significant breakthroughs in AR-HUD technology and is expanding its market presence through collaborations with major domestic clients [3]. - In the AR/VR sector, the company has achieved key breakthroughs in reflective and diffractive waveguide technologies, positioning itself to capture market opportunities in smart glasses [3]. Financial Forecast and Investment Recommendations - The company is projected to achieve revenues of 7.59 billion yuan, 9.02 billion yuan, and 10.35 billion yuan in 2025, 2026, and 2027, respectively, with year-on-year growth rates of 20.9%, 18.8%, and 14.8% [4][6]. - The expected net profits for the same years are 1.27 billion yuan, 1.57 billion yuan, and 1.83 billion yuan, with growth rates of 23%, 24%, and 16% [4][6]. - The current stock price corresponds to a PE ratio of 30, 24, and 21 for 2025, 2026, and 2027, respectively [4].