Crystal-Optech(SZ:002273) Great Wall Securities·2025-09-08 10:52Investment Rating - The report maintains a "Buy" rating for the company, expecting a stock price increase of over 15% relative to the industry index in the next six months [4][20]. Core Insights - The company has achieved steady revenue growth in H1 2025, with a revenue of 3.02 billion yuan, up 13.77% year-on-year, and a net profit of 501 million yuan, up 17.35% year-on-year [1][2]. - The company is focusing on three core business areas: consumer electronics, automotive optics, and AR/VR, enhancing competitiveness through resource integration and management upgrades [2][10]. - The overall gross margin for H1 2025 was 29.46%, an increase of 1.86 percentage points year-on-year, indicating improved profitability [2]. Financial Performance Summary - Revenue projections for the company are as follows: 5,076 million yuan in 2023, 6,278 million yuan in 2024, 7,290 million yuan in 2025, 8,571 million yuan in 2026, and 9,948 million yuan in 2027, with growth rates of 16.0%, 23.7%, 16.1%, 17.6%, and 16.1% respectively [1][12]. - The net profit is expected to grow from 600 million yuan in 2023 to 1,804 million yuan in 2027, with year-on-year growth rates of 4.2%, 71.6%, 21.3%, 20.9%, and 19.5% [1][12]. - The company’s return on equity (ROE) is projected to increase from 6.9% in 2023 to 14.1% in 2027 [1][12]. Business Development Summary - The company is experiencing a recovery in consumer electronics demand, with significant growth in automotive optics and AR/VR sectors [3][9]. - The optical components business is expanding through partnerships with North American and Korean clients, and the company is enhancing its production capabilities in Vietnam [3]. - The automotive optics segment has secured key projects and orders, expanding market coverage and receiving recognition from leading automotive manufacturers [3][10].