Crystal-Optech(SZ:002273) Western Securities·2025-10-13 05:10Investment Rating - The investment rating for the company is "Buy" [5] Core Views - The company has shown continuous growth in both scale and profitability, with a revenue of 3.02 billion yuan in H1 2025, representing a year-on-year increase of 14%. The net profit attributable to the parent company reached 501 million yuan, up 17% year-on-year [1][5] - The company is actively expanding its business across multiple sectors, including consumer electronics, automotive electronics, and reflective materials, with significant growth in AR-related products [2][3] - The AR glasses industry is experiencing substantial growth, with global AI smart glasses sales increasing by 216% year-on-year in Q1 2025, which is expected to further catalyze the development of the consumer AR glasses market [3] Summary by Sections Financial Performance - In H1 2025, the company achieved a gross margin of 29.46%, an increase of 1.86 percentage points year-on-year, and a net margin of 16.58%, up 0.51 percentage points year-on-year [1] - Revenue from the consumer electronics segment was 2.543 billion yuan, up 13% year-on-year, while automotive electronics AR+ revenue surged by 79% to 241 million yuan [2] Business Segments - The company is enhancing its collaboration with major clients in North America and South Korea, and has successfully launched mass production of coated filter projects for North American clients [2] - The automotive electronics segment is seeing significant growth, particularly in AR-HUD products, with successful project acquisitions from leading domestic manufacturers [2] Future Projections - Revenue projections for the company are estimated at 7.403 billion yuan in 2025, 8.719 billion yuan in 2026, and 10.109 billion yuan in 2027, with corresponding net profits of 1.233 billion yuan, 1.474 billion yuan, and 1.727 billion yuan respectively [4][3] - The company is expected to benefit from the ongoing expansion in the AR industry, with a well-established product matrix in AR/VR technology [3]