Crystal-Optech(SZ:002273) ZHONGTAI SECURITIES·2024-03-24 16:00Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase of over 15% in stock price compared to the benchmark index over the next 6 to 12 months [8]. Core Views - The company is expected to benefit from the incremental contribution of micro-prism technology, with multiple long-term growth points identified [4]. - The report highlights a significant increase in revenue and net profit projections for the coming years, driven by high-margin products such as micro-prisms and composite filters [4][6]. Financial Summary - Revenue Forecast: - 2022A: 4,376 million - 2023A: 5,076 million (yoy +16%) - 2024E: 6,540 million (yoy +29%) - 2025E: 7,918 million (yoy +21%) - 2026E: 8,951 million (yoy +13%) [4][6] - Net Profit Forecast: - 2022A: 576 million - 2023A: 600 million (yoy +4%) - 2024E: 801 million (yoy +33%) - 2025E: 998 million (yoy +25%) - 2026E: 1,168 million (yoy +17%) [4][6] - Earnings Per Share (EPS): - 2023: 0.43 - 2024E: 0.58 - 2025E: 0.72 - 2026E: 0.84 [4][6] - Return on Equity (ROE): - 2023: 6.7% - 2024E: 8.4% - 2025E: 9.7% - 2026E: 10.4% [6] - Price-to-Earnings (P/E) Ratio: - 2024E: 36 - 2025E: 27 - 2026E: 22 [4][6] Key Investment Points - The company is expected to see significant growth in its optical components revenue, particularly from micro-prisms and composite filters, which are projected to have high gross margins [4]. - The report notes that the company has successfully expanded its market share in the domestic market, particularly with mainstream terminal products [4]. - The automotive electronics segment is also highlighted as a growth area, with successful customer expansion and new product developments [4].