Crystal-Optech(SZ:002273) Guotai Junan Securities·2024-03-26 16:00Investment Rating - The report maintains a rating of "Accumulate" for the company [2][14]. Core Views - The company's performance in 2023 met expectations, with growth in micro-prism and film optical panel businesses, benefiting from the development of the optical industry [14]. - The target price is set at 17.10, with the current price at 13.72, indicating potential upside [14]. - The company achieved a revenue of 5,076 million in 2023, a year-on-year increase of 16.01%, and a net profit of 600 million, up 4.15% year-on-year [14]. Financial Summary - Revenue Forecast: - 2022A: 4,376 million - 2023A: 5,076 million - 2024E: 6,560 million - 2025E: 7,638 million - 2026E: 9,561 million [2][14]. - Net Profit: - 2022A: 576 million - 2023A: 600 million - 2024E: 787 million - 2025E: 999 million - 2026E: 1,199 million [2][14]. - Earnings Per Share (EPS): - 2023: 0.43 - 2024: 0.57 - 2025: 0.72 - 2026: 0.86 [14]. - Profitability Ratios: - Operating Profit Margin: 11.4% in 2023, expected to rise to 14.2% by 2026 - Net Asset Return Rate (ROE): 7.0% in 2023, expected to reach 10.8% by 2026 [14]. Industry Position - The company is a leading player in the optical components sector, with significant market share in micro-prism modules and film optical panels, benefiting from strong demand in consumer electronics and automotive sectors [14]. - The company is positioned to benefit from the growth in the optical industry, with ongoing developments in augmented reality and other advanced optical technologies [14].