第一，水晶光电长期依赖大客户的问题在本期更加突出，对第一大客户的销售额占比超35%。此外，公 司期内业绩高增，经营活动现金流却"腰斩"，是否反映了公司的供应链地位下降？ 第二，公司积极布局车载光学和VR/AR领域，但收效仍微。报告期内公司汽车电子产品营收占比大幅 提升，但也仅有8.47%的水平，且毛利率在三大主业中最低。VR/AR则更是刚开始小批量出货，未进入 大规模量产阶段。 出品：新浪财经上市公司研究院 作者：光心 10月27日晚，水晶光电发布三季度财报，报告期内业绩表现亮眼，公司实现营收51.23亿元，同比增长 8.78%，实现归母净利润9.83亿元，同比增长14.13%。 其中，单第三季度的表现则更加优秀，第三季度实现营收21.03亿元，同比增长2.33%、环比增长 36.71%，实现归母净利润4.83亿元，同比增长10.98%、环比增幅则高达72.48%。 但亮眼的业绩表现也难掩如下问题： 第一，公司车载HUD渗透率持续提升，但价格压力拖累其盈利表现，今年国家陆续出台反内卷政策， 长期政策推动行业出清，价格压力的释放或助力公司车载业务取得良好表现； 第二，国内客户由于预算约束，相关订单普遍盈利能力较 ...

Core Viewpoint - The news highlights internal conflicts within a prominent smart home company, Chasing Technology, regarding employee work hours and management's expectations, which have sparked public backlash and concerns about the company's culture and financial stability [1][3][4]. Group 1: Employee Work Hours and Management Expectations - Management criticized employees in Shenzhen for shorter work hours compared to their counterparts in Suzhou, with Shenzhen employees reportedly leaving before 8 PM while Suzhou employees often worked until 10:30 PM or later [1][3]. - The management emphasized the importance of efficiency over mere hours worked, suggesting that employees should find a work-life balance that allows for productivity without unnecessary overtime [3][4]. Group 2: Public Reaction and Brand Image - The company's management comments led to negative public sentiment, with many users on social media calling for a boycott of the brand, labeling it as unfriendly to workers [6][4]. - There are reports of employees feeling pressured to work overtime voluntarily, with some even submitting "voluntary overtime applications" to improve their financial situations [8]. Group 3: Financial and Operational Challenges - Chasing Technology has not achieved profitability across its business segments, and there are concerns about cash flow pressures following a failed investment agreement, leading to speculation about potential salary cuts and layoffs [11]. - The company has not secured any new funding since its C+ round in May 2023, raising concerns about its financial health and ability to sustain operations in a competitive market [12][13].