上半年业绩增长显著，各业务板块表现亮眼 据副总经理兼财务总监郑萍介绍，2025年上半年，浙江水晶光电营业收入达30.20亿元，同比增长 14%；归母净利润为5.01亿元，同比增长17%；扣非归母净利润4.46亿元，同比增长14%，归母净利润增 速高于收入增速。单季度来看，二季度营业收入15.38亿元，同比增长17%，环比增长4%；归母净利润 2.80亿元，同比增长13%，环比增长27%；扣非归母净利润2.39亿元，同比增长8%，环比增长15%。 毛利率和净利率方面，上半年公司毛利率为29.46%，较去年同期提升约2%；净利率为16.58%，较去年 同期提升约0.5%。每股收益为0.37元/股，同比增长19%；加权平均净资产收益率为5.39%，较去年同期 提升约0.5%。 分业务板块看，公司调整业务披露口径，按终端应用领域披露。2025年上半年，消费者电子业务收入 25.43亿元，同比增长13%，占比84.19%；汽车电子AR+业务收入2.41亿元，同比增长79%；反光材料业 务收入1.87亿元，同比增长2%。各业务板块毛利率也有所提升，消费电子业务毛利率为29.52%，汽车 电子AR+业务毛利率为25.24% ...

近期，苹果产业链的热度持续升温。Wind数据显示，三季度以来，机构密集调研了包括水晶光电 （002273）、工业富联（601138）、鹏鼎控股（002938）、环旭电子（601231）、蓝思科技 （300433）、大族激光（002008）、京东方、东山精密（002384）在内的30多家苹果产业链公司。这一 现象背后，蕴含着资本市场对苹果新机备货周期启动的强烈预期。 据了解，目前，iPhone17已经进入大规模量产阶段，且苹果手机的主要代工生产商富士康郑州厂区已同 步启动旺季招工。分析机构Jefferies指出，iPhone17系列(含非Pro型号)整体预计较上一代涨价约50美 元，其中iPhone17Pro起价预计落在1049美元，iPhone17Pro Max起价约为1249美元，iPhone17基础型号 价格可能维持在799美元不变。 国金证券指出，iPhone17有望在SoC芯片AI能力提升、散热、FPC软板、电池及后盖等方面迎来升级及 价值量提升。 中金公司（601995）亦表示，iPhone17系列或将有明显零部件及模组升级，用户换机意愿增强，预计苹 果iPhone17系列多个零部件及模组有望实现升 ...

Core Viewpoint - The company, Zhejiang Crystal Optoelectronics, is undergoing a strategic transformation in 2025, focusing on enhancing operational efficiency and optimizing resource allocation while maintaining strong growth in revenue and profit margins [2][6]. Group 1: Company Structure and Management - The second-largest shareholder, Hangzhou Shen Gai Zhe Xin, has terminated its agreement with the largest shareholder, Star Group, indicating a move towards independent management and operations [1]. - The company has a stable core management team and operates independently in various aspects such as business, personnel, assets, and finance [1]. Group 2: Financial Performance - In Q1 2025, the company achieved revenue of 1.482 billion yuan, a year-on-year increase of 10.20%, and a net profit of 221 million yuan, reflecting a significant growth of 23.67% [2]. - The gross profit margin reached 27.95%, up by 3.95 percentage points compared to the previous year, indicating effective cost control and operational efficiency [2]. Group 3: Product and Market Development - The company has diversified its product lines across five major business segments, including optical components, thin-film optical panels, semiconductor optics, automotive electronics, and reflective materials [1]. - The consumer electronics segment remains the core business, with the IRCF infrared cutoff filter maintaining a leading global market share in smartphone camera applications [3]. - The automotive optical business is emerging as a significant growth driver, with AR-HUD product shipments exceeding hundreds of thousands of units by the end of 2024 [3]. Group 4: Technological Advancements - The company has been investing in AR technology for over a decade, focusing on optical components such as waveguide plates and optical modules, aiming to capture opportunities in the metaverse [4]. - The company is collaborating with leading manufacturers in waveguide and specialty glass materials to enhance its technological capabilities [4]. Group 5: International Expansion - The company has initiated an international strategy, establishing market presence across six continents and setting up production bases in China and Vietnam to enhance capacity and delivery efficiency [5][6]. - The dual circulation model is being implemented to improve risk resilience and operational efficiency [6]. Group 6: Shareholder Returns and Incentives - The company has a strong commitment to shareholder returns, having distributed over 1 billion yuan in cash dividends from 2020 to 2024, and has introduced a mid-year dividend for the first time [7]. - A stock incentive plan for 2025 has been proposed to attract and retain talent, aligning the interests of shareholders, the company, and management [7]. Group 7: Future Outlook - The optical industry is entering an "AI-driven innovation cycle," with increasing demand for optical hardware in smart devices, presenting growth opportunities for the company [5][8]. - The company is positioned to create long-term value for shareholders and investors through its three growth curves and ongoing global expansion [8].

Business Overview - The company, established in 2002, initially focused on security monitoring and later expanded into the high-end camera market, maintaining a significant market share in Japan [2]. - Transitioned to smartphone business due to rapid smartphone development, entering the North American supply chain in 2012 and evolving into a strategic technology partner for major clients [2][3]. - The company has built six production bases, with significant investments in Vietnam, where a second phase is expected to commence production in the second half of 2023 [2]. Growth Strategies - The company has identified three growth curves: 1. Smartphone business as the first growth curve 2. Automotive electronics as the second growth curve 3. AR glasses as the third growth curve [3][5]. - The smartphone segment, particularly the IRCF infrared cutoff filter, remains a major revenue source, with a strong market presence in the Android client segment [4]. Automotive Electronics - The automotive electronics segment includes products like AR-HUD and laser radar window components, with a leading market share in the domestic AR-HUD market [5]. - Despite pricing pressures in the domestic market, the penetration rate of HUDs continues to rise, especially for AR-HUDs, indicating potential for improved profitability as overseas clients ramp up production [5]. AR Glasses Development - The AR glasses segment is still in the R&D phase, with significant potential due to high hardware costs [5][9]. - The company is focusing on developing core optical components for AR glasses, with ongoing collaborations with leading tech firms [9][10]. Future Outlook - The year 2025 is seen as a pivotal year for the company, marking a strategic transition and the opening of new development avenues [6]. - The company aims for a revenue growth target of 0% to 30% in 2025, indicating a focus on strategic adjustments over the next 1-2 years [11].

Investment Rating - The report initiates coverage with a "Buy" rating for the company [1][10]. Core Insights - The company is experiencing stable growth in its mobile business, primarily driven by demand from major North American clients and a shift towards new product development [4]. - The automotive electronics segment is identified as a second growth curve, with significant potential in AR-HUD technology and related optical products [5]. - Strategic investments in AR glasses and the acquisition of Guangdong Ecost to enhance capabilities in the AR/VR space are highlighted as key future growth drivers [6][8]. - Revenue projections for 2024, 2025, and 2026 are estimated at 65 billion, 78 billion, and 92 billion yuan respectively, with corresponding net profits of 10.88 billion, 13.23 billion, and 15.91 billion yuan [9]. Company Overview - The latest closing price is 23.68 yuan, with a total market capitalization of 329 billion yuan and a PE ratio of 55.07 [3]. - The company has a debt-to-asset ratio of 20.3%, indicating a relatively low level of financial leverage [3]. Financial Forecasts - Expected revenue growth rates are 28.06% for 2024, 20.08% for 2025, and 17.88% for 2026, reflecting a robust growth trajectory [12]. - The company anticipates a significant increase in net profit margins, with net profit growth rates of 81.31% in 2024 and around 20% in the following years [12][15].