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水晶光电(002273):上半年稳健增长,AR眼镜开辟新蓝海
GOLDEN SUN SECURITIES· 2025-08-28 01:33
证券研究报告 | 半年报点评 gszqdatemark 2025 08 28 年 月 日 水晶光电(002273.SZ) 上半年稳健增长,AR 眼镜开辟新蓝海 消费电子、车载光学、AR/VR 三大业务板块稳健发展。水晶光电发布 2025 半年 报业绩,实现营收 30.2 亿元,yoy+13.8%;实现归母净利润 5.0 亿元,yoy+17.3%; 毛利率为 29.5%,yoy+1.9pcts;净利率为 16.8%,同比增长 0.2pct。从 25Q2 单 季度来看,实现营收 15.4 亿元,yoy+17.4%,qoq+3.8%;实现归母净利润 2.8 亿元,yoy+12.8%,qoq+26.7%。公司产业结构持续优化,盈利能力稳步提升。 聚焦光学赛道,锚定消费电子、车载光学、AR/VR 三大核心业务方向,产品矩阵从 单一的元器件拓展至元器件、模组及解决方案三者并存。 消费电子:持续优化包括滤光片、微棱镜、薄膜光学面板等产品矩阵。25H1,消 费电子业务实现营收 25.4 亿元,yoy+12.8%;毛利率为 29.5%,yoy+1.7pcts。 1)光学元器件方面,稳步推进与北美、韩系大客户的合作,并持续优化产 ...
研报掘金丨财信证券:水晶光电盈利能力持续提升,维持“增持”评级
Ge Long Hui A P P· 2025-08-14 07:13
Core Viewpoint - Crystal Optoelectronics is actively building a diversified business structure, with continuous improvement in profitability [1] Business Segments - The company has established five major business segments: optical components, thin-film optical panels, semiconductor optics, automotive electronics (AR+), and reflective materials, all showing good growth trends [1] - Despite facing transformation and adjustment pressures, the company maintained a strong development momentum in Q1 2025 [1] Industry Positioning - With over 20 years of experience in the optical industry, the company focuses on product line development around three application scenarios: consumer electronics, automotive optics, and AR/VR [1] - The company's industrial structure is continuously optimized, significantly enhancing its internal growth momentum [1] Financial Projections - The company is expected to achieve operating revenues of 7.374 billion, 8.734 billion, and 10.042 billion yuan for the years 2025-2027, respectively [1] - Projected net profits attributable to the parent company are 1.236 billion, 1.507 billion, and 1.747 billion yuan for the same period [1] - Corresponding EPS is forecasted to be 0.89, 1.08, and 1.26 yuan, with PE ratios of 24.46, 20.07, and 17.31 times at current prices [1] - The rating is maintained at "Accumulate" [1]
水晶光电(002273):光学龙头多维布局,光学升级与AR共筑成长新引擎
Caixin Securities· 2025-08-13 09:10
Investment Rating - The report maintains an "Accumulate" rating for the company [5] Core Views - The company has established a diversified business structure with five major segments: optical components, film optical panels, semiconductor optics, automotive electronics (AR+), and reflective materials, all showing good growth momentum [6][21] - In 2024, the company achieved a revenue of 6.278 billion yuan, a year-on-year increase of 23.67%, and a net profit attributable to shareholders of 1.030 billion yuan, up 71.57% year-on-year, marking a historical high [6][26] - The automotive electronics segment, particularly AR-HUD, is rapidly penetrating the mid-range market, with a projected shipment of over 300,000 units in 2024, maintaining a leading position in the domestic industry [6][36] Summary by Sections Financial Performance - The company reported a revenue of 6.278 billion yuan in 2024, with a compound annual growth rate of 18.14% from 2020 to 2024 [26] - The net profit attributable to shareholders reached 1.030 billion yuan in 2024, reflecting a significant increase in profitability [26][42] - In Q1 2025, the company achieved a revenue of 1.482 billion yuan, a year-on-year increase of 10.20% [28] Business Segments - **Optical Components**: In 2024, this segment generated 2.884 billion yuan, accounting for 45.94% of total revenue, with a gross margin of 36.31% [30] - **Film Optical Panels**: This segment achieved 2.472 billion yuan in revenue, representing 39.38% of total revenue, with a gross margin of 26.65% [34] - **Reflective Materials**: Revenue reached 394 million yuan, contributing 6.27% to total revenue, with a gross margin of 30.87% [35] - **Automotive Electronics (AR+)**: This segment generated 300 million yuan, accounting for 4.78% of total revenue, with a gross margin of 13.53% [36] - **Semiconductor Optics**: Revenue was 129 million yuan, contributing 2.06% to total revenue, with a gross margin of 40.29% [37] Strategic Developments - The company has focused on R&D innovation, with a total investment of 1.165 billion yuan from 2022 to 2024, maintaining an average R&D expense ratio of 7.49% [46] - The establishment of a central research institute in 2017 has driven the development of new products and technologies in optical components, automotive electronics, and AR/VR [46][47] - The company has built six production bases and is actively expanding its global market presence, enhancing its ability to serve overseas customers [47][50]
水晶光电: 浙江水晶光电科技股份有限公司2025年限制性股票激励计划
Zheng Quan Zhi Xing· 2025-07-21 16:23
Core Viewpoint - The 2025 Restricted Stock Incentive Plan of Zhejiang Crystal Optoelectronics Technology Co., Ltd. aims to enhance corporate governance, attract and retain talent, and align the interests of shareholders, the company, and management for long-term development [8][9]. Group 1: Incentive Plan Overview - The incentive plan involves granting 500,000 restricted stocks, accounting for approximately 0.04% of the company's total share capital of 1,390,632,221 shares [2][13]. - The grant price for the restricted stocks is set at 10.07 yuan per share [3][18]. - The plan will be effective for a maximum of 48 months from the date of stock grant [14][15]. Group 2: Grant and Vesting Conditions - The restricted stocks will be granted within 60 days after the shareholders' meeting approval [6][29]. - The vesting schedule includes three phases: 40% after 12 months, 30% after 24 months, and 30% after 36 months [17][20]. - The performance targets for vesting include revenue growth rates of at least 39%, 44%, and 56% for the respective vesting periods [20][21]. Group 3: Eligibility and Restrictions - The incentive plan is designed for one individual, specifically a director and senior manager, excluding independent directors and major shareholders [3][12]. - The plan prohibits the granting of stocks if the company has received negative audit opinions or has not complied with profit distribution regulations [11][19]. - The company commits not to provide loans or financial assistance to the incentive recipients [6][10]. Group 4: Performance Assessment - The performance assessment will be based on company-level metrics such as audited revenue and net profit, excluding the impact of stock payment expenses [20][21]. - Individual performance evaluations will determine the actual number of stocks that can be vested, with a binary outcome of either 100% or 0% based on performance [21][22]. Group 5: Adjustments and Accounting - Adjustments to the number and price of restricted stocks may occur due to corporate actions like stock splits or capital increases [24][25]. - The estimated total cost of the incentive plan is projected to be 4.96 million yuan, which will be recognized as an expense over the vesting period [27][28].
水晶光电(002273):多层次业务布局注入增长活力,组织架构升级激发新势能
Hua Yuan Zheng Quan· 2025-07-21 03:14
Investment Rating - The report gives an initial investment rating of "Buy" for the company, highlighting its multi-layered business layout and organizational upgrades as catalysts for growth [3][7][9]. Core Insights - The company has been deeply engaged in the optical sector for over 20 years, with diversified layouts contributing to long-term growth momentum. It has established three growth curves: consumer electronics, automotive optics, and AR/VR applications, expanding its product ecosystem from components to modules and solutions [4][12]. - The company achieved a revenue of 6.278 billion yuan in 2024, representing a year-on-year growth of 23.67%, and a net profit of 1.03 billion yuan, up 71.57%, marking a historical high [4][35]. - The strategic transformation phase is underway, with organizational upgrades aimed at enhancing collaboration with major clients and optimizing operational efficiency [6][21]. Summary by Sections Business Overview - The company has built a multi-layered business structure focusing on consumer electronics, automotive optics, and AR/VR, with a commitment to becoming a leading one-stop optical solution provider globally [19][24]. - The company has successfully transitioned through various stages of development, from indirect supply to direct supply and now to an ODM model, enhancing its position in the supply chain of major clients [20][21]. Financial Performance - The company forecasts net profits of 1.248 billion yuan, 1.526 billion yuan, and 1.750 billion yuan for 2025, 2026, and 2027, respectively, with growth rates of 21.20%, 22.27%, and 14.67% [7][9]. - The revenue for 2024 is projected at 6.278 billion yuan, with a year-on-year growth rate of 23.67% [8][35]. Product Development - The company is focusing on the AR/VR optical applications, with AR waveguide technology being a core strategic initiative, expected to drive future growth [5][64]. - The automotive electronics segment, particularly the AR-HUD product, has gained significant market share domestically and is set for expansion into overseas markets [5][11]. Market Position - The company has established strong partnerships with major clients, enhancing its product capabilities and technical strength, which are crucial for its growth trajectory [6][21]. - The company is actively expanding its international presence, particularly in North America and Europe, to enhance its market influence [44].
水晶光电(002273) - 2025年6月25日投资者关系活动记录表
2025-06-27 05:22
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].
水晶光电(002273):深度报告:光学积淀,AR领航
Minsheng Securities· 2025-06-17 11:01
Investment Rating - The report initiates coverage with a "Buy" rating for the company [5]. Core Views - The company is positioned as a leader in the optical component sector, with a diversified business model that includes optical components, film optical panels, semiconductor optics, automotive electronics (AR+), and reflective materials [1][12]. - The recovery in the consumer electronics market, particularly driven by AI innovations from major clients like Apple, is expected to boost the company's core products such as micro-prisms and filters [1][2]. - The automotive sector, particularly AR-HUD, is anticipated to grow significantly, with the company already achieving substantial market penetration [2][3]. - The integration of AI in AR glasses is seen as a catalyst for hardware innovation and sales growth, with the company having established strategic partnerships for development [3]. - Revenue projections for 2025-2027 are estimated at 7.53 billion, 9.06 billion, and 10.36 billion CNY, respectively, with corresponding net profits of 1.27 billion, 1.55 billion, and 1.83 billion CNY [4][3]. Summary by Sections 1. Company Overview - The company has been deeply involved in the optical industry for over 20 years, focusing on three growth curves: consumer electronics, automotive optics, and metaverse optics [9][12]. - It has established a comprehensive product matrix and is poised for growth as downstream demand increases [1][12]. 2. Consumer Electronics - The company is focusing on optical components, particularly filters and micro-prism modules, to capitalize on the smartphone market recovery [40][45]. - The market share for the company's filter products has reached 21%, making it a leading player in the global smartphone filter market [2][56]. 3. Automotive Electronics - The HUD market is expected to grow rapidly, with AR-HUD products gaining traction [2][3]. - The company has already achieved significant shipment volumes in the AR-HUD segment and is set to increase production in the coming years [2][3]. 4. AR Development - The company has been investing in AR technologies since 2010 and is well-positioned to benefit from the expected growth in AR glasses [3][4]. - Strategic collaborations with global partners are enhancing the company's capabilities in AR optics [3]. 5. Financial Projections - The company is projected to achieve significant revenue growth, with a forecasted revenue of 6.28 billion CNY in 2024, increasing to 10.36 billion CNY by 2027 [4][3]. - The net profit is expected to grow from 1.03 billion CNY in 2024 to 1.83 billion CNY in 2027, reflecting a strong growth trajectory [4][3].
水晶光电(002273):2024年净利润增长71.6% 消费电子、车载、AR/VR齐头并进
Xin Lang Cai Jing· 2025-05-07 08:36
Core Insights - The company reported a significant increase in revenue and net profit for 2024, with revenue reaching 6.278 billion yuan, a year-on-year growth of 23.67%, and net profit of 1.030 billion yuan, a year-on-year increase of 71.57% [1] - The company is focusing on product development in optical components and has established strong partnerships with major clients to drive innovation [2] - The automotive electronics segment, particularly in HUD technology, is solidifying its leading position, while AR business is seen as a future growth point [3] Financial Performance - In 2024, the company achieved a record high revenue of 6.278 billion yuan, with a net profit of 1.030 billion yuan, reflecting a robust growth in profitability [1] - For Q1 2025, the company reported a revenue of 1.482 billion yuan, a year-on-year increase of 10.20%, and a net profit of 0.221 billion yuan, a year-on-year growth of 23.67% [1] Product Development and Market Position - Optical components generated revenue of 2.884 billion yuan in 2024, accounting for 45.9% of total revenue, with a gross margin of 36.31% [2] - The film optical panel segment saw revenue of 2.472 billion yuan, representing a year-on-year growth of 33.69%, and maintained a gross margin of 26.65% [2] - The automotive electronics segment, including HUD, generated revenue of 0.300 billion yuan, with a gross margin of 13.53% [3] Future Outlook - The company anticipates continued growth in revenue and net profit from 2025 to 2027, with projected revenues of 7.389 billion yuan, 8.614 billion yuan, and 9.990 billion yuan respectively [3] - The company maintains an "outperform" rating, highlighting the potential for collaboration with major clients and growth in consumer electronics, automotive optics, and AR/VR sectors [3]
水晶光电(002273):公司信息更新报告:2025Q1业绩持续提升,受益光学创新、AI+AR大趋势
KAIYUAN SECURITIES· 2025-04-29 14:45
Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is benefiting from optical innovation and the trends of AI and AR, leading to continuous performance improvement in Q1 2025 [1][4] - The company achieved significant revenue and net profit growth in 2024, with revenue reaching 6.278 billion yuan, a year-on-year increase of 23.67%, and net profit of 1.030 billion yuan, a year-on-year increase of 71.57% [4] - In Q1 2025, the company reported revenue of 1.48 billion yuan, a 10% year-on-year increase, and net profit of 220 million yuan, a 24% year-on-year increase, with a quarterly net profit margin of 15.11% [4] - The company is expected to continue its growth trajectory, with projected net profits of 1.216 billion yuan, 1.555 billion yuan, and 1.828 billion yuan for 2025, 2026, and 2027 respectively [4] Financial Summary - The company’s total revenue for 2023 was 5.076 billion yuan, with a projected increase to 6.278 billion yuan in 2024 and 7.404 billion yuan in 2025, reflecting a year-on-year growth of 16.0% and 23.7% respectively [6] - The net profit for 2023 was 600 million yuan, expected to rise to 1.030 billion yuan in 2024 and 1.216 billion yuan in 2025, indicating a year-on-year growth of 4.2% and 18.0% respectively [6] - The gross margin for 2024 is projected to be 31.1%, with a net margin of 16.4% [6] - The company’s P/E ratio is projected to decrease from 43.8 in 2023 to 21.6 in 2025, indicating improved valuation metrics [6] Segment Performance - In 2024, the optical components segment generated revenue of 2.884 billion yuan, growing by 17.92%, while the film optical panel segment reached 2.472 billion yuan, growing by 33.69% [4] - The automotive electronics segment (AR+) achieved revenue of 300 million yuan, with a growth of 3.04%, and the semiconductor optics segment reached 129 million yuan, growing by 19.50% [4] Strategic Initiatives - The company is enhancing its global capacity layout and strengthening cooperation with major North American and Korean clients, achieving supplier certification from multiple large clients in Vietnam [4][5] - The company is actively pursuing opportunities in the AI and AR sectors, with significant advancements in optical components and partnerships with leading firms [5]
【招商电子】水晶光电:24年及25Q1业绩同比提升,长线关注AR及车载业务空间
招商电子· 2025-04-27 12:51
展望2025年,光学创新有望提升提振消费电子业务业绩,AR类业务具备长线空间。 公司指引 2025年营收增长0%-30%,展望未来几年仍有诸多看点:1)未来几年A客户仍有潜望新方案、可 变光圈等光学创新,公司作为核心光学零部件供应商大概率将受益;同时A客户滤光片、薄膜光学 面板业务份额仍有成长空间。2)吸收反射复合型滤光片等高端产品在安卓客户的渗透率不断提 升,单价及毛利率明显高于传统产品;3)车载光学份额及盈利能力有望提升,公司ARHUD业务居 于全球领先地位,当前国内客户的盈利能力较低,未来几年将大力拓展毛利率较高的海外客户; 5)前瞻布局AR技术及产品,通过投资Lumus及德国肖特、与Digilens合作等方式深化AR光学技术 积累。公司大力投入资源来突破核心技术难点,反射光波导作为公司一号工程,建设初步的NPI产 线,有望长线受益于AR浪潮。 风险提示: 宏观经济风险,新车推出不及预期,技术进展不及预期,市场竞争加剧风险 点击招商研究小程序查看PDF报告原文 事件 : 公司发布2024年及25Q1业绩,24全年营收62.78亿元,同比+23.67%;归母净利润 10.30亿元,同比+71.57%。25 ...