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]

第三届中国国际供应链促进博览会于近日在北京中国国际展览中心（顺义馆）举行。此次盛会共有1200 家中外企业和机构参加，线上线下观众人数超过21万人次。展会期间共举办了70场会议活动，中国工程 院院士、世界500强企业和国际组织负责人等在内的1.4万余人参会进行了交流。 此次展会，水晶光电展示了全自研4.1寸斜投影AR-HUD，ARGo眼镜，衍射光波导片，手机相关的光学 元器件等产品，让观众直观地感受到了精密光学技术在汽车电子，AR/VR和消费电子领域的应用。 水晶光电深耕光学领域20余年，构建了结构化的技术体系，涵盖传统光学冷加工技术、半导体技术、微 纳技术、薄膜技术、丝印技术以及自动化技术等多个领域。未来，水晶光电将持续推进光学产业的发展 和创新，实现供应链的合作共赢。 ...