证券研究报告 水晶光电 (002273 CH) Q1 业绩同比稳健增长，看好光学创新 与 AR 共驱成长 | 华泰研究 | | | 年报点评 | | --- | --- | --- | --- | | 2025 年 | 4 月 | 30 日│中国内地 | 消费电子 | 水晶光电 2024 年营收 62.78 亿元（yoy+23.67%），归母净利润 10.3 亿元 （yoy+71.57%），略低于我们此前预期（10.8 亿）。1Q25 单季度营收 14.82 亿元（yoy+10.2%），归母净利 2.21 亿元（yoy+23.67%）。我们认为 2024 及 1Q25 归母净利同比增长亮眼主要得益于：1）多元化战略成效凸显，基 本盘业务稳中有升，微棱镜等新品出货量同比快速增长；2）产品结构及生 产效率优化，1Q25 毛利率同比+3.95pct。我们看好水晶光电未来成长性， 主要来自：1）光学行业创新趋势明朗，滤光片等老产品迎来升级迭代，同 时卡位多个新品开发项目，主业成长动能强劲；2）AR 业务远期空间广阔， 水晶光波导产品全球竞争力领先，已与北美头部客户战略合作，共推行业发 展；3）管理体制逐步优化，深化全 ...

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]

Growth Drivers - The company has established three growth curves: consumer electronics as the first, automotive optics as the second, and AR/VR as the third, creating a diversified and sustainable development pattern [2][3] - The smartphone segment remains a stable growth curve, with significant potential for optical innovation and new product launches [3][4] - The automotive electronics segment has accumulated a stable customer base, with increasing shipments of products like HUD and Lidar window pieces [4] Financial Performance - In Q1 2025, the company achieved a revenue of CNY 1.482 billion, a year-on-year increase of 10.20% [3] - The net profit attributable to shareholders was CNY 221 million, reflecting a year-on-year growth of 23.67% [3] - The gross profit margin reached 27.95%, an increase of 3.95% compared to the same period last year, indicating high-quality growth [3] Internationalization Strategy - The company has initiated internationalization strategies for several years, establishing market windows around core customers in Japan, South Korea, Singapore, Taiwan, the USA, and Germany [3][4] - A second office has been set up in Seattle to better serve overseas clients, and a manufacturing base in Vietnam is expected to enter mass production this year [3][4] - Future plans include expanding into emerging markets in North America, Europe, and Southeast Asia, enhancing international influence [4][6] Industry Outlook - The optical industry is expected to experience significant growth due to increasing demand for optical hardware in smart terminals such as smartphones, smart homes, automotive optics, and AR glasses [5][6] - The company is well-positioned with a solid strategic layout, technical accumulation, and stable customer relationships, fostering confidence in future growth [3][4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][9] Core Views - The company reported Q1 2025 earnings that exceeded expectations, with revenue of 1.48 billion yuan, a year-over-year increase of 10.2%, and a net profit of 220 million yuan, up 23.7% year-over-year. The gross margin improved to 27.95%, an increase of 3.95 percentage points year-over-year [6][4] - The company is expected to benefit from optical innovation in the fruit supply chain and the growth potential of AI and AR technologies. The company has seen an increase in market share for micro-prisms and coated optical components, and it is well-positioned to capitalize on new product launches in the future [6][4] - The forecast for the company's net profit for 2025-2027 is 1.3 billion, 1.6 billion, and 1.9 billion yuan, respectively, corresponding to P/E ratios of 20.0, 16.6, and 13.9 [6][4] Financial Summary - The company's revenue is projected to grow from 5.08 billion yuan in 2023 to 10.94 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 18% [2] - The net profit is expected to increase from 600 million yuan in 2023 to 1.87 billion yuan in 2027, reflecting a CAGR of around 20% [2] - The earnings per share (EPS) is forecasted to rise from 0.43 yuan in 2023 to 1.35 yuan in 2027 [2] Market Position - The company has a total market capitalization of approximately 26.02 billion yuan, with a circulating market value of about 25.41 billion yuan [4] - The company is focusing on the development of AR technologies and has established partnerships with key players in the industry, indicating a strong commitment to innovation and growth in this sector [6][4]

Financial Performance - In Q1 2025, the company achieved revenue of 1.482 billion CNY, a year-on-year increase of 10.20% [3] - The net profit attributable to shareholders was 221 million CNY, up 23.67% year-on-year [3] - The gross profit margin was 27.95%, an increase of 3.95% compared to the same period last year [3] Business Growth Drivers - Improvement in product structure, with significant growth in the shipment of new products like micro-prisms [3] - Optimization of management systems, maintaining stable period expenses compared to the previous year [3] - Enhanced operational quality, with a continuous increase in the profit contribution from core business activities [3] Market and Competitive Landscape - The company has not received any notifications from core customers regarding order plans or price adjustments due to tariff uncertainties [5] - The company’s products maintain a competitive advantage due to their high cost-performance ratio, regardless of tariff impacts [5] - The company is focusing on innovation and new product development as key growth drivers [5] International Strategy - The company has established a factory in Vietnam to support overseas customers, with plans for further international expansion [6] - The Vietnam factory is primarily focused on mature process mass production, while R&D remains concentrated in China [7] Industry Outlook - The company expects to maintain a steady growth trajectory, targeting a revenue increase of 0-30% for the year [9] - The automotive electronics sector is projected to grow, particularly in AR-HUD applications, with the company maintaining a top-three market share [22] Operational Adjustments - The company is undergoing significant structural adjustments, including the relocation of production lines, which is expected to take one to two years to complete [16] - The adjustments are anticipated to have a manageable impact on capital expenditures and gross profit fluctuations [16] Future Innovations - The company is actively collaborating with major clients on micro-prism product upgrades, with a focus on both incremental and disruptive innovations [18] - The company is preparing for the mass production of coated optical filters, with quality control and downstream verification being critical [19] Strategic Positioning - The company has transitioned from a contract manufacturer to a technology-driven partner, collaborating with global tech giants on high-difficulty projects [23] - The AR glasses market is expected to grow significantly, with the company positioned to benefit from this trend due to its strategic partnerships and technological capabilities [23]

Core Viewpoint - Water Crystal Optoelectronics (002273) reported strong financial performance for Q1 2025, with significant year-on-year increases in revenue and net profit, indicating improved profitability and operational efficiency [1] Financial Performance - Total revenue for Q1 2025 reached 1.482 billion yuan, a 10.2% increase compared to Q1 2024 [1] - Net profit attributable to shareholders was 221 million yuan, reflecting a 23.67% year-on-year growth [1] - Gross margin improved to 27.95%, up 16.45% year-on-year, while net margin increased to 15.11%, a 9.54% rise [1] - Total expenses (selling, administrative, and financial) amounted to 72.48 million yuan, accounting for 4.89% of revenue, a slight decrease of 0.52% [1] - Earnings per share (EPS) rose to 0.16 yuan, a 23.08% increase from the previous year [1] Asset and Liability Management - Cash and cash equivalents decreased to 1.458 billion yuan, a decline of 43.45% year-on-year [1] - Accounts receivable increased to 1.062 billion yuan, a 5.61% rise [1] - Interest-bearing debt decreased to 118 million yuan, down 14.57% [1] Market Position and Strategy - The company has a Return on Invested Capital (ROIC) of 10.62%, indicating a stable capital return [3] - The net profit margin for the previous year was 16.63%, suggesting high added value in products or services [3] - The company has maintained a financing and dividend ratio of 0.47, with total financing of 4.266 billion yuan and total dividends of 2.011 billion yuan since its listing [3] Analyst Expectations - Analysts project that the company's performance for 2025 will reach 1.273 billion yuan, with an average EPS forecast of 0.92 yuan [3] Fund Holdings - The largest fund holding Water Crystal Optoelectronics is Dongwu Mobile Internet Mixed A, with a scale of 2.279 billion yuan and a recent net value increase of 1.72% [4] - Other funds have shown varied changes in their holdings, with some increasing their positions in the company [4] Strategic Outlook - The company emphasizes a commitment to its strategic principles despite uncertainties in tariff policies, focusing on globalization and technological collaboration [5] - The management believes in maintaining a strong cash flow and risk-averse operational style to enhance resilience against market fluctuations [5] - Future plans include accelerating the establishment of operational centers in Singapore and Vietnam, while continuing to strengthen internal capabilities [5]

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company has shown steady improvement in performance, with Q1 2025 revenue reaching 1.482 billion yuan, a year-on-year increase of 10.20%, and a net profit of 221 million yuan, up 23.67% year-on-year [1] - The company is focusing on three main sectors: consumer electronics, automotive optics, and AR/VR, enhancing collaboration with industry leaders and increasing customer loyalty [1][2] - The company is committed to R&D, with total R&D investment expected to reach 1.165 billion yuan from 2022 to 2024, and Q1 2025 R&D expenses amounting to 96 million yuan, reflecting a year-on-year increase [4] Summary by Sections Financial Performance - In Q1 2025, the company achieved a gross margin of 27.95%, up 3.95 percentage points year-on-year, and a net margin of 15.11%, an increase of 1.3 percentage points year-on-year [1] - The company forecasts revenues of 7.593 billion yuan, 9.020 billion yuan, and 10.355 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 20.9%, 18.8%, and 14.8% [5] Consumer Electronics Sector - The company is expanding its market share in optical components, with new processes for reflective composite filters and mass production of micro-prism products [2] - It is also diversifying into non-mobile phone sectors while strengthening its position in small-sized panels [2] Automotive Electronics and AR/VR - The company is a leader in the AR-HUD industry and is recognized for its technology and product quality, having received a nomination for a global quality supplier award from Jaguar Land Rover [3] - It is advancing its AR/VR capabilities by focusing on reflective waveguide technology and collaborating with leading firms to address mass production challenges [3] R&D Commitment - The company is enhancing its R&D capabilities to cover core aspects of the optical industry chain, aiming to provide comprehensive optical solutions [4] - The R&D investment is expected to significantly contribute to the company's long-term growth and competitive advantage [4]

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company has shown steady improvement in performance, with a significant increase in profitability and a strong focus on R&D investment [1][4] - The company is deeply engaged in three main sectors: consumer electronics, automotive optics, and AR/VR, enhancing customer loyalty and supply chain position [1][2][3] 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, up 23.67% year-on-year [1] - The gross margin for Q1 2025 was 27.95%, an increase of 3.95 percentage points year-on-year, while the net margin was 15.11%, up 1.3 percentage points year-on-year [1] - The company expects revenues of 7.593 billion yuan in 2025, with a year-on-year growth of 20.9%, and net profit of 1.269 billion yuan, a growth of 23.3% [5] R&D and Innovation - The company is committed to R&D transformation, with total R&D investment reaching 1.165 billion yuan from 2022 to 2024 [4] - In Q1 2025, R&D expenses amounted to 96 million yuan, reflecting a year-on-year increase [4] Market Position and Strategy - In the consumer electronics sector, the company is expanding its market share through innovative optical components and applications [2] - In automotive electronics, the company is leading in AR-HUD technology and has been recognized as a global quality supplier by Jaguar Land Rover [3] - The company is also focusing on AR/VR solutions, collaborating with leading firms to address production challenges and enhance its product offerings [3]

Core Viewpoint - The company has disclosed its first quarter report for 2025, ensuring the accuracy and completeness of the information provided, with no significant omissions or misleading statements [2][12][20]. Financial Data - The first quarter report has not been audited [11]. - The company does not require retrospective adjustments or restatements of previous accounting data [3]. - There are no non-recurring profit and loss items applicable for the reporting period [3]. Shareholder Information - The company disclosed that its chairman and two executives planned to reduce their holdings by a total of 3,746,000 shares, which is approximately 0.27% of the total share capital, and this plan has been fully executed [5]. - The fifth phase of the employee stock ownership plan has been completed, with a total of 604,000 shares sold, representing 0.43% of the total share capital [6]. Strategic Transactions - The company plans to acquire 95.60% of Guangdong Aikesi Technology Co., Ltd. for RMB 32,350 million, based on an overall valuation of RMB 34,070 million [9]. - This acquisition is classified as a related party transaction but does not constitute a major asset restructuring [9]. Board and Supervisory Meetings - The board of directors and the supervisory board have both approved the first quarter report, confirming compliance with legal and regulatory requirements [14][20].

证券代码：002273 证券简称：水晶光电 公告编号：（2025）029 号 浙江水晶光电科技股份有限公司 第六届监事会第二十次会议决议公告 本公司及监事会全体成员保证信息披露的内容真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 一、监事会会议召开情况 浙江水晶光电科技股份有限公司（以下简称"公司"）第六届监事会第二十次会议通知 于 2025 年 4 月 21 日以电子邮件、微信、电话的形式送达。会议于 2025 年 4 月 24 日上午 10:00 以通讯表决的方式召开。本次会议应出席监事 3 名，实际出席监事 3 名，会议由监事 会主席泮玲娟女士主持，公司董事会秘书韩莉女士列席了会议。本次会议的召开符合法律、 法规、规章及公司章程的规定。 二、监事会会议审议情况 会议审议通过了《2025 年第一季度报告》。 表决结果：同意 3 票，反对 0 票，弃权 0 票。 根据相关规定，公司监事会对《2025 年第一季度报告》进行了审核，审核意见如下： 1、公司《2025 年第一季度报告》的编制和审议程序符合法律、法规、公司章程和公司 内部管理制度的各项规定； 2、公司《2025 年第一季度报告》的内容和格 ...