浙江水晶光电科技股份有限公司投资者关系活动记录表 1 证券代码：002273 证券简称：水晶光电 编号：2024011 | --- | --- | --- | |-------------------------|------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------| | \n投资者关系活动 \n类别 | 特定对象调研 \n 媒体采访 \n 新闻发布会 \n 现场参观 | 分析师会议 \n 业绩说明会 \n 路演活动 \n 其他 | | 参与单位名称 | 睿扬投资 财通研究所 财通资管 | | | 时间 | 2024 年 12 月 25 日 | 14:00-15:00 | | 形式 | 线下调研 | | | 上市公司接待人 员姓名 | 副总经理兼董 ...

关于控股股东股权质押的公告 证券代码：002273 股票简称：水晶光电 公告编号：（2024）086 号 浙江水晶光电科技股份有限公司 | | | | | | | | 已质押股份 | | 未质押股份 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | 情况 | | 情况 | | | | | | 本次质押前 | 本次质押后 | 占其所 | 占公 | 已质 押股 | | 未质 | | | 股东名称 | 持股数量（股） | 持股 | 质押股份数 | 质押股份数 | 持股份 | 司总 | 份限 | 占已 | 押股 | 占未 | | | | 比例 | 量（股） | 量（股） | 比例 | 股本 | 售和 | 质押 | 份限 | 质押 | | | | | | | | 比例 | 冻结、 | 股份 | 售和 | 股份 | | | | | | | | | 标记 | 比例 | 冻结 数量 | 比例 | | | | | | | | | 数量 | | （股） | | | | | | | | | | （股） | ...

证券代码：002273 股票简称：水晶光电 公告编号：（2024）085 号 浙江水晶光电科技股份有限公司 关于董事、高级管理人员减持股份预披露公告 公司董事长林敏先生，董事、副总经理李夏云女士，副总经理王保新先生保证向本公司 提供的信息内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 1、浙江水晶光电科技股份有限公司（以下简称"公司"或"本公司"）董事长林敏先生持有 本公司股份 25,891,605 股（占公司剔除回购专用账户中股份数量后的总股本比例为 1.88%），计划 自本公告披露之日起 15 个交易日后的 3 个月内，以集中竞价或大宗交易方式合计减持公司股份不 超过 2,500,000 股（占公司剔除回购专用账户中股份数量后的总股本比例不超过 0.18%）。 2、公司董事、副总经理李夏云女士持有本公司股份 8,956,000 股（占公司剔除回购专用账户 中股份数量后的总股本比例为 0.65%），计划自本公告披露之日起 15 个交易日后的 3 个月内，以集 中竞价或大宗交易方式合计减持公司股份不超过 1,000,000 股（占公司剔除回购专用账户中股份数 量后的总股本比例不超过 0.07%）。 ...

备注：上述表格数据如有尾差，系四舍五入所造成。 二、股东股份累计被质押的情况 浙江水晶光电科技股份有限公司（以下简称"公司"或"本公司"）近日接到控股股东星 星集团有限公司（以下简称"星星集团"）函告，获悉星星集团所持有本公司的部分股份解除 质押，具体事项如下： | 股东 | 是否为控股 股东或第一 | 本次解除质押 | | 占其所 持股份 | 占公司 总股本 | 起始日 | | | 解除日期 | 质权人 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 名称 | 大股东及其 | 股份数量 | | 比例 | 比例 | | | | | | | | 一致行动人 | | | | | | | | | | | 星星 | 是 | 250 | 万股 | 2.02% | 0.18% | 年 2021 | 10 | 2024 | 年 12 | 华夏银行股 份有限公司 | | 集团 | | | | | | 月 28 | 日 | 月 | 9 日 | | | | | | | | | | | | | 台州分行 | | 星星 | 是 | 176 ...

公司近日收到叶仙玉先生家属的通知，有关监察机关已解除对叶仙玉先生的留置措施。 目前公司业务经营管理情况正常。 特此公告。 浙江水晶光电科技股份有限公司董事会 2024年12月7日 证券代码：002273 股票简称：水晶光电 公告编号：（2024）083 号 浙江水晶光电科技股份有限公司 关于其他事项的公告 本公司及董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。 浙江水晶光电科技股份有限公司（以下简称"公司"）于 2024 年 7 月 12 日披露了《关 于其他事项的公告》（公告编号：（2024）055 号），公司实际控制人叶仙玉先生被有关监 察机关采取留置措施。 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [3] Core Insights - The company reported a revenue of 4.71 billion yuan for the first three quarters of 2024, representing a year-on-year growth of 32.69%, and a net profit attributable to shareholders of 862 million yuan, which is a year-on-year increase of 96.77% [3] - The third quarter revenue was 2.055 billion yuan, showing a year-on-year growth of 21.19%, with a net profit of 435 million yuan, up 66.99% year-on-year [3] - The gross margin and net margin for Q3 were 36.71% and 21.39%, respectively, reflecting an increase of 8.14 percentage points and 5.79 percentage points year-on-year, attributed to product mix adjustments and improved internal management efficiency [3] - The company's growth is primarily driven by micro-prism and film optics products, benefiting from market demand expansion and increased smartphone shipments [3] - The company has a strong position in the optical field and is actively expanding into overseas markets [3] Financial Summary - Revenue for 2024 is projected to be 6.73 billion yuan, with a growth rate of 32.63% [5] - Net profit for 2024 is expected to reach 1.096 billion yuan, reflecting a growth rate of 82.67% [5] - The estimated earnings per share (EPS) for 2024 is 0.79 yuan, with a projected P/E ratio of 28.03 [5] - The company’s total assets are expected to grow from 11.255 billion yuan in 2023 to 12.199 billion yuan in 2024 [5] - The return on equity (ROE) is projected to increase to 11.68% in 2024 [5]

Company Overview - Crystal Optoelectronics was established in 2002 and entered the high-end camera market in Japan in 2004, maintaining a significant market share in the camera sector [1] - The company transitioned to the rapidly growing smartphone market and entered the North American supply chain in 2012, evolving from a secondary supplier to a primary supplier and participating in ODM projects [1][2] Product Development and Market Position - Before 2018, the main revenue source was the RICF (Infrared Cut Filter) product, where the company was a secondary supplier to North American clients [2] - In 2020, the company became a primary supplier through thin film optical panel products, establishing direct cooperation with clients [2] - The company has developed eight core technologies, including optical film design and precision optical processing, leading to a diversified product range [2] Financial Performance and Growth Drivers - The main growth drivers for the company in 2023 were the micro-prism and thin film optical panel products, with significant revenue increases due to market demand and smartphone shipment growth [3] - The company’s automotive sector, initiated in 2019 with the AR-HUD product, saw rapid growth, with shipments exceeding hundreds of thousands in 2023 [3] Challenges and Strategic Responses - The company faces pricing pressures in the automotive sector due to intense competition in the new energy vehicle market, requiring adjustments in strategy and increased focus on overseas brands [3] - The penetration rate of spin-coated filters in the Android market remains low, impacting demand and requiring a focus on improving client penetration rates [3][4] Future Outlook - The company is positioned to enhance its supply chain relationships and is optimistic about new business growth opportunities, particularly in spin-coated filters [4] - The company has established bases in Vietnam and Singapore to mitigate risks from international trade policies and is prepared to adapt strategies based on market changes [4]

Investment Rating - The investment rating for Crystal Optech (002273) is "Outperform" and is maintained [2] Core Views - Crystal Optech's Q3 2024 performance showed significant growth with revenue reaching 4.71 billion yuan (YoY +32.69%) and net profit attributable to shareholders of 862 million yuan (YoY +96.77%) [5] - The company's Q3 gross margin improved to 36.71%, an increase of 8.14 percentage points YoY, driven by increased production efficiency, new product launches, and cost reductions [6] - Crystal Optech is deepening its collaboration with a major North American customer, with potential growth driven by AI-driven optical upgrades and AR glasses [6][7] - The company is strategically positioned in the AR glasses market, with breakthroughs expected in reflective waveguide mass production [7] Financial Performance and Forecast - Crystal Optech's Q3 2024 revenue was 2.055 billion yuan (YoY +21.19%, QoQ +56.91%), with net profit attributable to shareholders of 435 million yuan (YoY +66.99%, QoQ +75.30%) [5] - The company's 2024-2026 revenue is forecasted to be 6.23 billion yuan, 8.023 billion yuan, and 9.367 billion yuan, respectively, with net profit expected to reach 1.004 billion yuan, 1.334 billion yuan, and 1.642 billion yuan [7] - EPS for 2024-2026 is projected to be 0.72 yuan, 0.96 yuan, and 1.18 yuan, respectively [7] - The company's gross margin is expected to improve from 27.8% in 2023 to 31.5% by 2026 [8] Market and Industry Analysis - Crystal Optech's stock price has shown strong performance, with a 52-week range of 8.61-23.88 yuan and a total market capitalization of 31.887 billion yuan [2] - The company's valuation is supported by its strategic positioning in the AR and AI-driven optical upgrade markets, with a PE ratio of 25-30x for 2025, implying a fair value range of 24.00-28.80 yuan [7] - Compared to peers, Crystal Optech's 2024E PE ratio of 30.08x is slightly below the industry average of 31.61x, indicating potential undervaluation [9] Operational Highlights - Crystal Optech's Q3 2024 sales, management, and R&D expense ratios improved, with management and R&D expense ratios decreasing by 0.9 and 0.12 percentage points, respectively [6] - The company's operational efficiency is expected to improve, with total asset turnover projected to increase from 0.45 in 2023 to 0.69 by 2026 [10] - Crystal Optech's cash flow from operations is forecasted to grow from 1.23 billion yuan in 2023 to 1.912 billion yuan by 2026, reflecting strong operational performance [11]

Investment Rating - The report maintains a "Buy" rating for the company [2][4]. Core Views - The company achieved record highs in multiple indicators in Q3 2024, indicating a clear medium to long-term growth logic and potential for rapid long-term development [2]. - The company's revenue for the first three quarters reached 4.71 billion yuan, a year-on-year increase of 32.69%, while the net profit attributable to shareholders was 862 million yuan, up 96.77% year-on-year [2]. - The report highlights significant improvements in gross margin and effective cost control, leading to upward revisions of the company's EPS forecasts for 2024-2026 [2]. - The company is expected to benefit from innovations in the optical field, particularly in automotive and AR sectors, which are anticipated to drive future growth [2]. Financial Summary - For 2024, the company is projected to achieve a revenue of 6.56 billion yuan, with a net profit of 1.05 billion yuan, reflecting a year-on-year growth of 74.1% [3]. - The EPS is forecasted to increase to 0.75 yuan in 2024, 0.93 yuan in 2025, and 1.17 yuan in 2026 [3]. - The gross margin for Q3 2024 was reported at 36.71%, an increase of 8.14 percentage points year-on-year [2]. - The company’s total assets are expected to grow from 11.25 billion yuan in 2023 to 15.83 billion yuan by 2026 [3]. Market Data - The current stock price is 22.28 yuan, with a target price raised to 27.90 yuan, reflecting a significant upside potential [4]. - The company has a market capitalization of approximately 30.98 billion yuan [5]. - The stock has shown a 12-month absolute increase of 67% [8]. Comparative Valuation - The report references comparable companies with an average PE ratio of 30x for 2025, indicating a favorable valuation for the company [2][11].

Investment Rating - The report maintains a "Buy" rating for Crystal Optech (002273) [4] Core Views - Crystal Optech's Q3 2024 performance exceeded expectations, driven by strong revenue and profit growth [3] - The company's gross margin improved significantly, reaching 31.57% in the first three quarters of 2024, up 4.57 percentage points year-over-year [2] - AR glasses and automotive business are key drivers for long-term growth, with the company making breakthroughs in AR waveguide technology and expanding its AR-HUD business internationally [1] Financial Performance - Revenue for the first three quarters of 2024 reached 4.71 billion yuan, a year-over-year increase of 32.69% [3] - Net profit attributable to shareholders was 862 million yuan, up 96.77% year-over-year [3] - Q3 2024 revenue was 2.055 billion yuan, a 21.19% year-over-year increase and a 56.91% quarter-over-quarter increase [3] - Q3 2024 net profit was 435 million yuan, up 66.99% year-over-year and 75.30% quarter-over-quarter [3] Business Highlights - The company's gross margin improvement was driven by increased production efficiency, higher utilization rates, and cost control measures [2] - North American customers contributed significantly to growth, with new product sales increasing by 20% year-over-year in the first three weeks after launch [2] - Android customers, including Huawei and Samsung, are adopting periscope lenses, which are expected to become standard in flagship models [3] - The company's Vietnam factory has established a global manufacturing and delivery network, supporting expansion into the Korean market [3] Future Outlook - The company is expected to achieve revenue of 6.55 billion yuan in 2024, 7.66 billion yuan in 2025, and 8.84 billion yuan in 2026 [9] - Net profit is forecasted to reach 1.05 billion yuan in 2024, 1.31 billion yuan in 2025, and 1.62 billion yuan in 2026 [9] - EPS is projected to be 0.76 yuan in 2024, 0.95 yuan in 2025, and 1.17 yuan in 2026 [9] Valuation - The company's P/E ratio is expected to be 28x in 2024, 22x in 2025, and 18x in 2026 [9] - The P/B ratio is forecasted to be 3.13x in 2024, 2.86x in 2025, and 2.60x in 2026 [10]