证券代码：002273 股票简称：水晶光电 公告编号：（2025）028 号 浙江水晶光电科技股份有限公司 第六届董事会第三十次会议决议公告 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。 一、董事会会议召开情况 浙江水晶光电科技股份有限公司（以下简称"公司"）第六届董事会第三十次会议通知 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 09:00 以通讯表决的方式召开。本次会议应出席董事 12 人，实际出席董事 12 人，会议由董 事长林敏先生主持，第六届监事会成员及高管列席了会议。本次会议的召开符合法律、法规、 规章及公司章程的规定。 二、董事会会议审议情况 审议通过了《2025 年第一季度报告》。 1、公司第六届董事会第三十次会议决议； 2、公司第六届董事会审计委员会 2025 年第二次会议决议。 特此公告。 浙江水晶光电科技股份有限公司董事会 2025 年 4 月 25 日 表决结果：同意 12 票，反对 0 票，弃权 0 票。 本议案已经公司第六届董事会审计委员会 2025 年第二次会议 ...

Financial Performance - The company's revenue for Q1 2025 was ¥1,482,423,331.04, representing a 10.20% increase compared to ¥1,345,269,521.66 in the same period last year[4] - Net profit attributable to shareholders was ¥220,855,927.31, up 23.67% from ¥178,582,799.91 year-on-year[4] - Basic and diluted earnings per share increased to ¥0.16, a rise of 23.08% from ¥0.13 in the same period last year[4] - The net profit for the current period is CNY 223,978,356.16, representing an increase of 20.7% compared to CNY 185,557,288.88 in the previous period[25] - Operating profit for the current period is CNY 253,926,386.24, up from CNY 203,494,112.90, indicating a growth of 24.8%[25] - Total comprehensive income for the current period is CNY 223,751,663.77, compared to CNY 181,565,576.68 in the previous period, reflecting an increase of 23.2%[25] Cash Flow and Assets - The net cash flow from operating activities decreased by 46.80%, totaling ¥211,790,279.42 compared to ¥398,071,266.90 in the previous year[4] - The company reported cash and cash equivalents at the end of the period amounting to CNY 1,292,670,287.67, down from CNY 1,693,467,729.05[28] - The company's total liabilities decreased to RMB 2,064,421,176.59 from RMB 2,296,312,105.44, a reduction of about 10.1%[22] - The company's total assets at the end of the reporting period were ¥11,678,557,343.57, a slight decrease of 0.01% from ¥11,679,654,327.79 at the end of the previous year[4] - Total current assets increased slightly to RMB 4,253,993,939.42 from RMB 4,231,898,416.82[21] Shareholder Information - Total number of common shareholders at the end of the reporting period is 127,205[11] - The largest shareholder, Star Group Limited, holds 8.90% of shares, totaling 123,753,273 shares, with 95,500,000 shares pledged[11] - Hong Kong Central Clearing Limited, the second-largest shareholder, holds 7.97% of shares, totaling 110,774,086 shares[11] - The top ten shareholders collectively hold a significant portion of the company's shares, with the first three alone accounting for over 18%[11] - The company has not disclosed any participation in margin financing or securities lending by the top shareholders[12] Investment Activities - The company plans to acquire 95.60% equity of Guangdong Ecosys Technology Co., Ltd. for RMB 32,350.00 million, based on an overall valuation of RMB 34,070.00 million[17] - The company will directly hold 95.60% of Guangdong Ecosys, which will become a subsidiary included in the consolidated financial statements[17] - The acquisition is considered a related party transaction but does not constitute a major asset reorganization[17] Operating Costs and Expenses - Total operating costs rose to RMB 1,253,112,010.84 from RMB 1,187,483,913.76, indicating an increase of about 5.5%[24] - Research and development expenses increased to RMB 96,444,852.50 from RMB 84,167,754.72, reflecting a growth of approximately 14.3%[24] Other Income and Financial Metrics - Other income decreased by 32.00% to ¥8,298,934.39, primarily due to a reduction in government subsidies received compared to the previous year[9] - Investment income fell by 89.52% to ¥2,687,664.66, attributed to a decrease in equity investment income compared to the same period last year[9] - The company recorded a 655.32% increase in asset disposal income, amounting to ¥9,897,096.58, due to higher gains from fixed asset disposals compared to the previous year[9] - The company experienced a foreign exchange impact on cash and cash equivalents amounting to CNY 9,088,826.13, compared to CNY 1,657,134.75 in the previous period[28] Employee Stock Ownership Plans - The company plans to reduce shareholding by key executives, with a total of 3,746,000 shares (0.27% of total shares) to be sold within three months[13] - The fifth employee stock ownership plan has been fully implemented, with a total of 604,000 shares (0.43% of total shares) sold[14] - The sixth employee stock ownership plan's second batch of 229,800 shares (0.17% of total shares) will be unlocked on March 24, 2025[15] - The seventh employee stock ownership plan's second batch of 207,450 shares (0.15% of total shares) will be unlocked on March 28, 2025[16] - The company has a total of 35,831,803 shares held by key executives, representing 2.61% of the total shares excluding repurchased shares[13]

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Insights - In 2024, the company achieved total revenue of 6.278 billion yuan, representing a year-on-year growth of 23.67%. The net profit attributable to shareholders was 1.030 billion yuan, up 71.57% year-on-year, and the net profit after deducting non-recurring items was 0.955 billion yuan, an increase of 82.84% year-on-year [2][6]. - For Q4 2024, the company reported total revenue of 1.568 billion yuan, a year-on-year increase of 2.7%, but a quarter-on-quarter decline of 23.70%. The net profit attributable to shareholders for Q4 was 0.168 billion yuan, up 3.63% year-on-year, but down 61.30% quarter-on-quarter [2][6]. Business Performance - The company's revenue by business segment in 2024 included optical components (2.884 billion yuan, +17.92%), semiconductor optics (0.129 billion yuan, +19.50%), thin-film optical panels (2.472 billion yuan, +33.69%), automotive electronics (0.300 billion yuan, +3.04%), and reflective materials (0.394 billion yuan, +37.17%). The gross margins for these segments were 36.31%, 40.29%, 26.65%, 13.53%, and 30.87% respectively [12]. - The optical components business has strengthened its position by collaborating with major clients and achieving certification as a qualified supplier in Vietnam. The company has also successfully introduced new technologies for its coating filter products [12]. - The thin-film optical panel segment has deepened cooperation with major North American clients, expanding its market share in mobile devices and solidifying its competitive advantage in small-sized panels [12]. - In the automotive optical business, the company achieved a shipment of nearly 300,000 HUD units in 2024, with continuous growth in market share and securing key projects domestically and internationally [12]. - The AR/VR business has made progress in solving mass production challenges for reflective waveguide technology and has established partnerships to enhance its product offerings [12]. Financial Projections - The company is expected to achieve net profits attributable to shareholders of 1.209 billion yuan, 1.426 billion yuan, and 1.644 billion yuan for the years 2025, 2026, and 2027 respectively [12].

消费电子组件 水晶光电（002273.SZ） 买入-A(维持) 业绩符合预期，积极布局海外交付能力 2025 年 4 月 15 日 公司研究/公司快报 公司近一年市场表现 事件描述 | 年 月 市场数据：2025 | 4 | 日 14 | | | --- | --- | --- | --- | | 收盘价（元）： | | | 18.51 | | 年内最高/最低（元）： | | | 27.77/12.63 | | 流通A股/总股本（亿）： | | | 13.58/13.91 | | 流通 A 股市值（亿）： | | | 251.35 | | 总市值（亿）： | | | 257.41 | | 年 基础数据：2024 | 月 12 | 日 31 | | | --- | --- | --- | --- | | 基本每股收益(元)： | | | 0.75 | | 摊薄每股收益(元)： | | | 0.75 | | 每股净资产(元)： | | | 6.75 | | 净资产收益率(%)： | | | 11.13 | 资料来源：最闻 分析师： 高宇洋 执业登记编码：S0760523050002 邮箱：gaoyuyang@sx ...

消费电子组件 水晶光电（002273.SZ） 买入-A(维持) 业绩符合预期，积极布局海外交付能力 2025 年 4 月 15 日 公司研究/公司快报 分析师： 高宇洋 执业登记编码：S0760523050002 邮箱：gaoyuyang@sxzq.com 傅盛盛 执业登记编码：S0760523110003 邮箱：fushengsheng@sxzq.com 近日，公司发布 2024 年年报。2024 年，公司实现营收 62.78 亿元，同 比+23.67%；实现归母净利润 10.30 亿元，同比+71.57%；扣非净利润 9.55 亿元，同比+82.84%，业绩符合预期。2024Q4，公司实现营收 15.68 亿元， 同比+2.7%；实现归母净利润 1.68 亿元，同比+3.63%。 事件点评 光学元器件业务产品持续迭代，进一步巩固在客户端的核心地位。2024 年，公司光学元器件收入 28.8 亿元，同比增长 17.92%。增长主要来源：（1） 微棱镜模块项目顺利实现迭代项目的量产，份额提升显著，公司进一步巩固 在大客户端的核心地位；（2）涂布滤光片产品成功导入新技术，持续扩大市 场份额；（3）公司单反相机业 ...

水晶光电 投资要点： 事件：公司发布2024年年度报告，业绩创历史新高。2024年公司实现营业收入62.78亿元，较去年同期增长 23.67%；实现归母净利润10.30亿元，同比增长71.57%；实现扣非归母净利润9.55亿元，同比增长82.84%；实 现毛利率31.09%，同比+3.28pct；实现净利率16.63%，同比+4.47pct。公司盈利能力表现亮眼，其主要原因是 1)从收入端来看，公司各个板块业务均保持了较好的增长态势，其中光学（002189）元器件和薄膜光学面板 业务贡献了主要增量；2)从成本端看，公司内部通过降本增效，实现生产成本和各项费用的下降，管理效能 显著提升。 24Q4盈利能力环比有所回落。单季度看，公司24Q4实现营收15.68亿元，同比增长2.70%，环比下滑23.70%； 实现归母净利润1.68亿元，同比增长3.63%，环比下滑61.38%；实现扣非归母净利润1.25亿元，同比下滑 20.64%，环比下滑71.59%；实现毛利率29.65%，同比-0.05pct，环比-7.06pct，实现净利率10.51%，同 比-0.39pct，环比-10.88pct，其主要原因是1)公司微 ...

2025 年 04 月 11 日 水晶光电 (002273) ——深耕光学成像元件创新，东南亚产区布局加速 报告原因：有业绩公布需要点评 增持（维持） | 市场数据： | 2025 年 04 月 11 日 | | --- | --- | | 收盘价（元） | 18.28 | | 一年内最高/最低（元） | 27.77/12.63 | | 市净率 | 2.8 | | 息率（分红/股价） | 2.19 | | 流通 A 股市值（百万元） | 24,823 | | 上证指数/深证成指 | 3,238.23/9,834.44 | | 注："息率"以最近一年已公布分红计算 | | | 基础数据: | 2024 年 12 月 31 日 | | --- | --- | | 每股净资产（元） | 6.49 | | 资产负债率% | 19.66 | | 总股本/流通 A 股（百万） | 1,391/1,358 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 本研究报告仅通过邮件提供给 中庚基金 使用。1 投资要点： | | 2023 | 2024 | 2025E | 2026E | 2027E ...

水晶光电 20250410 2025-04-11 摘要 • 水晶光电归母净利润增长率超销售增长 48%，毛利率达 31.1%，同比上 升 3.3 个百分点，净利率 16.4%，同比增 4.6 个百分点，主要受益于新项 目量产导入和产品结构优化及内部降本增效。 • 2024 年各主营业务板块均实现同比增长，光学元器件收入占比 47%，光 学面板收入占比 40%，半导体光学、汽车电子 L3 和反光材料收入占比分 别为 2%、5%和 6%，扣非净利润同比增长 83%。 • 公司外销占比 75%，直接出口美国产品占比小于 0.1%，基本不受美国关 税直接影响；55%出口通过国内报税完成，剩余主要出口至中国台湾、新 加坡、越南、日韩等东亚和东南亚国家。 • 公司计划 2025 年营业收入增长 10%，通过深化客户关系、稳固基础业务、 前瞻布局战略业务、深化机制改革和持续降本增效等策略实现，资本性支 出预计占营收 10%-15%。 • 水晶光电在全球市场定位稀缺，凭借价格优势突破北美市场垄断，为未来 3-4 年带来持续增量，消费电子、车载 AR/VR 及 AI 领域需求旺盛，公司 将优先受益。 Q&A 请介绍公司 202 ...

机构简介： 根据市场公开信息及4月10日披露的机构调研信息，知名私募呈瑞投资近期对1家上市公司进行了调研， 相关名单如下： 上海呈瑞管理有限公司2010年5月成立于上海，注册资金1100万。公司于2014年4月登记为私募投资基金 管理人，2015年3月成为中国证券投资基金业协会观察会员。公司主营二级市场，涵盖大类资产配置， 主要策略包括宏观对冲策略，高频Alpha策略，CTA策略，策略平台均属自行开发运行，多年以来稳健 发展，公司不断受到市场广泛认可，客户群体不断多元化，涵盖银行资管、私行、券商、保险、信托、 各类fof机构和央企等客户青睐。目前公司拥有一支由33人组成的高素质、专业化投研团队，投研人员 均具有良好的教育背景和丰富的投资经验，主要成员毕业于北大、浙大、复旦、武大、University of Nebraska、University of Ontario，Swansea University等海内外知名院校。成立以来，公司屡获殊荣，连 续三年上榜wind，2018年度获得wind最强私募公司管理规模区间10-20亿第三名，国金证券"宏观对冲策 略2015-2017年三年最佳奖"；2019年荣获中国 ...

2）水晶光电 （北京神农投资管理股份有限公司参与公司业绩说明会&线上视频直播） 调研纪要：水晶光电表示，公司坚持全球化、技术型、开放合作的战略，继续拥抱大客户，坚定双循环布局。生产基地调整按计划进行，新加坡 运营中心建设也在推进。AR是公司第三成长曲线，反射光波导量产性取得成就，未来可能搬出，但当前核心攻关仍在国内。车载业务发展迅速， AR-HUD出货量增长，但价格下跌影响毛利，海外客户量产需3年。安卓棱镜市场份额提升，看好长焦拍摄渗透趋势。涂布滤光片技术实现突破， 未来有望占据较大市场份额。非手机薄膜光学面板业务将在越南二期量产，预计年底进入正常状态。四季度毛利率环比下滑属正常情况，同比有 明显提升。毛利率提升得益于新品导向，未来有增长空间。微棱镜产品份额稳定，价格有年降，未来增长空间取决于渗透率提升。越南二期工厂 预计今年下半年量产，战略布局走在前列。碳化硅替代玻璃的必要性不大，需综合考虑多种因素。 根据市场公开信息及4月10日披露的机构调研信息，知名私募神农投资近期对2家上市公司进行了调研，相关名单如下： 机构简介： 1）立讯精密 （北京神农投资管理股份有限公司参与公司电话会议） 调研纪要：立讯精密在面 ...