Crystal-Optech(002273) 海通证券·2024-09-18 06:11Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2] Core Views - The company reported a significant increase in revenue and net profit for the first half of 2024, with revenue reaching 2.655 billion yuan, up 43.21% year-on-year, and net profit of 427 million yuan, up 140.48% year-on-year [6] - The growth was primarily driven by the optical components and thin-film optical panel businesses, with respective revenues of 1.245 billion yuan and 945 million yuan, reflecting year-on-year growth of 54.46% and 38.47% [6] - The company is deepening cooperation with major North American clients, which is expected to drive optical upgrades, particularly in AI applications [6] - The strategic positioning in AR glasses is highlighted, with the potential for breakthroughs in reflective waveguide mass production [6] Financial Performance - The company achieved a gross margin of 31.30% in Q2, an increase of 4.68 percentage points year-on-year, and a net margin of 19.39%, up 10.07 percentage points year-on-year [6] - Revenue forecasts for 2024-2026 are projected at 6.408 billion yuan, 8.123 billion yuan, and 9.134 billion yuan, respectively, with corresponding net profits of 890 million yuan, 1.176 billion yuan, and 1.389 billion yuan [7][10] - The expected EPS for 2024-2026 is 0.64 yuan, 0.85 yuan, and 1.00 yuan per share, respectively [7][10] Market Comparison - The company's stock price has fluctuated between 8.61 yuan and 20.94 yuan over the past year, with a closing price of 16.12 yuan as of September 13, 2024 [2] - The company is compared to peers with a P/E ratio of 25.19 for 2024, which is within the estimated valuation range of 16.00 to 19.20 yuan [7][9]