Crystal-Optech(002273) 中泰证券·2024-10-30 01:17Investment Rating - Buy rating maintained for Crystal Optoelectronics (002273 SZ) [1] Core Views - Q3 2024 results significantly exceeded expectations with record high revenue and profits [1] - Revenue in Q3 2024 reached 2 05 billion yuan up 21 2% YoY and 56 9% QoQ [1] - Net profit attributable to parent company in Q3 2024 was 430 million yuan up 67 0% YoY and 75 3% QoQ [1] - Gross margin in Q3 2024 hit 36 7% the highest since 2014 up 8 1 ppts YoY and 5 4 ppts QoQ [1] - Net margin in Q3 2024 was 21 4% up 5 8 ppts YoY and 2 0 ppts QoQ [1] - Strong growth driven by increased utilization of key products like micro prisms and internal cost optimization [1] - Positive outlook for optical innovation in Apple supply chain and AR waveguide technology [1] Financial Performance - 2024E revenue forecast increased to 6 205 billion yuan up 22 2% YoY [1][4] - 2024E net profit attributable to parent company forecast raised to 1 001 billion yuan up 66 7% YoY [1][4] - 2025E revenue forecast at 7 416 billion yuan up 19 5% YoY [1][4] - 2025E net profit attributable to parent company forecast at 1 301 billion yuan up 30 0% YoY [1][4] - 2026E revenue forecast at 8 680 billion yuan up 17 0% YoY [1][4] - 2026E net profit attributable to parent company forecast at 1 563 billion yuan up 20 2% YoY [1][4] - 2024E EPS forecast at 0 72 yuan up from previous estimate of 0 65 yuan [1][4] - 2025E EPS forecast at 0 94 yuan [1][4] - 2026E EPS forecast at 1 12 yuan [1][4] Growth Drivers - Micro prism products benefiting from periscope camera adoption and future specification upgrades [1] - Increased market share in coating business expected to drive growth [1] - Strategic positioning in high barrier AR waveguide technologies including array and volume holography [1] - Collaboration with industry leaders like Lumus and Digilens in AR space [1] Valuation - 2024E PE ratio at 27x [1] - 2025E PE ratio at 21x [1] - 2026E PE ratio at 17x [1] - Current market capitalization at 26 85 billion yuan [2] - Current share price at 19 31 yuan [2]