水晶光电：Q3业绩大超预期，光学创新不止

Investment Rating - The investment rating for the company is "Buy" and it is maintained [3][4]. Core Insights - The company reported a significant increase in Q3 performance, with revenue reaching 4.71 billion yuan, a year-on-year growth of 32.69%. The net profit attributable to shareholders was 862 million yuan, up 96.77%, while the net profit after deducting non-recurring items was 831 million yuan, reflecting a growth of 127.36% [4][5]. - In Q3 alone, the company achieved revenue of 2.06 billion yuan, a 21.19% increase year-on-year, and a net profit of 435 million yuan, which is a 66.99% increase year-on-year [4][5]. - The gross margin for Q3 was 36.71%, and the net margin was 21.39%, showing significant improvement due to increased product utilization rates and stable growth in key segments such as micro-prisms, film optical panels, and filters [4][5]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved total revenue of 47.10 billion yuan, with a net profit of 8.62 billion yuan, marking substantial growth compared to the previous year [4][5]. - The company’s Q3 gross margin improvement is attributed to enhanced product utilization and effective cost management strategies [4][5]. Future Outlook - The company anticipates continued growth in the AI smartphone segment and expects to benefit from the cumulative effect of new products featuring periscope lenses in 2025 [5]. - The micro-prism project is expected to see ongoing technological advancements, and the company is closely collaborating with clients on future projects [5]. - The company is also focusing on expanding its presence in the automotive optical sector, with expectations for improved profitability and operational scale [5]. Market Position - The company maintains a stable market share in the film optical panel business, with growth expected from increased smartphone sales and expansion into non-smartphone products [5]. - The company is strategically investing in the metaverse optical field, aiming to develop core components for reflection and diffraction waveguides, which may replicate the success seen in other product lines [5].