Crystal-Optech(002273) 国信证券·2024-11-04 14:00Investment Rating - The investment rating for the company is "Outperform the Market" [4][15]. Core Views - The company reported a 97% year-on-year increase in net profit attributable to shareholders for the first three quarters of 2024, with a revenue of 4.71 billion yuan, representing a 32.69% increase year-on-year [2]. - The company's gross margin improved to 31.57%, up 4.57 percentage points year-on-year, as it transitions from a single product focus to a diversified product structure [2]. - In Q3 2024, the company achieved a record high in quarterly revenue and net profit, with revenue of 2.06 billion yuan, a 21.19% year-on-year increase, and a net profit of 435 million yuan, a 66.99% year-on-year increase [2]. - The company is solidifying its leading position in the consumer electronics industry and expanding its collaboration with major North American clients [2]. - The company is optimizing its product structure in the optical filter business and is seeing significant sales growth in composite filters [2]. - The automotive optical business is expanding, with the company entering the supply chains of well-known automotive manufacturers [2]. Financial Forecasts and Metrics - Revenue is projected to grow from 6.59 billion yuan in 2024 to 9.10 billion yuan in 2026, with net profit expected to increase from 1.09 billion yuan to 1.58 billion yuan during the same period [3]. - The company's earnings per share (EPS) is forecasted to rise from 0.78 yuan in 2024 to 1.13 yuan in 2026 [3]. - The price-to-earnings (P/E) ratio is expected to decrease from 28.5 in 2024 to 19.7 in 2026, indicating improving valuation metrics [3].