Crystal-Optech(002273) 国泰君安·2024-11-05 12:42Investment Rating - The report maintains a "Buy" rating for the company [2][4]. Core Views - The company achieved record highs in multiple indicators in Q3 2024, indicating a clear medium to long-term growth logic and potential for rapid long-term development [2]. - The company's revenue for the first three quarters reached 4.71 billion yuan, a year-on-year increase of 32.69%, while the net profit attributable to shareholders was 862 million yuan, up 96.77% year-on-year [2]. - The report highlights significant improvements in gross margin and effective cost control, leading to upward revisions of the company's EPS forecasts for 2024-2026 [2]. - The company is expected to benefit from innovations in the optical field, particularly in automotive and AR sectors, which are anticipated to drive future growth [2]. Financial Summary - For 2024, the company is projected to achieve a revenue of 6.56 billion yuan, with a net profit of 1.05 billion yuan, reflecting a year-on-year growth of 74.1% [3]. - The EPS is forecasted to increase to 0.75 yuan in 2024, 0.93 yuan in 2025, and 1.17 yuan in 2026 [3]. - The gross margin for Q3 2024 was reported at 36.71%, an increase of 8.14 percentage points year-on-year [2]. - The company’s total assets are expected to grow from 11.25 billion yuan in 2023 to 15.83 billion yuan by 2026 [3]. Market Data - The current stock price is 22.28 yuan, with a target price raised to 27.90 yuan, reflecting a significant upside potential [4]. - The company has a market capitalization of approximately 30.98 billion yuan [5]. - The stock has shown a 12-month absolute increase of 67% [8]. Comparative Valuation - The report references comparable companies with an average PE ratio of 30x for 2025, indicating a favorable valuation for the company [2][11].