Crystal-Optech(002273) 长江证券·2025-04-23 09:48Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Insights - In 2024, the company achieved total revenue of 6.278 billion yuan, representing a year-on-year growth of 23.67%. The net profit attributable to shareholders was 1.030 billion yuan, up 71.57% year-on-year, and the net profit after deducting non-recurring items was 0.955 billion yuan, an increase of 82.84% year-on-year [2][6]. - For Q4 2024, the company reported total revenue of 1.568 billion yuan, a year-on-year increase of 2.7%, but a quarter-on-quarter decline of 23.70%. The net profit attributable to shareholders for Q4 was 0.168 billion yuan, up 3.63% year-on-year, but down 61.30% quarter-on-quarter [2][6]. Business Performance - The company's revenue by business segment in 2024 included optical components (2.884 billion yuan, +17.92%), semiconductor optics (0.129 billion yuan, +19.50%), thin-film optical panels (2.472 billion yuan, +33.69%), automotive electronics (0.300 billion yuan, +3.04%), and reflective materials (0.394 billion yuan, +37.17%). The gross margins for these segments were 36.31%, 40.29%, 26.65%, 13.53%, and 30.87% respectively [12]. - The optical components business has strengthened its position by collaborating with major clients and achieving certification as a qualified supplier in Vietnam. The company has also successfully introduced new technologies for its coating filter products [12]. - The thin-film optical panel segment has deepened cooperation with major North American clients, expanding its market share in mobile devices and solidifying its competitive advantage in small-sized panels [12]. - In the automotive optical business, the company achieved a shipment of nearly 300,000 HUD units in 2024, with continuous growth in market share and securing key projects domestically and internationally [12]. - The AR/VR business has made progress in solving mass production challenges for reflective waveguide technology and has established partnerships to enhance its product offerings [12]. Financial Projections - The company is expected to achieve net profits attributable to shareholders of 1.209 billion yuan, 1.426 billion yuan, and 1.644 billion yuan for the years 2025, 2026, and 2027 respectively [12].