Crystal-Optech(002273) 国盛证券·2025-04-25 02:49Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company has shown steady improvement in performance, with a significant increase in profitability and a strong focus on R&D investment [1][4] - The company is deeply engaged in three main sectors: consumer electronics, automotive optics, and AR/VR, enhancing customer loyalty and supply chain position [1][2][3] Financial Performance - In Q1 2025, the company achieved revenue of 1.482 billion yuan, a year-on-year increase of 10.20%, and a net profit of 221 million yuan, up 23.67% year-on-year [1] - The gross margin for Q1 2025 was 27.95%, an increase of 3.95 percentage points year-on-year, while the net margin was 15.11%, up 1.3 percentage points year-on-year [1] - The company expects revenues of 7.593 billion yuan in 2025, with a year-on-year growth of 20.9%, and net profit of 1.269 billion yuan, a growth of 23.3% [5] R&D and Innovation - The company is committed to R&D transformation, with total R&D investment reaching 1.165 billion yuan from 2022 to 2024 [4] - In Q1 2025, R&D expenses amounted to 96 million yuan, reflecting a year-on-year increase [4] Market Position and Strategy - In the consumer electronics sector, the company is expanding its market share through innovative optical components and applications [2] - In automotive electronics, the company is leading in AR-HUD technology and has been recognized as a global quality supplier by Jaguar Land Rover [3] - The company is also focusing on AR/VR solutions, collaborating with leading firms to address production challenges and enhance its product offerings [3]