Crystal-Optech(002273) 开源证券·2024-03-23 16:00Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected performance that will exceed the market by over 20% [11][25]. Core Insights - The company achieved a revenue of 5.08 billion yuan in 2023, representing a year-over-year increase of 16.0%. The net profit attributable to shareholders was 600 million yuan, up 4.2% year-over-year, with a gross margin of 27.8%, an increase of 0.9 percentage points [25]. - The company’s optical components and film optical panels have shown significant revenue and profit growth, with optical components generating 2.45 billion yuan in revenue (YoY +21.1%) and a gross margin of 30.7% (YoY +4.5 percentage points) [18]. - The automotive business saw a revenue increase of 54.4% year-over-year, reaching 290 million yuan, although the gross margin decreased to 11.7% [18]. - The strategic focus remains on optical components, automotive optics, and AR/VR, with a target of achieving a revenue growth of 10%-30% in 2024 [18]. Financial Summary - The company’s financial forecasts for 2024, 2025, and 2026 project net profits of 760 million yuan, 878 million yuan, and 1.05 billion yuan respectively, with corresponding EPS of 0.55 yuan, 0.63 yuan, and 0.76 yuan [25]. - The projected P/E ratios for 2024, 2025, and 2026 are 28.5, 24.6, and 20.6 respectively, indicating a favorable valuation trend [25]. - The company’s gross margin is expected to remain stable around 27.9% in 2024, with a slight decrease to 27.4% by 2026 [20].