Crystal-Optech(002273)2025-01-09 06:38Business Outlook for 2025 - The company maintains a stable market share for infrared cutoff filter products, which have been traditional products for over a decade [2] - The spin-coating filter, an upgraded product, has a high market share in Android clients, with increasing penetration expected to open up market space [2] - The optical panel business has reached a stable market share in mobile camera cover plates, with future growth expected from non-mobile business [2] - The micro-prism products are anticipated to remain in high-end models, with growth potential as new models are released [2] - The automotive market remains competitive, with domestic clients being the primary focus for 2025, while overseas clients require more time for mass production [2] - The company aims to enter major client supply chains with spin-coating filter products, presenting new growth opportunities [2] Organizational Transformation - 2025 is a critical transformation period for the company, focusing on enhancing organization, operations, talent, and management to meet the needs of strategic partners [2] - The company will implement a "site-oriented" approach, encouraging management and technical staff to engage directly with production to identify and solve problems [3] AR Glasses Market Strategy - The company is optimistic about the booming smart glasses market, with expectations for a mature software ecosystem and consumer habits [4] - The company has over a decade of experience in AR glasses, focusing on waveguide technology and components for imaging and sensing [4] - Challenges remain in mass production of reflective waveguides, but the company has established a strong optical film R&D base to meet large-scale production demands [4] - The AR glasses market is more complex than smart glasses, requiring further maturation of hardware, software, and AI [4] Shareholder Returns - The company has prioritized shareholder returns, with over ten cash dividends since its listing, totaling over 1 billion CNY from 2020 to 2024 [5] - In 2024, the company initiated mid-year cash dividends, amounting to 138 million CNY, and plans to continue prioritizing cash dividends while ensuring operational funding [5] Automotive Electronics Performance - The AR-HUD product has achieved annual shipments in the hundreds of thousands, maintaining close partnerships with major clients [6] - Despite pricing pressures in the competitive automotive market, the company sees rapid penetration of HUD technology and broad market potential [7] - The company is focused on cost reduction in the supply chain while developing high-quality AR-HUD solutions to improve profitability in the coming years [7] Vietnam Base Development - The second phase of the Vietnam base construction is nearing completion, with internal renovations underway and equipment installation planned [7]