水晶光电发布2024 年三季报。2024 年10 月29 日，水晶光电发布三季报，2024年前三季度收入为47.1 亿元，同比增长32.69%，归母净利润为8.62 亿元，同比增长96.77%。公司Q3 单季度收入为20.55 亿元，同比增长21.19%，归母净利润为4.35 亿元，同比增长66.99%。Incidents:
On October 29, 2024, Crystal Optoelectronics released its three-quarter report. Revenue for the first three quarters of 2024 was 4.71 billion yuan, up 32.69% year on year, and net profit to mother was 0.862 billion yuan, up 96.77% year on year.
Key points of investment:
Crystal Optoelectronics released its 2024 three-quarter report. On October 29, 2024, Crystal Optoelectronics released its three-quarter report. Revenue for the first three quarters of 2024 was 4.71 billion yuan, up 32.69% year on year, and net profit to mother was 0.862 billion yuan, up 96.77% year on year. The company's Q3 revenue in a single quarter was 2.055 billion yuan, up 21.19% year on year, and net profit to mother was 0.435 billion yuan, up 66.99% year on year.
The company's profitability improved in Q3. Crystal Optoelectronics's gross profit margin and net margin for the single quarter in Q3 2024 was 36.71%/21.39%, up 8.14 pct/5.79 pct year-on-year. The company's profitability increased significantly, mainly due to adjustments in the product structure brought about by the release of new products, which boosted the overall gross profit margin. Second, the company's internal management efficiency is improved through internal cost mining, including improving equipment utilization, improving yield and labor efficiency.
The company has a clear advantage in the field of optics. The company's revenue growth is mainly due to two major products, microprism and thin-film optics, due to the sinking of models, the expansion of market demand, and the increase in shipments in the smartphone industry. In addition to having stable cooperation with major North American customers, the company also provides triangular prism products for Android customers. Second, the company has a leading position in spin coating filter technology and is actively expanding overseas markets to achieve breakthroughs.
In the AR field, the company has built a comprehensive optical component layout and is committed to solving the problem of mass production of reflected light waveguides to promote the development of the industry.
Valuation and investment suggestions: The company's gross margin grew rapidly in the third quarter. We raised the company's profit forecast. We expect net profit to be 1.096, 1.4, and 1.881 billion yuan respectively for 2024-2026, up 82.67%, 27.67%, and 34.36% year-on-year. The company's net profit for 2025 is expected to be 1.4 billion yuan. Combined with the company's net profit growth rate and the company's leading position in the field of optics, 28 times PE is given, the target market value is 39.2 billion yuan, and the target price is raised to 28 yuan.
Risk warning: risk of smartphone industry recovery falling short of expectations; risk of automobile HUD shipments falling short of expectations; risk of AR smart glasses shipments falling short of expectations; risk of increased industry competition; macroeconomic risk
