Crystal Optoelectronics (002273): Steady Growth in Q3 Performance and Continuous Optimization of Expense Structure

Crystal Optoelectronics (002273): Steady Growth in Q3 Performance and Continuous Optimization of Expense Structure

Event: The company released the first three quarters of 2019 report on October 28, and achieved operating income of 20 in the first three quarters of 2019.

66 ppm, an increase of 26 from the same period last year.

43%; net profit attributable to mother is 3.

US $ 6 billion, a year-on-year ranking that excludes 11.

18%; net profit after deduction is 2

870,000 yuan, an increase of 14 from the same period last year.

32%.

The gross profit margin increased steadily in the third quarter, and the effect of the company’s mechanism reform was gradually realized.

The company’s Q3 single quarter revenue reached 9.

1.9 billion, an increase of 25 in ten years.

75%; net profit attributable to mothers in a single quarter2.

10 billion, an annual increase of 35.

02%; realized non-attributed net profit for the first quarter1.

4.7 billion, an increase of ten years.

83%, mainly due to the decrease in investment income from the sale of Japan’s Guangchi shares in Q3 this year compared to the same period last year.

The company’s Q3 single quarter gross margin was 30.

22%, an increase of 3 from the previous quarter.

The 35 units were mainly due to the reduction in cost pressure caused by the scale effect brought by full capacity and the increase in the proportion of high gross profit products sales.

The company’s expense structure continued to be optimized. The selling expenses in the first three quarters1.

28% for one year.

36 units; management expenses 10.

88%, 南京夜网 accumulative 2 units in ten years; 1% of financial expenses, an increase of 0 in a year.

22 units.

Optical innovation helps the company take off.

At present, the rear-mounted multi-shot has become a trademark of mobile phone manufacturers, and the penetration rate of the 3D depth of field lens under the optical innovation of the periscope lens will further increase in the future.

Based on Huawei Mate 30 Pro, the two pre-cameras are ToF lens and front lens, and the four rear cameras are wide-angle, ultra-wide-angle, telephoto, and ToF lenses. At the same time, an optical screen fingerprint lens is installed.Equipped with 7 lenses.

Driven by the continuous optical innovation of downstream manufacturers, the company as a leading filter company has priority to benefit.

In addition, the company actively deploys AR business, and cooperates in depth with Lumus, a leading company in optical waveguide display modules, to develop and supply a series of component products.

The company and Lumus actively promote the AR component and module business, helping the company’s smart glasses business to achieve a leapfrog transformation from a component supplier to a solution supplier.

Maintain “Buy” rating.

We believe that the increase in penetration of mobile phones and penetration of 3D depth cameras in the future will drive the company’s sales growth, and future trends in high value-added products such as AR will open up the company’s profitability.

Expected company 2019?
In 2021, the EPS will be 0.

50/0.

55/0.

66 yuan, corresponding to 31 for PE.

04/28.

30/23.
26 times, maintain “Buy” rating.
Risk warning: The sales volume of downstream customers’ products is lower than expected, and the company’s product promotion is lower than expected.