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研報掘金丨申萬宏源:水晶光電戰略佈局AR/VR,首予“增持“評級
格隆匯 03-07 14:41

申萬宏源研究報告指出,水晶光電(002273.SZ)客戶涵蓋蘋果、華爲、三星、VIVO、OPPO、索尼和佳能等知名品牌。2005-2023年,水晶光電營收從4598萬元增至50.76億元,CAGR30%;歸母淨利潤從1172萬元增至6.00億元,CAGR24%。戰略佈局AR/VR,與巨頭同頻。2024下半年起,AR眼鏡2.0時代來臨,光波導較BB等方案具有輕薄、大視角、高亮度等優勢,更適用於日常佩戴。水晶光電佈局AR十餘年,將反射光波導定爲“一號工程“,希望在未來一兩年內突破反射光波導的全球性量產難題。首次覆蓋,給予“增持“評級。

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