研報掘金丨華源證券:首予水晶光電“買入”評級,業績延續增長態勢
華源證券研報指出,水晶光電深耕光學賽道二十餘載,多元化佈局帶來長期增長勢能。2024年,公司業績延續增長態勢,實現營收62.78億元,同比+23.67%,2005年以來CAGR為29.53%;歸母淨利潤10.30億元,同比+71.57%,創歷史新高,2005年以來CAGR為26.41%。消費、汽車電子產品有序放量,AR光波導為公司成長打開新成長空間。公司看好AR/VR光學應用前景,將AR 眼鏡確立為“一號工程”,聚焦光波導方案路徑,該業務或成為公司未來業績增長的新引擎。選取永新光電、藍特光學、歌爾股份作為可比公司。鑑於公司與大客户的深度合作關係,以及多元化的產品佈局,首次覆蓋,給予“買入”評級。
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