Crystal Optoelectronics (002273): Revenue returns to high growth and continues to benefit from 3D dividends

The company released a quick performance report for 2019, with operating income of 3 billion yuan, an annual increase of 29.

12%, net profit attributable to mother is 50,000 yuan, an increase of 6 for the whole year.


Among them, the fourth quarter revenue was 9.

4 ten percent, an increase of 35 per year.

5%, net profit attributable to mother 1.

400 million, an increase of 121% in ten years.

Continued to benefit from the multi-photo tide, the company’s revenue returned to high growth.

During the 4G-5G period of 2019, mobile phone sales were suppressed, but benefited from the trend of multi-camera phones, the company’s revenue growth has rebounded since the decline in 2016, benefiting from the return to growth of the traditional filter business under the multi-camera tide, Restructuring, the company’s emerging business-3D narrowband and other businesses gradually increased volume, which has become a strong driving force for the company’s continued growth.

The company’s operating profit has improved significantly compared to 2018, and the low growth rate of net profit was mainly affected by investment income.

The company’s net profit in 2019 increased by 5 year-on-year.

The growth rate of revenue below 85% is mainly due to the non-recurring profits contributed by the sale of Guangchi’s equity last year. Crystal’s own operating business will still achieve a growth of more than 30% in 2019.

With the increasing proportion of high-margin emerging businesses represented by narrowband filters and prisms, the company’s profitability 杭州夜网论坛 will continue to increase.

3D sensing will usher in an explosive period in 2020, and the company’s card advantage will continue to materialize.

In 2020, the penetration rate of 3D TOF in the mobile phone market will reach 10%. As a necessary supplier of high-margin 3D lens components, the only energy generation supplier of narrowband filters, it will greatly benefit from the sensing dividend.

In 2020, the company is expected to launch DOE and diffuser, and the advantages of 3D sensing will continue to materialize.

Dingzeng’s optical panel business strengthened the company’s strength, and the high-growth situation of the optical component leader has opened.

In the era of 5G mobile phones, glass + metal middle frames have become mainstream. The company ‘s increased optical panel business is another innovative development of the company ‘s coating strengths. It has increased the service stickiness of the company and core customers and opened the ceiling of the company’s business around lenses.Widening the track and enhancing the company’s profitability.

Profit forecast: Considering that the company ‘s recent fixed-increasing project progress exceeds expectations, the timing of the fixed-increasing contribution to performance reflects the increase in the company ‘s revenue and profit forecast for 20-21 years. It is expected that the company ‘s revenue for 19-21 will be 30, 54 and 80 Ten thousand yuan, net profit is 5, 6, 7.

7 trillion, corresponding to the current sustainable (closed price on February 25, 2020) PE is 49 times, 41 times, 32 times, maintaining the “prudent increase” rating!

Risk warning: 5G mobile phone sales are less than expected, and the growth rate is less than expected, and market competition is deteriorating.