The hottest performance of Zhejiang crystal optoel

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From the end of 2011 to the beginning of 2012, crystal optoelectronics moved its IRCF production from Taizhou headquarters to Yingtan, Jiangxi Province, resulting in a decrease in gross profit margin and a sharp increase in management costs. The company experienced a short-term operating trough

■ blue glass IRCF will increase revenue by 50million yuan and 160million yuan respectively this year and next year.

Zhejiang crystal Optoelectronics Technology Co., Ltd. (crystal optoelectronics, 002273) is a leading manufacturer of precision optical components in China. Its main products are optical components such as optical low-pass filter (OLPF) and infrared cut-off filter (IRCF). It is an important component of digital cameras, digital cameras and camera lenses, and its scale ranks among the top three in the global industry, The leading position in the industry is stable

from the end of 2011 to the beginning of 2012, crystal optoelectronics experienced a short operating trough due to the transfer of IRCF production from Taizhou headquarters to Yingtan, Jiangxi, resulting in a decrease in gross profit margin and a significant increase in management expenses. With the steady launch of Yingtan's production capacity, the company's profit rebounded in the second quarter, and the gross profit margin and net profit margin increased significantly. The lower labor cost in Jiangxi will also further improve the company's profitability. It is expected that the net profit in the third quarter will increase by 47% - 155%, the highest in a single quarter in history, and the performance will reverse

we gave the company 26 times PE in 2013, with a target price of 24.18 yuan. The user groups with different initial ratings "increased their holdings"

further expansion of production capacity

the manufacturing of precision optical components has high technical and customer barriers, and the company not only has diversified product technology reserves, but also has established close cooperative relations with optical module and application manufacturers in Japan, Taiwan, China and other countries and regions. Rich customer resources are the company's outstanding competitive advantage

from product design to production process, not only the mold sophistication will directly affect the sophistication of lens and lens products, related structural design, as well as the conditions of lens forming, such as temperature, humidity, etc., but also the seconds of forming and the material of lens, which will affect the quality of lens products, that is, the so-called yield

at the same time, since optical elements must be designed, produced and inspected according to the requirements of downstream application products, the materials and dimensions must be changed according to the requirements of downstream manufacturers, and there is no fixed standard product that can be applied to any downstream product. Therefore, optical component manufacturers need to work closely with downstream customers

at present, the camera lens market is highly concentrated. Taking CMOS lens as an example, the top ten manufacturers account for 85% of the global market share. Once we establish good cooperation with these manufacturers, we will build extremely high customer barriers. The company has become an important supplier of lens manufacturers such as daliguang, yujingguang, xinju technology and sunny optics, which have the fastest growth rate. It ranks first in the proportion of IRCF supply of daliguang. With the help of daliguang and yujingguang, the company has entered major manufacturers such as apple, Nokia and HTC, and entered the Kinect somatosensory game industry chain of Microsoft through xinju technology

downstream customers of crystal optoelectronics OLPF include Sony, Canon, Olympus, etc., all of which are one of the world's leading professional digital camera manufacturers

due to the concentration of customer resources and the large demand for upstream products, the mass production capacity is an important guarantee to ensure the stable supply of precision optical component manufacturers. Since its listing, the company has achieved a substantial expansion of production capacity, ranking in the forefront of the industry and further improving its comprehensive competitive strength

crystal optoelectronics currently has an annual production capacity of 400million IRCF and 1million sets of OLPF for SLR digital cameras. The company implemented a private placement project in 2011, and the net amount of funds raised was 310million yuan to expand the production of precision optoelectronic thin film components. The production capacity of 3.6 million sets of SLR single electric optical low-pass filters, 180million infrared cut-off filters and 20million narrow-band filters will be formed. It is expected to be put into production in 2013, and the production capacity will be further significantly expanded due to the absence of internal clocks in this chip

blue glass IRCF shipping volume

blue glass infrared cut-off filter (IRCF) products are manufactured based on blue glass coating process, which can effectively filter infrared rays. They are mainly used in products with high pixel and photographic quality requirements. Due to its difficult melting furnace and high technical content, there are relatively few manufacturers with this production technology in the world, and the main suppliers are only a few companies such as AGC, Hoya and Schott

at present, the main application field of blue glass IRCF is in the camera lens of 8million pixels and above and flat-panel. With the adoption of 8million pixel cameras in high-end and flat-panel computers such as apple, Samsung, Nokia and LG, it is expected to become the standard of medium and high-end and flat-panel computers in the next three years. We predict that the compound annual growth rate of shipments of 8million pixel cameras and tablets will reach 56.07%

Apple iPhone 4S has fully adopted the 8 megapixel rear camera, and the subsequent products will be at least 8 megapixels; Samsung's three best-selling models Galaxy S2, S3 and note are equipped with 8 megapixel cameras; Other smart brands such as Motorola, Nokia, HTC, Huawei, ZTE and other high-end models have also generally adopted 8 megapixel cameras. We believe that the 8million pixel configuration has gradually become the mainstream of the medium and high-end, and continues to grow with the rapid improvement of intelligent penetration

in the field of tablet computers, some high-end products such as Lenovo, ASUS, Sony and LG have adopted 8million pixel camera configuration since the beginning of this year. Apple iPad, which accounts for more than 60% of the tablet computer market, is currently equipped with 5million pixel camera. The next generation is expected to be upgraded to 8million pixels, which will significantly boost the demand for blue glass IRCF in the tablet computer field

in addition, 3D photography technology is expected to be configured in high-end terminal products in the future, so that the number of high-pixel cameras behind the fuselage can reach 2, which will be another driving force for the growth of blue glass IRCF demand. LG has taken the lead in launching a dual camera product, and other manufacturers, including apple, are also considering adopting this technology

crystal optoelectronics successfully completed the independent research and development of blue glass IRCF last year, and achieved batch shipment in the second half of this year. Its business is mainly carried out in the OEM mode. At present, the price of blue glass IRCF is much higher than that of ordinary IRCF, and the market is highly concentrated. The downstream is mainly widely used by first-line brand manufacturers such as apple and Samsung, and the product supply exceeds the demand. Therefore, the mass production of blue glass IRCF will bring obvious incremental effect to the company's performance

we expect that crystal optoelectronics' blue glass IRCF will increase revenue by about 50million yuan and 160million yuan this year and next respectively. With the camera with more than 8million pixels gradually becoming the standard configuration of medium and high-end intelligence and tablet computers, its revenue scale will grow rapidly

if crystal optoelectronics can pass the certification of downstream end customers and realize the transformation from OEM production to independent production, the unit output value and profitability of its blue glass IRCF will be further improved

product lines are constantly enriched

crystal optoelectronics has continuously increased the speed of product development in recent years, and enriched the product line of optical components. DLP micro projection and pod video glasses have been successfully developed and will be gradually industrialized; Narrow band filter supplies Microsoft somatosensory game camera module, which is expected to benefit from the penetration of somatosensory control mode into TV and computer applications; Cover glass, one of the key components of CMOS lens, has also been shipped in small quantities, which is also the company's next product development direction

video glasses are regarded as the next generation of revolutionary portable terminal products. Front line manufacturers including Google, apple and Microsoft are actively developing this product. Google has shown its prototype in the middle of this year and is expected to ship next year, which is expected to take the lead in detonating the video glasses market

we predict that in the future, the global video glasses market will exceed US $10billion, and the output value of optical components accounts for about one third. Relying on the first mover advantage of technology, the company is expected to take the lead in benefiting

in addition, with the successful launch of Sony micro investment DV, it is expected to set off a wave of micro investment applications in cameras, cameras, media players and other small devices. The company has previously developed micro investment in cooperation with Sanwei to reduce power supply noise star and domestic manufacturers. The relevant technology is mature, and now it is actively entering the micro investment DV market. Under the internal economic cycle of the China glass () department, the energy used in April 2021 accounted for about 12% of the total energy consumption of the national economy. In April, China Chengdu Construction Expo talked with you about new opportunities for the industry

in 2020, with the outbreak of the global epidemic to the effective control of the prevention and control of the domestic epidemic, great changes have also taken place in the global economic situation, and China is moving forward under the strong strategic deployment of national policies [details]

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