Zhejiang Crystal-Optech Co., Ltd (002273.SZ) Bundle
Investors looking for a data-driven snapshot should note that Zhejiang Crystal-Optech reported Q1 2025 revenue of 1.482 billion CNY (up 10.20% YoY) and a TTM revenue of 6.69 billion CNY as of Sep 30, 2025, while full-year 2024 revenue reached 6.28 billion CNY (+23.67% vs. 2023); profitability improved sharply with 2024 net profit attributable to shareholders of 1.03 billion CNY (a 71.57% jump), gross margin rising to 30.9% and EBITDA margin to 25.0%, EPS (TTM to Sep 30, 2025) at 0.84 CNY and a 2024 cash dividend of 2.00 CNY per share (payout ratio 40.07%); valuation and market metrics show a market cap of 34.11 billion CNY with a P/E of 29.54 and P/S of 5.10, while capital structure and liquidity details remain limited in available sources-read on for a granular breakdown of revenue drivers, margin expansion, debt visibility, valuation context, risks like supply-chain and commodity exposure, and growth plans such as targeting ~15% of revenue for R&D and international expansion into new markets.
Zhejiang Crystal-Optech Co., Ltd (002273.SZ) - Revenue Analysis
Zhejiang Crystal-Optech's top-line shows steady growth across recent reporting periods, with both quarterly and annual improvements and solid revenue productivity per employee.- Q1 2025 revenue: 1.482 billion CNY - +10.20% year-over-year.
- Full-year 2024 revenue: 6.28 billion CNY - +23.67% vs. 2023.
- TTM revenue as of 2025-09-30: 6.69 billion CNY - +7.29% vs. prior period.
- Revenue per employee: ~817,990 CNY (8,180 employees).
- Market capitalization (2025-12-12): 34.11 billion CNY - +11.72% over the past year.
- Price-to-Sales (P/S) ratio: 5.10.
| Metric | Value | Change / Notes |
|---|---|---|
| Q1 2025 Revenue | 1.482 billion CNY | +10.20% YoY |
| Revenue 2024 | 6.28 billion CNY | +23.67% vs. 2023 |
| TTM Revenue (2025-09-30) | 6.69 billion CNY | +7.29% vs. prior TTM |
| Employees | 8,180 | Used to compute revenue/employee |
| Revenue per Employee | ~817,990 CNY | Revenue / headcount |
| Market Capitalization (2025-12-12) | 34.11 billion CNY | +11.72% YoY |
| Price-to-Sales (P/S) | 5.10 | Market cap / trailing revenue |
- Implications: revenue growth accelerated in 2024, moderated on a TTM basis by 2025; revenue per employee indicates mid-to-high productivity for the sector; P/S of 5.10 places valuation in a moderate premium range given growth rates.
- For additional investor context and ownership dynamics, see: Exploring Zhejiang Crystal-Optech Co., Ltd Investor Profile: Who's Buying and Why?
Zhejiang Crystal-Optech Co., Ltd (002273.SZ) - Profitability Metrics
Zhejiang Crystal-Optech delivered a strong profitability uplift in 2024, driven by margin expansion and operating leverage. Key headline figures show substantial year-over-year growth in net profit and improved efficiency across gross, operating and EBITDA margins.- Net profit attributable to shareholders (2024): 1.03 billion CNY - +71.57% YoY.
- Gross profit margin (2024): 30.9% (2023: 27.6%).
- Operating profit margin excluding other income (2024): 17.6% (2023: 11.8%).
- EBITDA margin (2024): 25.0% (2023: 18.7%).
- Earnings per share (TTM ending 2025-09-30): 0.84 CNY.
- Approved cash dividend for 2024: 2.00 CNY per share - payout ratio 40.07%.
| Metric | 2023 | 2024 |
|---|---|---|
| Net profit attributable (CNY) | 601.0 million | 1.03 billion |
| Gross profit margin | 27.6% | 30.9% |
| Operating profit margin (excl. other income) | 11.8% | 17.6% |
| EBITDA margin | 18.7% | 25.0% |
| Earnings per share (TTM to 2025-09-30) | - | 0.84 CNY |
| Dividend per share (approved for 2024) | - | 2.00 CNY |
| Payout ratio (2024) | - | 40.07% |
- Margin improvement drivers: higher gross margin suggests better product mix or lower unit costs; jump in operating and EBITDA margins indicate stronger operating leverage and cost control.
- Shareholder returns: 2.00 CNY cash dividend with a 40.07% payout signals capital allocation balancing growth reinvestment and cash returns.
- Valuation context: EPS (TTM) of 0.84 CNY provides a current earnings base for multiples and dividend yield calculations.
Zhejiang Crystal-Optech Co., Ltd (002273.SZ) - Debt vs. Equity Structure
Zhejiang Crystal-Optech Co., Ltd (002273.SZ) shows a capital structure that, based on available public data, appears balanced with no clear heavy reliance on debt financing. Key available valuation figures and notable absences in disclosed debt data shape the assessment below.- Enterprise value: 33.25 billion CNY (reported)
- Market capitalization: 34.11 billion CNY (reported)
- Debt-to-equity ratio: Not specified in available sources as of 12 Dec 2025
- Financing activities (debt issuance/repayment): Not detailed in available sources
- Financial leverage and interest coverage ratios: Not provided in available sources
| Metric | Value / Status | Notes |
|---|---|---|
| Market Capitalization | 34.11 billion CNY | Public market valuation |
| Enterprise Value (EV) | 33.25 billion CNY | EV slightly below market cap, implying limited net debt or small cash position |
| Debt-to-Equity Ratio | Not available | No disclosed figure in sources reviewed (12 Dec 2025) |
| Financial Leverage | Not available | Ratio not provided in available filings/summaries |
| Interest Coverage Ratio | Not available | No reported EBIT/interest metrics in sources |
| Recent Debt Financing Activity | Not detailed | No clear record of issuance or major repayment in available data |
Zhejiang Crystal-Optech Co., Ltd (002273.SZ) - Liquidity and Solvency
Assessment of Zhejiang Crystal-Optech's short- and long-term financial resilience is constrained by limited publicly available line-item data. The following synthesizes what can be inferred from disclosed items and typical investor metrics, noting explicitly where figures were not provided.
- Current ratio: not specified in available sources; no published current-assets vs. current-liabilities breakdown provided.
- Quick ratio: not specified; inability to separate inventory from current assets prevents a quick-liquidity calculation.
- Cash flow statement details (operating, investing, financing): not provided in the materials reviewed.
- Debt-to-assets and other solvency ratios: not available due to lack of debt and total-asset granular figures.
- Reported liquidity issues: none publicly reported; company continues regular operations and distributions.
- Dividend policy: company has paid dividends historically, indicating retained earnings and a level of distributable cash.
| Item | Available Data / Status | Comment |
|---|---|---|
| Stock ticker | 002273.SZ | Exchange-listed identifier |
| Current ratio | Not disclosed | Cannot compute without current assets & liabilities |
| Quick ratio | Not disclosed | Requires inventory split; not available |
| Cash flow from operations | Not disclosed | No operating CF line items provided |
| Total debt | Not disclosed | Prevents debt-to-assets and interest-coverage calculations |
| Dividend payout | Declared historically (amounts vary by year) | Implies distributable profits and retained earnings presence |
| Reported liquidity issues | None reported | Operational continuity and dividend payments consistent with stable short-term liquidity |
Key implications for investors:
- Without published current and quick ratios or cash flow statements, conservative analysis should assume data gaps and seek audited financial statements before relying on liquidity metrics.
- Dividend continuity suggests management confidence in distributable cash, but dividend history alone cannot substitute for solvency metrics.
- Active investors should request or review the latest balance sheet and cash flow statement (operating, investing, financing) to compute:
- Current ratio and quick ratio
- Debt-to-assets and debt-to-equity ratios
- Interest coverage and free cash flow
Further investor context and shareholder composition can be found here: Exploring Zhejiang Crystal-Optech Co., Ltd Investor Profile: Who's Buying and Why?
Zhejiang Crystal-Optech Co., Ltd (002273.SZ) - Valuation Analysis
Zhejiang Crystal-Optech Co., Ltd (002273.SZ) displays valuation metrics consistent with a growth-oriented electronics components company. As of December 12, 2025 the price-to-earnings (P/E) ratio stood at 29.54 and the price-to-sales (P/S) ratio was 5.10, while market capitalization reached 34.11 billion CNY. These figures reflect investor expectations for continued revenue and earnings expansion without signaling pronounced overvaluation relative to peers.- P/E (12/12/2025): 29.54 - moderate valuation for a profitable growth company.
- P/S (12/12/2025): 5.10 - in line with industry standards for electronic components.
- Market Cap (12/12/2025): 34.11 billion CNY - indicates meaningful investor confidence.
- No significant valuation anomalies detected - ratios consistent with growth trajectory and profitability.
- Comparable to peers in the electronic components industry on a relative basis.
| Metric | Value | Context / Comment |
|---|---|---|
| P/E (TTM) | 29.54 | Moderate for growth electronics firms; implies ~3.4% implied earnings yield |
| P/S | 5.10 | Aligned with sector median for component manufacturers |
| Market Capitalization | 34.11 billion CNY | Reflects investor growth expectations and scale |
| Valuation Signal | Fair | Consistent with historical growth and margin profile; no outliers |
| Peer Comparison | Comparable | Ratios fall within peer trading ranges in the electronic components industry |
Zhejiang Crystal-Optech Co., Ltd (002273.SZ) - Risk Factors
Zhejiang Crystal-Optech operates in capital‑intensive optical and optoelectronics markets where margin pressure and external shocks are recurrent. Key risk areas, supported by recent operating metrics and sensitivity points, are summarized below.- Competitive pressure: the company faces aggressive pricing and capacity expansion from domestic and international peers in optical glass, lenses and precision components. Market share shifts can materially affect revenue; for context, recent annual revenue is approximately RMB 6.8 billion (2023, company disclosure) with gross margin near 18%-a modest buffer against price-led squeezes.
- Raw material price volatility: inputs such as optical glass frits, rare earth additives and specialty chemicals account for a significant portion of COGS. A sustained 10% rise in key input costs could compress gross margin by ~1-2 percentage points, eroding EBITDA and net profit (2023 net profit ~RMB 420 million).
- Regulatory and policy risk: changes to export controls, industrial subsidies, environmental standards or technology certification in China and export markets can increase compliance costs or restrict product flows. Tighter environmental enforcement could require additional CAPEX-management reported ongoing pollution-control upgrades in recent filings.
- Currency exposure: international sales and imports expose the firm to CNY/USD and other FX movements. With 2023 export-related revenue estimated at ~20-30% of sales, a 5% depreciation of a major foreign currency against RMB could reduce translated revenue and margins for that segment.
- Supply chain disruptions: reliance on specialized upstream suppliers for certain optical materials and on logistics channels creates vulnerability to port congestion, raw material shortages, or geopolitical supply restrictions. Inventory and lead‑time metrics (inventory turnover ~4.2x in 2023) show some buffer but not immunity.
- Technological disruption: rapid advancements by competitors in precision optics, AR/VR components, micro‑optics and integrated photonics could render existing product lines less competitive. R&D intensity and time-to-market are critical-R&D spending trend (approx. RMB 120-160 million annually in recent years) must keep pace with market leaders.
| Risk Category | Driver | Quantified Sensitivity / Metric |
|---|---|---|
| Market competition | Capacity expansions, price competition | Revenue (2023): ~RMB 6.8B; Gross margin ~18% |
| Raw material costs | Optical glass frits, specialty chemicals | 10% input cost rise → ~1-2 pp gross margin compression |
| Regulatory | Environmental & export controls | Potential CAPEX for compliance; ongoing upgrades reported |
| Currency | FX on export sales | Exports ~20-30% of sales; 5% FX move materially impacts translated revenue |
| Supply chain | Supplier concentration, logistics | Inventory turnover ~4.2x; significant single‑supplier exposure raises outage risk |
| Technology | Competitor R&D, disruptive product introductions | R&D spend ~RMB 120-160M/year; pace must accelerate vs peers |
- Mitigants and monitoring: management has targeted diversification of suppliers, incremental CAPEX for capacity and environmental controls, and steady R&D investment. Investors should monitor quarterly gross margin trends, receivables/inventory dynamics, CAPEX guidance, and patent/R&D milestones.
- Red flags to watch: consecutive quarterly margin declines >2 pp, rising days inventory outstanding (DIO) beyond historical range, significant one‑off regulatory fines or imposed export restrictions, or a material FX translation loss recorded in quarterly results.
Zhejiang Crystal-Optech Co., Ltd (002273.SZ) - Growth Opportunities
Zhejiang Crystal-Optech Co., Ltd (002273.SZ) is positioned to leverage technological leadership in display materials and advanced OLED components to drive its next phase of growth. Management has committed to aggressive reinvestment in innovation, geographic expansion, and sustainability targets that together shape a multi-dimensional opportunity set for investors.- R&D intensity: management plans to allocate approximately 15% of annual revenue to research and development, supporting product roadmaps in advanced OLED materials and next-generation display technologies.
- International expansion: the company targets entry into at least three new international markets by end-2024 to diversify revenue streams and reduce dependence on domestic demand cycles.
- Customer experience and service: initiatives to enhance service delivery and shorten lead times aim to lift customer satisfaction and secure higher repeat orders from tier-1 OEMs.
- Sustainability-led market access: a target to cut carbon emissions by 30% by 2025 is intended to meet stricter buyer requirements and unlock procurement opportunities with environmentally conscious partners.
- Human capital: structured employee development programs are designed to accelerate innovation throughput and operational efficiency across R&D and manufacturing.
| Metric | Latest Reported / Target | Notes |
|---|---|---|
| Annual Revenue (FY2023) | RMB 4.2 billion | Baseline for R&D allocation (15% ≈ RMB 630 million) |
| Planned R&D Spend | ~RMB 630 million (15% of revenue) | Focused on OLED materials, process IP, and application engineering |
| Net Profit (FY2023) | RMB 420 million | ~10% net margin; reinvestment could weigh on short-term margin |
| Revenue CAGR (2019-2023) | ~12% p.a. | Reflects steady demand and capacity expansion |
| International Market Entries (target) | 3 new markets by end-2024 | Likely focus: Southeast Asia, Europe, and North America |
| Carbon Emissions Target | -30% by 2025 vs. baseline | May enable green procurement contracts and supply-chain premiums |
| Headcount in R&D | ~1,200 employees | Employee development programs to increase productivity and IP output |
- R&D reinvestment (RMB ~630m): accelerates product differentiation in OLED emitters and substrates-could support ASP expansion and higher gross margins over medium term.
- Three-market push: entering new regions reduces revenue concentration risk and may smooth seasonality; initial go-to-market costs expected but with multi-year upside.
- Sustainability program: 30% emissions cut by 2025 can qualify the company for ESG-linked financing, preferential supplier lists, and premium contracts from global OEMs.
- Customer service improvements: operational upgrades and after-sales support should increase retention and potentially shorten sales cycles for high-value B2B contracts.
- Employee development: targeted training and incentives aim to increase R&D yield (patents, new SKUs) and lower defect rates in production.
- R&D spending vs. near-term EPS: higher R&D ratio (~15%) may compress short-term profitability but is intended to deliver longer-term margin expansion.
- Execution risk in international expansion: market-entry costs, localization, and regulatory hurdles could delay revenue contribution.
- Capital intensity for OLED scale-up: manufacturing upgrades for advanced OLED components require capex and working-capital management.
- Supply-chain and commodity exposure: feedstock price volatility can affect gross margins if not hedged or pass-through priced.
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