20230418-东吴证券-蓝特光学-688127.SH-2022年报及23Q1点评_传统业务影响出清_静候车载+消费领域新布局业绩释放_3页_452kb

Blue Optics (688127) faced challenges in 2022 with a 8% revenue decline to 3.807 billion yuan and a 31% net profit drop, mainly from traditional optical prism business losses. R&D expenses increased 50% to 700 million yuan, supporting new areas like automotive and AR tech. In Q1 2023, revenue fell 5% amid short-term pressures from product transitions, but glass non-sphere lenses showed growth. Future outlook is positive with expected revenue recovery from micro prisms and glass non-sphere lenses in automotive, along with AR glass wafers. Adjusted financial forecasts for 2023-2025 set at 19/32/49 billion yuan for net profit. Maintain "Buy" rating; risks include VR/AR adoption delays.