On March 25th, Crystal Optoelectronics released its 2023 annual report. The company achieved a revenue of 5.076 billion yuan in 2023, representing a growth of 16.01% compared to the same period last year. The net profit attributable to the shareholders of the listed company was 600 million yuan, marking an increase of 4.15% compared to the same period last year.
The report indicates that Crystal Optoelectronics has been strategically positioning itself in the metaverse field for over a decade. It has established a comprehensive technological roadmap, covering optical components, optical modules, and various optical waveguide technologies for near-eye augmented reality displays. The company possesses the capability to provide one-stop optical solutions to address optical hardware challenges for end customers. Crystal Optoelectronics will accelerate its metaverse business layout, collaborating with industry technology giants to jointly drive the development of the metaverse industry.
In 2023, Crystal Optoelectronics faced challenges despite the overall economic recovery in China. These challenges included global inflation, escalating geopolitical conflicts, and sluggish demand in the consumer electronics market. The company adopted a strategic approach focusing on three key principles: concentrating on strategic battles, restructuring the organization to facilitate transformation, and refreshing the culture to foster growth. It steadfastly implemented annual work plans and the strategic layout for the 14th Five-Year Plan period. During the reporting period, the company concentrated on three strategic projects: micro-optical prism modules, automotive optoelectronic heads-up displays (HUDs), and the construction of its base in Vietnam. It aimed to enhance its internal competitiveness by restructuring the organization, optimizing operational models, reducing costs, and upgrading management systems. These efforts were aimed at ensuring stable business development and rapid progress in strategic initiatives.
During the reporting period, Crystal Optoelectronics continued to expand its narrowband new applications. Narrowband products capitalized on mass production opportunities from major Android-based customers in China, achieving a 100% market share supply pattern. Chip coating products overcame technical challenges such as photolithography and coating, achieving significant technological breakthroughs from glass coating to chip coating. They successfully completed market development and contributed considerable sales. The company actively expanded into new fields and technologies such as automotive optoelectronics, AR/VR, and successfully achieved sample deliveries while securing exclusive supply opportunities with some customers.
In the AR/VR business, the company focuses on the development of reflection and diffraction optical waveguide technologies. It integrates relevant resources and strives to achieve technological breakthroughs in design, process, and inspection around mass production, laying a solid foundation for industrialization.
The report mentions that Crystal Optoelectronics' AR/VR optical module project is currently under development. The company expects that through the research and development of this project, it will delve into reflection optical waveguide, diffraction optical waveguide, and other virtual imaging display technologies, helping the company cultivate a rich capability in optical solutions for the metaverse. The goal is to establish production lines for reflection optical waveguides, diffraction optical waveguides, Birdbath, and VR display modules to provide mass production support for the development of the optical industry in the metaverse.
In the future, Crystal Optoelectronics will firmly adhere to the three major strategic directions of optical components, automotive optoelectronics, and AR/VR. Based on the external macro environment and business foundation, the company will formulate corresponding business implementation strategies. For AR/VR, it will focus its resources on developing projects around industry-leading demand, with a key emphasis on building research and development and mass production capabilities for core devices such as reflection and diffraction optical waveguides. The company will strategically invest and strive for breakthroughs. At the same time, in AR/VR, it will focus on key customers, complete product development and sampling, and create flagship products in the AR/VR industry.
The original article was first published on the WeChat official account (Aibang VR Industry News)：Crystal Optoelectronics released its 2023 annual report, indicating that the AR/VR optical module project is under development.
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