Zhejiang Crystal-Optech Co Ltd: Catalyst Preview

Research evidence excerpt

M

Idea

August 5, 2026 04:48 AM GMT

Zhejiang Crystal-Optech Co Ltd | Asia Pacific

Morgan Stanley Asia Limited+

Andy Meng, CFA

Equity Analyst

Catalyst Preview

Betty Chen

Research Associate

We believe the company's optical storage breakthrough product

– glass substrate – will become a positive catalyst for the

stock's performance.

Key Takeaways

The company's newly developed optical storage product – glass substrate – will

be used to replace traditional aluminum substrates.

Zhejiang Crystal-Optech Co Ltd (002273.SZ, 002273 CS)

Greater China Technology Hardware | China

We expect this new business to achieve rapid growth in 2026-28, after which it is

Stock Rating

Industry View

Price target

Up/downside to price target (%)

Shr price, close (Aug 4, 2026)

52-Week Range

Sh out, dil, curr (mn)

Mkt cap, curr (mn)

EV, curr (mn)

Avg daily trading value (mn)

likely to become a key earnings contributor for the company.

Fiscal Year Ending

12/24 12/25e 12/26e 12/27e

EPS (Rmb)**

Prior EPS (Rmb)**

EPS (Rmb)§

Revenue, net (Rmb mn)

EBITDA (Rmb mn)

ModelWare net inc

(Rmb mn)

P/E

P/BV

RNOA (%)

ROE (%)

EV/EBITDA

Div yld (%)

FCF yld ratio (%)**

Leverage (EOP) (%)

0.7

0.9

1.1

1.3

0.8

0.9

1.1

1.3

6,277.7 7,077.4 8,042.0 9,367.9

1,542.9 1,862.6 2,173.4 2,510.6

1,029.8 1,231.9 1,500.8 1,744.8

The company has been working on sampling and verification over the past

several years. Once it has passed qualification, it will enter scale production soon.

The company has built a dedicated production line for this new product. Further

expansion is highly likely with continuous increases in orders from clients.

30.0

3.3

13.4

11.5

18.8

0.0

(22.2)

Overweight

In-Line

Rmb30.00

16

Rmb25.91

Rmb44.30-20.43

1,391

Rmb36,031.3

Rmb34,177.4

Rmb1,681

28.4

3.6

14.9

13.1

17.7

2.5

2.3

(22.6)

24.0

3.5

17.0

15.4

15.5

2.9

3.1

(24.3)

20.7

3.4

19.5

17.1

13.3

3.4

3.9

(27.1)

Unless otherwise noted, all metrics are based on Morgan Stanley ModelWare

framework

** = Based on consensus methodology

§ = Consensus data is provided by Refinitiv Estimates

e = Morgan Stanley Research estimates

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