产品线持续完善，助力未来发展 敬请参阅末页重要声明及评级说明 证券研究报告 资料来源：wind，华安证券研究所 [Table_CompanyRptType] | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-------------------------|-------|-------|-------|-----------------------|-------------------|-------|---------|---------|---------------------| | 资产负债表 \n会计年度 | 2023 | 2024E | 2025E | 单位:百万元 \n2026E | 利润表 \n会计年度 | 2023 | 2024E | 2025E | 单位:百万元 \n2026E | | 流动资产 | 2,525 | 3,052 | 3,255 | 3,640 | 营业收入 | 943.9 | 1,091.1 | 1,308.3 | 1,586.5 | | 现金 | 654 | 1,120 | 1,072 | ...

国信证券股份有限公司 关于广东奥普特科技股份有限公司 首次公开发行股票并在科创板上市之保荐总结报告书 广东奥普特科技股份有限公司（以下简称"奥普特""上市公司"或"公司"） 于2020年12月31日首次公开发行股票并在科创板上市。国信证券股份有限公司 （以下简称"国信证券"或"保荐机构"）作为奥普特首次公开发行股票并在科 创板上市的保荐机构，履行持续督导职责，持续督导期至2023年12月31日止，目 前持续督导期限已经届满。国信证券根据《证券发行上市保荐业务管理办法》《上 海证券交易所科创板股票上市规则》等法规和规范性文件的相关规定，出具本持 续督导保荐总结报告书。 一、保荐机构及保荐代表人承诺 1、保荐总结报告书和证明文件及其相关资料的内容不存在虚假记载、误导 性陈述或重大遗漏，保荐机构及保荐代表人对其真实性、准确性、完整性承担法 律责任。 2、保荐机构及保荐代表人自愿接受中国证监会对保荐总结报告书相关事项 进行的任何质询和调查。 3、保荐机构及保荐代表人自愿接受中国证监会按照《证券发行上市保荐业 务管理办法》的有关规定采取的监管措施。 | 保荐机构名称 | 国信证券股份有限公司 | | --- | --- ...

伐谋-中小盘信息更新 奥普特（688686.SH） 2024 年 05 月 06 日 ——中小盘信息更新 中小盘研究团队 中 小 盘 研 究 业绩短期承压，品类及下游拓展助力新成长 投资评级：买入（维持） | --- | --- | |-------------------------|--------------| | 日期 | 2024/5/6 | | 当前股价 ( 元 ) | 76.05 | | 一年最高最低 ( 元 ) | 172.50/62.60 | | 总市值 ( 亿元 ) | 92.96 | | 流通市值 ( 亿元 ) | 92.96 | | 总股本 ( 亿股 ) | 1.22 | | 流通股本 ( 亿股 ) | 1.22 | | 近 3 个月换手率 (%) | 54.98 | | --- | --- | |---------------------------|---------------------------| | | | | 任浪（分析师） | 周佳（分析师） | | renlang@kysec.cn | zhoujia@kysec.cn | | 证书编号： S079051910000 ...

数据来源：Wind 请务必阅读正文后的重要声明部分 2 本报告仅供参考之用，不构成出售或购买证券或其他投资标的要约或邀请。在任何情况下，本报告中的信息和意 见均不构成对任何个人的投资建议。投资者应结合自己的投资目标和财务状况自行判断是否采用本报告所载内容和信 息并自行承担风险，本公司及雇员对投资者使用本报告及其内容而造成的一切后果不承担任何法律责任。 地址：重庆市江北区金沙门路 32 号西南证券总部大楼 21 楼 邮编：400025 风险提示：下游行业需求不及预期的风险；市场竞争加剧的风险；新产品的研 发及市场推广的风险等。 新能源业务：大量成熟方案的应用和推广，公司产品和技术已经获得行业龙头宁德时代、 比亚迪、蜂巢等企业认可。预计 2024-2026 年订单增速分别为 10%、10%、10%。 报告中投资建议所涉及的评级分为公司评级和行业评级（另有说明的除外）。评级标准为报告发布日后 6 个月内 的相对市场表现，即：以报告发布日后 6 个月内公司股价（或行业指数）相对同期相关证券市场代表性指数的涨跌幅 作为基准。其中：A 股市场以沪深 300 指数为基准，新三板市场以三板成指（针对协议转让标的）或三板做市指 ...

Investment Rating - The investment rating for the company is "Buy" with a target price of 88.56 CNY, down from the previous target of 131.85 CNY [10][11]. Core Insights - The company's performance is under pressure due to lower-than-expected recovery in the 3C and lithium battery industries, leading to a downward revision of EPS for 2024 and 2025 to 2.46 CNY and 3.25 CNY respectively, with a new estimate for 2026 at 4.13 CNY [10]. - Despite the short-term challenges, the company is maintaining high R&D investment, which accounted for 21.4% of revenue in 2023, and is actively expanding its product lines and customer base [10]. Financial Summary - **Revenue**: 2022 revenue was 1,141 million CNY, which decreased to 944 million CNY in 2023, a decline of 17%. Expected revenue for 2024 is 1,163 million CNY, with a projected growth of 23% [3]. - **Operating Profit (EBIT)**: EBIT fell from 311 million CNY in 2022 to 157 million CNY in 2023, a decrease of 50%. It is expected to recover to 319 million CNY in 2024 [3]. - **Net Profit**: The net profit attributable to shareholders decreased from 325 million CNY in 2022 to 194 million CNY in 2023, a decline of 40%. The forecast for 2024 is 301 million CNY [3]. - **Earnings Per Share (EPS)**: EPS dropped from 2.66 CNY in 2022 to 1.58 CNY in 2023, with projections of 2.46 CNY for 2024 and 3.25 CNY for 2025 [3]. Profitability and Valuation Metrics - **Operating Margin**: The operating margin decreased from 27.3% in 2022 to 16.6% in 2023, with an expected recovery to 27.4% in 2024 [3]. - **Return on Equity (ROE)**: ROE fell from 11.7% in 2022 to 6.7% in 2023, with projections of 9.7% for 2024 [3]. - **Price-to-Earnings Ratio (PE)**: The PE ratio is projected to be 31.09 for 2024, down from 48.32 in 2023 [3]. Industry Context - The company is positioned as a leader in the machine vision core components sector and is actively expanding into new markets, despite facing short-term pressures from the 3C and lithium battery sectors [10].

上 市 公 司 证 券 研 究 报 告 机械设备 2024 年 04 月 30 日 奥普特 (688686) ——24Q1 毛利率环比改善，视觉 AI 应用加速渗透 公 司 研 究 / 公 司 点 评 | --- | --- | |----------------------------------|-------------------------------| | 基础数据 : | 2024 年 03 月 31 日 | | 每股净资产（元） | 24.02 | | 资产负债率 % | 7.16 | | 总股本 / 流通 A 股（百万） | 122/122 | | 流通 B 股/H 股（百万） | -/- | 05-0406-0407-0408-0409-0410-0411-0412-0401-0402-0403-0404-04 -60% -40% -20% 0% 20% 奥普特 沪深300指数（收益率） 王珂 A0230521120002 wangke@swsresearch.com 李蕾 A0230519080008 lilei@swsresearch.com 何佳霖 A0230523080002 he ...

证券代码：688686 证券简称：奥普特 广东奥普特科技股份有限公司投资者关系活动记录表 □特定对象调研 分析师会议 □媒体采访  业绩说明会 投资者关系活动类别 □新闻发布会 现场参观 其他 参与单位名称及人员姓名 2023年年度业绩说明会（投资者） 时间 2024年4月30日 09:00-10:00 上海证券交易所上证路演中心（网址： 地点 http://roadshow.sseinfo.com/） 董事长：卢盛林 副总经理：卢治临 董事会秘书：许学亮 公司接待人员姓名 财务总监：叶建平 独立董事：陈桂林 问题1： 您好！董事长。我有两个问题：1、公司一季度营收仍处于下降 趋势中，其原因是什么？公司是否有预期公司营收在今年转正增长，转 正增长的先决条件式什么？2、公司员工人数近 2 年持续大幅增长，在 营收下降的情况下，今年是否有降低人力成本的计划。 回答：尊敬的投资者，您好。2024 年第一季度，公司营业收入为 ...

公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，不存 在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 | --- | --- | --- | --- | |---------------------------------|------------|----------------------------------------|----------------------------------------| | 研发投入合计 | | 48,577,247.64 | 5.97 | | 研发投入占营业收入的比例 （%） | | 21.43 | 增加 3.14 个百 分点 | | | 本报告期末 | 上年度末 | 本报告期末比上 年度末增减变动 幅度 (%) | | 总资产 | | 3,162,934,916.06 3,047,140,340.53 3.80 | | | 归属于上市公司股东的所有者 权益 | | 2,936,604,113.34 2,878,047,119.90 2.03 | | | --- | --- | --- | --- | --- | -- ...

Financial Performance - The company reported a revenue of 943.87 million yuan for the period, representing a year-on-year decline of 17.27% due to weakened demand in the lithium battery and consumer electronics sectors[61]. - The net profit attributable to shareholders decreased by 40.37% year-on-year, while the net profit after deducting non-recurring gains and losses fell by 45.41%[61]. - The company's gross margin for its main business was 64.29%, with the main business cost decreasing by 12.76% year-on-year[63]. - The company's total revenue for the reporting period was CNY 942,023,010.22, representing a decrease of 17.42% compared to the previous year[64]. - Domestic sales accounted for CNY 873,325,574.06, down 19.38% year-on-year, while overseas sales increased by 19.36% to CNY 68,697,436.16[64]. - The company reported a significant decline in production and sales volumes due to reduced downstream demand, although self-manufactured cameras saw a notable increase in application[65]. - The company’s operating revenue for 2023 was ¥943,870,865.67, a decrease of 17.27% compared to the previous year[133]. - Net profit attributable to shareholders decreased by 40.37% to ¥193,708,655.97, while net profit excluding non-recurring gains and losses fell by 45.41% to ¥162,518,555.28[133]. - The decline in performance was attributed to the dual impact of the lithium battery industry's expansion cycle and weak demand in the consumer electronics sector[135]. - Overall revenue decreased by 17.27% in 2023 due to reduced capital investment in key downstream industries[149]. Research and Development - The company achieved a 5.88% year-on-year increase in R&D expenses, reaching 202 million yuan, to maintain technological leadership and customer satisfaction[25][31]. - The total number of patents applied for during the year reached 179, with 136 granted, indicating a strong focus on innovation[34]. - R&D investment has been a key strategy for the company, with a focus on maintaining a competitive edge in automation core components and machine vision applications[31]. - The company has invested a total of 1,133.49 million RMB in the development of a micron-level online industrial vision detection system, achieving a production stage with a detection accuracy of no less than 2μm and a defect detection repeatability error of less than 5%[36]. - The flexible vision software development project has received a cumulative investment of 769.68 million RMB, currently in the production stage, supporting no less than 5 types of product defect detection applications[36]. - The company has a total of 899 R&D personnel, representing 39.64% of the total workforce, with an average salary of 16.35 thousand RMB per person[39]. - The company is focusing on deep learning (industrial AI) technology, 3D processing and analysis technology, and image perception and fusion technology as part of its core technology development[178]. - R&D investment reached 202 million yuan in 2023, an increase of 5.88% year-on-year, focusing on deep learning (industrial AI) technology[149]. - The integration of deep learning technology in machine vision systems has significantly improved performance, particularly in quality inspection processes for lithium batteries, replacing 2/3 of traditional algorithms[189]. Product Development and Innovation - The company aims to leverage deep learning (industrial AI) technology to enhance defect detection in lithium battery manufacturing, achieving a zero missed report rate in ear detection[9]. - The application of 3D vision and deep learning algorithms has reduced defect missed detection rates by over 50% in key positions at well-known lithium battery companies[17]. - The introduction of the SAM model has improved segmentation task speeds by over 3 times, enhancing efficiency in industrial defect detection[17]. - The company is focusing on developing standardized and platform-based visual imaging solutions to lower application barriers and improve efficiency[18]. - The company has a comprehensive product line covering visual algorithms, intelligent platforms, and various industrial sensors, enhancing customer loyalty and competitiveness[11]. - The company launched a series of new sensor products with multiple technological breakthroughs in digitalization, networking, and high precision[22]. - The company is expanding its market presence with new products in the 3D vision technology sector, focusing on high-precision applications in industries such as electronics and automotive[32]. - The intelligent camera product line was upgraded to a compact, cost-effective SC series, designed for specialized industry applications[32]. - The company has achieved significant advancements in high-precision inline visual inspection systems, particularly for the lithium battery industry[199]. - The company has completed several major R&D projects, including a high-precision imaging system and a frequency division imaging system, enhancing its competitive edge in the market[199]. Market Trends and Challenges - The domestic market for machine vision software systems is expected to grow significantly as the industry moves towards localization, with opportunities in high-end equipment sectors like automotive and semiconductors[10]. - The company faces risks from intensified market competition and potential declines in product gross margins due to increased competition and rising costs[47]. - The company faces risks related to market demand fluctuations in the 3C electronics and lithium battery sectors, which are influenced by macroeconomic conditions[72]. - The company anticipates continued external pressure in 2024 but remains optimistic about the long-term prospects of the machine vision industry[150]. - The ongoing domestic replacement in the industrial automation sector presents significant opportunities for the machine vision industry in the coming years[152]. - The machine vision industry is characterized by high technical barriers, requiring substantial R&D investment across multiple disciplines[169]. - The demand for high-precision imaging technology is continuously rising, driven by the deepening development of smart manufacturing and industrial automation[157]. Financial Management and Strategy - The net cash flow from operating activities increased by 348.59% year-on-year, primarily due to a 25.50% increase in cash collections[62]. - Management expenses rose by 14.84% year-on-year, mainly due to increased depreciation and fixed costs associated with new facilities[62]. - The company maintains a competitive advantage through its rich experience in software and hardware technology, establishing long-term stable partnerships with numerous high-quality clients[40]. - The proposed cash dividend distribution is RMB 5.30 per 10 shares, totaling RMB 64,784.79 million, which constitutes 33.44% of the net profit attributable to shareholders[121]. - The company has outlined various operational risks and corresponding mitigation strategies in the management discussion section[107]. - The company has not reported any violations of decision-making procedures regarding external guarantees[114]. - The company has not conducted capital reserve transfers or stock dividends in the current profit distribution plan[121]. - The company emphasizes that future plans and development strategies do not constitute a substantive commitment to investors, highlighting investment risks[122].

证券代码：688686 证券简称：奥普特 公告编号：2024-012 会议召开方式：上证路演中心网络互动 投资者可于 2024 年 4 月 23 日（星期二）至 4 月 29 日（星期一）16:00 前登录 上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 info@optmv.com 进行提问。公司将在说明会上对投资者普遍关注的问题进行回答。 广东奥普特科技股份有限公司（以下简称"公司"）将于 2024 年 4 月 30 日 发布公司 2023 年年度报告及 2024 年第一季度报告，为便于广大投资者更全面深 入地了解公司 2023 年度及 2024 年第一季度经营成果、财务状况，公司计划于 2024 年 4 月 30 日上午 09:00-10:00 举行 2023 年度暨 2024 年第一季度业绩说明 会，就投资者关心的问题进行交流。 一、说明会类型 广东奥普特科技股份有限公司 关于召开 2023 年度暨 2024 年第一季度 业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 会议召 ...