奥普特：下游资本开支较弱，24H1业绩承压

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 65.2 CNY, representing a 40 times dynamic price-to-earnings ratio for 2024 [7][8]. Core Views - The company reported a revenue of 522 million CNY for the first half of 2024, a year-on-year decrease of 15.65%, and a net profit of 113 million CNY, down 34.73% year-on-year, primarily due to weak capital expenditures in the 3C and lithium battery sectors [4][5]. - Despite the temporary performance pressure, the company is strengthening its competitive advantage in the domestic machine vision field and has completed the full product line layout for core hardware and software [6]. - The company is expanding its overseas market presence, establishing a company in Vietnam and increasing resource investment in its Indian office to support local business development [6]. Financial Summary - Revenue for 2024 is projected to be 974 million CNY, with net profits expected to be 200 million CNY, followed by 1.199 billion CNY in 2025 and 1.367 billion CNY in 2026 [7]. - The company maintained a gross margin of 66.01% in the first half of 2024, a decrease of 1.25 percentage points from the previous year, attributed to intensified industry competition [5]. - Research and development expenses remained high at 110 million CNY, reflecting a year-on-year increase of 5.28%, with the expense ratio rising by 4.18 percentage points compared to the previous year [5].