OPT(688686) 长江证券·2024-09-09 10:08Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Views - The company experienced a revenue decline of 15.65% year-on-year in H1 2024, with total revenue reaching 522 million yuan. The net profit attributable to the parent company was 113 million yuan, down 34.73% year-on-year [3][4]. - The performance in Q2 2024 showed a revenue of 296 million yuan, a decrease of 19.82% year-on-year, and a net profit of 56 million yuan, down 48.12% year-on-year [3][4]. - The decline in revenue is attributed to weak downstream demand and reduced capital expenditure from downstream customers, particularly in the 3C and lithium battery sectors [3][4]. - The company has expanded its workforce, leading to a significant increase in sales and R&D expense ratios. The gross margin for H1 2024 was 66.01%, slightly down from the previous year [3][4]. - The product matrix is becoming more established, with an increasing self-sufficiency rate in core machine vision products. The company has completed its full product line layout in machine vision [3][4]. - The company is enhancing its deep learning capabilities and expanding its overseas presence, including setting up a company in Vietnam and increasing resources in India [4]. Financial Summary - For H1 2024, the company reported a gross margin of 66.01% and a net profit margin that decreased by 10.35 percentage points year-on-year [3][4]. - The forecast for net profit attributable to the parent company for 2024-2026 is 210 million, 280 million, and 370 million yuan, respectively, with corresponding price-to-earnings ratios of 27, 21, and 16 [4][6]. - The current stock price is 47.19 yuan, with a total share capital of 12,224 million shares [6].