OPTOWIDE(SH:688195) Great Wall Securities·2024-10-27 09:16Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the stock price over the next six months [5][12]. Core Views - The company has shown steady performance in Q3 2024, with revenue reaching 332 million yuan, a year-on-year increase of 34.59%, and a net profit attributable to shareholders of 55 million yuan, up 77.90% year-on-year [2][5]. - The company is expanding its optical communication business and exploring new fields such as biomedical and semiconductor equipment, which is expected to contribute to future growth [2]. - Increased R&D investment is a key focus, with 33.34 million yuan spent in the first three quarters of 2024, representing a 39.37% increase year-on-year, and accounting for 10.05% of revenue [2][5]. Financial Performance Summary - Revenue for 2024 is projected to be 496 million yuan, with a growth rate of 46.0% year-on-year, followed by 673 million yuan in 2025 and 862 million yuan in 2026 [5][8]. - The net profit attributable to shareholders is expected to reach 71 million yuan in 2024, 103 million yuan in 2025, and 132 million yuan in 2026, with corresponding EPS of 0.55 yuan, 0.80 yuan, and 1.02 yuan respectively [5][8]. - The company's gross margin for the first three quarters of 2024 was 38.33%, an increase of 9.53 percentage points year-on-year [2]. Market Position and Strategy - The company is enhancing its global presence by acquiring land in Thailand for factory construction, which will improve its overseas order fulfillment capabilities [2]. - The establishment of a subsidiary in Wuhan with an investment of 30 million yuan aims to develop packaging technology for optical engines, leveraging local resources [2]. - The company is focused on vertical integration from materials to modules, which is expected to enhance its market competitiveness [2].