OPT(688686) 国泰君安·2024-10-30 02:11Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 74.7 RMB for 2025, up from the previous target of 66.35 RMB [2][4] Core Views - The company's performance fell short of expectations due to the downturn in the 3C and lithium battery sectors, with revenue and net profit declining significantly in Q3 2024 [2] - Despite short-term pressures, the company is making high investments in R&D and expanding its product portfolio, positioning itself for future growth [2] Financial Performance - Revenue for Q1-Q3 2024 was 733 million RMB, down 13.32% YoY, while net profit attributable to shareholders was 132 million RMB, down 35.58% YoY [2] - Gross margin for Q1-Q3 2024 was 64.23%, down 2.1 percentage points YoY, and net profit margin was 17.99%, down 6.22 percentage points YoY [2] Industry and Market Impact - The 3C and lithium battery sectors contributed 354 million RMB and 112 million RMB in revenue respectively in H1 2024, down 8.75% and 37.37% YoY [2] - The company is focusing on improving product standardization and expanding into new industries and markets, including overseas markets like Vietnam and India [2] R&D and Product Development - R&D expenditure for Q1-Q3 2024 was 156 million RMB, accounting for 21.33% of revenue [2] - The company has made significant breakthroughs in both hardware and software, including the launch of an upgraded AI platform and increased use of self-produced cameras [2] Financial Forecasts - Revenue is expected to grow to 1,385 million RMB in 2025 and 1,677 million RMB in 2026, with net profit projected to reach 305 million RMB and 424 million RMB respectively [3] - EPS for 2025 and 2026 is forecasted at 2.49 RMB and 3.47 RMB, respectively [3] Valuation and Comparables - The company's 2025 PE is estimated at 30x, in line with industry peers, with a target price of 74.7 RMB [2][10] - The company's market cap is 7,411 million RMB, with a current price of 60.63 RMB [4][5]