OPT(688686) Changjiang Securities·2024-11-07 06:20Investment Rating - The report maintains a "Buy" rating for the company [6][7]. Core Views - The company reported a revenue of 733 million yuan for the first three quarters of 2024, a year-on-year decrease of 13.32%, with a net profit attributable to shareholders of 132 million yuan, down 35.58% [4][5]. - In Q3 alone, the company achieved a revenue of 211 million yuan, a decline of 6.96% year-on-year, while the net profit attributable to shareholders was 19 million yuan, down 40.32% [4][5]. - The report highlights that the decline in revenue has narrowed, indicating potential recovery in demand, particularly in the 3C and lithium battery sectors, which faced significant pressure [6][5]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a revenue of 733 million yuan, with a net profit of 132 million yuan and a non-recurring net profit of 121 million yuan, reflecting declines of 35.58% and 33.37% respectively [4][5]. - In Q3, the company reported a revenue of 211 million yuan, with a net profit of 19 million yuan and a non-recurring net profit of 24 million yuan, showing a year-on-year decrease of 40.32% and an increase of 2.41% respectively [4][5]. Market and Industry Analysis - The report notes that the company's revenue from the 3C and lithium battery industries decreased by 8.45% and 37.37% respectively in the first half of 2024, with expectations of continued pressure in Q3 [6]. - The decline in the 3C sector is attributed to weaker-than-expected industry demand and minimal changes in new products from major clients, while the lithium battery sector is affected by cyclical fluctuations in production capacity [6]. Strategic Initiatives - The company has established a comprehensive product matrix, including core components and new products such as intelligent code readers and 3D sensors, enhancing its self-sufficiency [6]. - The company is also expanding its overseas presence, having set up a subsidiary in Vietnam and increased resources in India to support local clients [6]. Future Outlook - The report projects the company's net profit attributable to shareholders to reach 175 million yuan, 278 million yuan, and 388 million yuan for the years 2024, 2025, and 2026 respectively, with corresponding price-to-earnings ratios of 41, 26, and 19 [6].