OPPLE(SH:603515) GOLDEN SUN SECURITIES·2025-04-27 09:40Investment Rating - The report maintains a "Buy" investment rating for the company [3][6]. Core Viewpoints - The company is a well-known domestic lighting enterprise with advantages in brand and distribution channels, focusing on green energy-saving smart lighting solutions [1][2]. - The company's revenue performance for the first three quarters of 2024 shows a decline, with total revenue of 5.068 billion yuan, a year-on-year decrease of 8.09%, and a net profit of 621 million yuan, down 5.68% year-on-year [1]. - The gross margin improved by 1.05 percentage points to 40.19% in the first three quarters of 2024, while the net profit margin increased by 0.25 percentage points to 12.29% [2]. - The smart lighting industry is experiencing significant growth, with a retail market size of 42.5 billion yuan in 2023, particularly in the smart home segment [3]. Financial Performance Summary - For 2024, the company is expected to achieve a net profit of 871 million yuan, reflecting a year-on-year decrease of 5.7%, with projections of 945 million yuan and 1.016 billion yuan for 2025 and 2026, respectively [3][5]. - The company's revenue for 2024 is projected to be 7.093 billion yuan, a decrease of 9% compared to 2023 [5]. - The earnings per share (EPS) for 2024 is estimated at 1.17 yuan, with a gradual increase to 1.36 yuan by 2026 [5].