OPT(688686) HUAXI Securities·2025-05-14 08:06Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company reported its 2024 annual report and 2025 Q1 report, with Q1 performance meeting expectations and showing signs of accelerated growth [2] - The company's revenue for 2024 was 911 million, a year-on-year decrease of 3%, but Q4 showed a significant recovery with revenue of 178 million, a year-on-year increase of 82% [3] - The company is expanding into the consumer-grade machine vision sector while leveraging AI technology to enhance its industrial-grade machine vision products [6][7] Revenue Performance - In 2024, the company achieved revenue of 911 million, with a breakdown by industry: 3C revenue was 585 million (up 1% YoY), lithium battery revenue was 209 million (down 20% YoY), and semiconductor & automotive revenues were 50.81 million and 32.10 million, respectively, showing increases of 44% and 90% YoY [3] - For Q1 2025, the company reported revenue of 268 million, a year-on-year increase of 18%, indicating a recovery in the lithium battery business and a stable performance in the 3C sector [3] Profitability Analysis - The company's net profit for 2024 was 136 million, a decrease of 30% YoY, with a net profit margin of 14.95%, down 5.57 percentage points [4] - In Q1 2025, the net profit was 58 million, a slight increase of 1% YoY, with a net profit margin of 21.61%, down 3.66 percentage points [5] Future Outlook - The company has adjusted its revenue forecasts for 2025 and 2026 to 1.1 billion and 1.338 billion, respectively, with expected year-on-year growth rates of 21% and 22% [8] - The projected net profit for 2025 and 2026 is 166 million and 228 million, respectively, with expected growth rates of 22% and 37% [8] Market Potential - The machine vision market in China is expected to grow from 18.5 billion in 2023 to over 39.5 billion by 2028, indicating a strong growth trajectory [6] - The company is focusing on developing new visual modules and solutions for humanoid robots, leveraging its existing technology in 3D vision and AI algorithms [7]