OPT(688686)2025-05-21 15:16Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company's revenue for 2024 was 911 million yuan, a decrease of 3.44% year-on-year, while the net profit attributable to shareholders was 136 million yuan, down 29.66% year-on-year. The gross margin was 63.57%, a decline of 0.66 percentage points, and the net margin was 14.95%, down 5.57 percentage points. R&D investment reached 217 million yuan, an increase of 7.28%, accounting for 23.81% of revenue [2] - In Q1 2025, the company achieved revenue of 268 million yuan, an increase of 18.09% year-on-year, and a net profit of 58 million yuan, up 0.97% year-on-year, primarily driven by product structure optimization and AI algorithm upgrades in the 3C electronics sector [2] Summary by Sections Performance Overview - The company faced short-term pressure on performance but emphasized the importance of R&D [2] - Revenue in the lithium battery sector showed significant growth due to breakthroughs in high-precision imaging technology and AI detection solutions, improving project implementation efficiency by 50% [3] - The semiconductor sector saw revenue increase by 44.08% year-on-year, while the automotive sector experienced a remarkable growth of 89.95% year-on-year [3] Financial Forecast - Revenue projections for 2025, 2026, and 2027 are estimated at 1.099 billion yuan, 1.321 billion yuan, and 1.574 billion yuan, respectively. Corresponding net profits are expected to be 196 million yuan, 245 million yuan, and 297 million yuan, with EPS of 1.60 yuan, 2.01 yuan, and 2.43 yuan per share [4] - The report indicates a PE ratio of 54, 43, and 36 for the years 2025, 2026, and 2027, respectively [4]