OPT(SH:688686) Guoxin Securities·2025-05-30 08:16Investment Rating - The report assigns an "Outperform" rating to the company for the first time [4] Core Views - The company is a leading player in the machine vision sector, focusing on expanding its artificial intelligence visual algorithm software offerings [1][2] - The company has experienced a revenue decline in 2024 but shows signs of recovery in early 2025, driven by demand in the semiconductor and automotive industries [1][3] - The company is actively investing in AI technology and exploring applications in humanoid robotics, aiming to enhance its competitive edge in automation core components [4][6] Financial Summary - In 2024, the company achieved revenue of 911 million yuan, a year-on-year decrease of 3.44%, and a net profit of 136 million yuan, down 29.66% [1][7] - The first quarter of 2025 saw a revenue increase of 18.09% year-on-year, reaching 268 million yuan, with a net profit of 58 million yuan, up 0.97% [1][6] - The company's gross margin for 2024 was 63.57%, with a net margin of 14.95%, both showing a decline compared to the previous year [1][36] Business Development - The company is enhancing its core technology in industrial AI algorithms, traditional vision algorithms, and 3D vision algorithms, while expanding its product line [2][3] - The introduction of AI-based visual software, such as DeepVision 3, aims to lower the implementation threshold for AI projects and improve development efficiency [3][20] - The company plans to increase R&D investment in key components for humanoid robots, leveraging its experience in industrial robotics [4][30] Market Position - The company has established itself as a national high-tech enterprise and has received accolades such as the "National Manufacturing Single Champion Enterprise in Machine Vision Light Source" [2] - The machine vision market in China is projected to grow significantly, with the market size expected to exceed 395 billion yuan by 2028 [29] Future Outlook - The company forecasts net profits of 181 million yuan, 242 million yuan, and 300 million yuan for 2025, 2026, and 2027, respectively, indicating a strong growth trajectory [6][47] - The report estimates a reasonable valuation range for the company's stock between 103.91 and 118.75 yuan [4][6]