OPT(SH:688686) Guoxin Securities·2025-05-30 09:48Investment 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 capabilities [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][6]. - The company is actively investing in AI technology and exploring applications in humanoid robotics, which are expected to drive future growth [4][30]. 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][33]. - 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 components in automation and machine vision, with a focus on industrial AI technology and new application scenarios [2][3]. - The introduction of AI-based visual software, such as DeepVision 3, aims to lower implementation costs and improve project efficiency [3][20]. - The company plans to increase R&D investment in key components for humanoid robots, leveraging its existing expertise in industrial robotics [4][30]. Market Position - The company has established a comprehensive product line in machine vision, including visual algorithms, AI platforms, and various sensors, positioning itself in the mid-to-high-end market [29][10]. - The machine vision market in China is projected to grow significantly, with the company expected to benefit from this trend [29][6]. 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 estimated reasonable valuation range for the company's stock is between 103.91 and 118.75 yuan [4][6].