OPT(SH:688686) Dongguan Securities·2025-09-01 13:04Investment Rating - The report maintains an "Accumulate" rating for the company [2][7]. Core Views - The company has demonstrated significant growth in revenue and net profit for the first half of 2025, with revenue reaching 683 million yuan, a year-on-year increase of 30.68%, and net profit of 146 million yuan, up 28.80% [7]. - The company's AI business has shown high growth, particularly in the 3C and lithium battery sectors, with revenues of 439 million yuan and 167 million yuan respectively, reflecting year-on-year increases of 23.82% and 49.35% [7]. - The dual-track development strategy focusing on industrial automation and intelligent robotics is expected to enhance the company's core competitiveness and customer loyalty [7]. - The report projects earnings per share (EPS) for 2025-2027 to be 1.55 yuan, 2.01 yuan, and 2.42 yuan respectively, with corresponding price-to-earnings (PE) ratios of 93x, 71x, and 59x [7]. Financial Summary - For the first half of 2025, the company achieved a gross margin of 65.47%, a slight decrease of 0.54 percentage points year-on-year, while the net margin improved to 21.75%, an increase of 0.05 percentage points [7]. - The company’s total revenue is projected to grow from 911 million yuan in 2024 to 1.510 billion yuan in 2027, with net profit expected to rise from 136 million yuan in 2024 to 302 million yuan in 2027 [9].