OPPLE(SH:603515) Tianfeng Securities·2025-11-01 09:36Investment Rating - The investment rating for the company is "Buy" with a target price not specified [6][18]. Core Views - The company is entering the smart health era with the launch of the "Youth Edition" luxury smart lighting solution, integrating SDL smart spectrum and a one-stop smart lighting service, marking the lighting industry's entry into the AI health light era [2]. - The company has a strong presence in the B-end business, having served over 130 cities in China with smart street lighting systems, achieving a control system node total exceeding 1 million and an operational rate above 99.5% [2]. - The company's Q3 gross margin was 38.5%, down 1.7 percentage points year-on-year, attributed to initial order acquisition through discounts in the commercial channel, with expectations for improvement as the business develops [3]. - The company experienced a significant decrease in government subsidies, impacting net profit, with Q3 net profit down 12.2% year-on-year, while the non-recurring net profit showed a slight increase of 0.7% [3]. Financial Summary - For the first three quarters of 2025, the company reported revenue of 4.91 billion yuan, a year-on-year decrease of 3.2%, and a net profit of 580 million yuan, down 7.2% [1]. - The company expects net profits for 2025, 2026, and 2027 to be 850 million, 930 million, and 1.02 billion yuan respectively, with corresponding dynamic P/E ratios of 15.3x, 13.9x, and 12.7x [4]. - The company has maintained a leading market position in the domestic home lighting sector, focusing on diversified channel development and product competitiveness [4].