OPT(SH:688686) Shenwan Hongyuan Securities·2025-11-03 04:45Investment Rating - The report maintains a "Buy" rating for the company [2] Core Insights - The company has experienced a recovery in downstream demand, significantly improving profitability and operational efficiency. The 3C industry revenue reached 600 million yuan, a year-on-year increase of 27.68%, driven by the large-scale application of industrial AI technology in consumer electronics manufacturing. The lithium battery sector also showed stable recovery, with revenue of 260 million yuan, up 51.07% year-on-year [8] - The net profit margin improved in Q3, reaching 11.83%, an increase of 3.02 percentage points year-on-year. The company's net profit attributable to the parent company for the first three quarters was 190 million yuan, a year-on-year increase of 55.75% [8] - The company has partnered with Yujian Technology to enter the collaborative robot field, enhancing logistics automation and sorting efficiency. The company has established a robotics division and is applying advanced visual technology to various robotic scenarios [8] - The profit forecasts for 2025-2027 have been adjusted downwards due to the verification cycle for new product releases and upfront costs. The expected profits for 2025-2027 are 201 million, 285 million, and 364 million yuan, respectively [8] Financial Data and Earnings Forecast - Total revenue for 2025 is projected to be 1,161 million yuan, with a year-on-year growth rate of 27.4%. The net profit for 2025 is expected to be 201 million yuan, reflecting a year-on-year growth of 47.9% [7] - The company's earnings per share (EPS) for 2025 is estimated at 1.65 yuan, with a projected price-to-earnings (PE) ratio of 77 [7] - The company's return on equity (ROE) is expected to increase to 6.5% by 2025 [7]