OPT(688686) 国泰君安·2024-05-06 02:02Investment Rating - The investment rating for the company is "Buy" with a target price of 88.56 CNY, down from the previous target of 131.85 CNY [10][11]. Core Insights - The company's performance is under pressure due to lower-than-expected recovery in the 3C and lithium battery industries, leading to a downward revision of EPS for 2024 and 2025 to 2.46 CNY and 3.25 CNY respectively, with a new estimate for 2026 at 4.13 CNY [10]. - Despite the short-term challenges, the company is maintaining high R&D investment, which accounted for 21.4% of revenue in 2023, and is actively expanding its product lines and customer base [10]. Financial Summary - Revenue: 2022 revenue was 1,141 million CNY, which decreased to 944 million CNY in 2023, a decline of 17%. Expected revenue for 2024 is 1,163 million CNY, with a projected growth of 23% [3]. - Operating Profit (EBIT): EBIT fell from 311 million CNY in 2022 to 157 million CNY in 2023, a decrease of 50%. It is expected to recover to 319 million CNY in 2024 [3]. - Net Profit: The net profit attributable to shareholders decreased from 325 million CNY in 2022 to 194 million CNY in 2023, a decline of 40%. The forecast for 2024 is 301 million CNY [3]. - Earnings Per Share (EPS): EPS dropped from 2.66 CNY in 2022 to 1.58 CNY in 2023, with projections of 2.46 CNY for 2024 and 3.25 CNY for 2025 [3]. Profitability and Valuation Metrics - Operating Margin: The operating margin decreased from 27.3% in 2022 to 16.6% in 2023, with an expected recovery to 27.4% in 2024 [3]. - Return on Equity (ROE): ROE fell from 11.7% in 2022 to 6.7% in 2023, with projections of 9.7% for 2024 [3]. - Price-to-Earnings Ratio (PE): The PE ratio is projected to be 31.09 for 2024, down from 48.32 in 2023 [3]. Industry Context - The company is positioned as a leader in the machine vision core components sector and is actively expanding into new markets, despite facing short-term pressures from the 3C and lithium battery sectors [10].