公司研究 证 券 研 究 报 告 奥普科技（603551）2025 年三季报点评 推荐（维持） 业绩受地产影响承压，期待公司经营改善 目标价：15.2 元 事项： 奥普科技发布 2025 年三季报，公司 2025Q3 单季度实现营收 4.3 亿元， YoY+0.4%；实现归母净利润 0.5 亿元，YoY-18.6%，实现扣非归母净利润 0.5 亿元，YoY-14.5%。 评论： 风险提示：原材料价格波动，行业竞争加剧，新品销售不及预期。 [主要财务指标 ReportFinancialIndex] | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 1,866 | 1,888 | 1,986 | 2,111 | | 同比增速(%) | -6.5% | 1.2% | 5.2% | 6.3% | | 归母净利润(百万) | 297 | 280 | 306 | 341 | | 同比增速(%) | -3.9% | -6.0% | 9.5% | 11.4% | | 每股盈利(元) | 0.76 | 0.72 | ...

Core Viewpoint - Aopu Technology's H1 2025 financial results show a decline in revenue but an increase in net profit, indicating mixed performance influenced by the real estate market [1][2]. Financial Performance - In H1 2025, Aopu Technology achieved revenue of 820 million yuan, a year-over-year decrease of 4.9% [1]. - The net profit attributable to shareholders for H1 2025 was 130 million yuan, reflecting a year-over-year increase of 7.8% [1]. - For Q2 2025, the company reported revenue of 470 million yuan, down 1.5% year-over-year, and a net profit of 80 million yuan, up 15.4% year-over-year [1]. Business Segment Analysis - The electrical appliances segment generated revenue of 670 million yuan in H1 2025, a year-over-year increase of 0.9% [1]. - The materials segment saw revenue decline to 140 million yuan, a year-over-year drop of 21.3%, primarily due to low demand in the real estate sector [1]. Profitability and Cost Management - Aopu Technology's gross margin for H1 2025 was 44.5%, a decrease of 1.5 percentage points year-over-year [2]. - The gross margins for the electrical appliances and materials segments were 50.5% and 16.8%, respectively, with year-over-year declines of 2.7 percentage points and 5.1 percentage points [2]. - The net profit margin for Q2 2025 reached 17.3%, an increase of 2.5 percentage points year-over-year, attributed to a reduction in expense ratios [2]. Expense Management - The company successfully reduced its expense ratio by 4.6 percentage points year-over-year, with significant reductions in advertising expenses, which fell by 38.2% [2]. Future Outlook - Aopu Technology's projected net profits for 2025-2027 are 310 million, 330 million, and 360 million yuan, corresponding to price-to-earnings ratios of 16, 14, and 13 times, respectively [3]. - The target price for the company is set at 16.1 yuan, maintaining a "recommended" rating [3].