证券研究报告·公司点评报告·光伏设备 奥特维（688516） 2025 年中报点评：业绩受行业周期影响短期 承压，看好平台化布局&海外市场拓展 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 6,302 | 9,198 | 7,092 | 6,187 | 6,472 | | 同比（%） | 78.05 | 45.94 | (22.89) | (12.76) | 4.60 | | 归母净利润（百万元） | 1,255.82 | 1,272.90 | 729.46 | 607.09 | 644.31 | | 同比（%） | 76.10 | 1.36 | (42.69) | (16.77) | 6.13 | | EPS-最新摊薄（元/股） | 3.98 | 4.04 | 2.31 | 1.93 | 2.04 | | P/E（现价&最新摊薄） | 10.39 | 10.25 | 17.88 | 21.48 | 20.24 ...

Core Viewpoint - The company reported a significant increase in revenue for 2024, but a decline in Q1 2025, indicating potential challenges ahead [1][2]. Revenue and Profit Summary - In 2024, the company achieved revenue of 9.2 billion, a year-on-year increase of 46%, with net profit attributable to shareholders at 1.27 billion, a slight increase of 1% [1][2]. - For Q1 2025, revenue dropped to 1.53 billion, a year-on-year decrease of 22%, and net profit fell to 140 million, down 58% year-on-year [1][2]. Order and Inventory Status - As of the end of 2024, the company had contract liabilities of 2.63 billion, a decrease of 33% year-on-year, and inventory of 5.34 billion, down 30% year-on-year [3]. - New orders signed in 2024 totaled 10.15 billion, a decline of 22% year-on-year, with a backlog of 11.83 billion, down 10% year-on-year [3]. Market and Product Development - The company is expanding its overseas presence, establishing a joint venture in Malaysia focused on automation equipment, expected to start production in 2025 [4]. - In the photovoltaic sector, the company holds over 70% global market share in module string welding machines and secured 1.3 billion in overseas orders for low-oxygen monocrystalline furnaces [4]. - In the lithium battery sector, the company received significant orders for module PACK lines, while in the semiconductor sector, new orders exceeded 100 million [4]. Future Outlook - Revenue projections for 2025-2027 are 8.35 billion, 7.95 billion, and 8.55 billion, with year-on-year growth rates of -9%, -5%, and +7% respectively [5]. - Net profit forecasts for the same period are 1.14 billion, 1.01 billion, and 1.13 billion, with year-on-year growth rates of -10%, -12%, and +12% respectively [5].