联合研究丨公司深度丨奥普特（688686.SH） [Table_Title] 奥普特：AI 为工业视觉插上梦的翅膀，场景积累 构筑龙头先发优势 %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 机器视觉具有长坡厚雪的属性，特点是成长期长、天花板高。2023 年全球机器视觉器件市场规 模达 925 亿元，中国市场已成为市场容量扩大的主要驱动力。根据 GGII 数据，2024 年中国机 器视觉市场规模为 181 亿元。下游修复+产品线延伸助力奥普特业绩增长，同时伴随 AI 加速视 觉应用落地，工业质检等应用有望快速提升，公司凭借光源卡位龙头厂商，未来有望充分受益。 此外，公司正从工业视觉逐步向消费级视觉拓展，并通过收购进入直线电机等运动部件市场， 未来有望形成"视觉+传感+运动控制"的综合能力，为客户提供更完整的系统解决方案。 分析师及联系人 [Table_Author] SAC：S0490517110001 SAC：S0490520030004 SAC：S0490521050001 SFC：BRP550 SFC：BUX668 赵智勇 宗 ...

联合研究丨公司深度丨奥普特（688686.SH） [Table_Title] 奥普特：AI 为工业视觉插上梦的翅膀，场景积累 构筑龙头先发优势 %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 机器视觉具有长坡厚雪的属性，特点是成长期长、天花板高。2023 年全球机器视觉器件市场规 模达 925 亿元，中国市场已成为市场容量扩大的主要驱动力。根据 GGII 数据，2024 年中国机 器视觉市场规模为 181 亿元。下游修复+产品线延伸助力奥普特业绩增长，同时伴随 AI 加速视 觉应用落地，工业质检等应用有望快速提升，公司凭借光源卡位龙头厂商，未来有望充分受益。 此外，公司正从工业视觉逐步向消费级视觉拓展，并通过收购进入直线电机等运动部件市场， 未来有望形成"视觉+传感+运动控制"的综合能力，为客户提供更完整的系统解决方案。 分析师及联系人 [Table_Author] SAC：S0490517110001 SAC：S0490520030004 SAC：S0490521050001 SFC：BRP550 SFC：BUX668 赵智勇 宗 ...

广东奥普特科技股份有限公司 本公司董事会及全体董事保证公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： ? 是否涉及差异化分红送转：是 ? 每股分配比例 证券代码：688686 证券简称：奥普特 公告编号：2025-030 每股现金红利0.25元 ? 相关日期 股权登记日 除权（息）日 现金红利发放日 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司2025 年 5 月 19 日的2024年年度股东大会审议通过。 二、 分配方案 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任 公司上海分公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 不包括公司通过回购专用证券账户持有的 342,767 股。 （1）本次差异化分红方案 拟以实施权益分派股权登记日登记的总股本扣除公司回购专用证券账户中股 份为基数，向全体股东每 10 股派发现金红利 2.50 元（含税），不进行资本公积金 转增股本，不送红股。截至 2025 年 3 月 31 日公司总股本 122,235,455 股，扣除 回 购 专 用 ...

一、本次差异化分红的原因 2024年9月23日，公司召开第三届董事会第十七次会议，审议通过了《关于 以集中竞价交易方式回购公司股份方案的议案》，同意公司使用自有资金以集中 竞价交易方式回购部分公司A股股份，并在未来适宜时机将回购股份用于员工持 股计划或股权激励，回购资金总额不低于人民币3,000万元（含本数），不超过人 民币6,000万元（含本数），回购价格不超过80.00元/股（含本数），回购股份的 期限为自公司董事会审议通过本次回购方案之日起不超过12个月。具体内容详见 公司于2024年9月27日在上海证券交易所网站（www.sse.com.cn）披露的《关于以 集中竞价交易方式回购公司股份的回购报告书》。 国信证券股份有限公司 关于广东奥普特科技股份有限公司 差异化权益分派事项的核查意见 国信证券股份有限公司（以下简称"保荐机构"）作为广东奥普特科技股份 有限公司（以下简称"奥普特""公司"）首次公开发行股票并在科创板上市的 保荐机构。根据《中华人民共和国公司法》（以下简称"《公司法》"）《中华 人民共和国证券法》（以下简称"《证券法》"）《上海证券交易所上市公司自 律监管指引第7号——回购股份》（以下 ...

根据《监管指引第7号》等相关法律法规的规定，回购专用账户中的股份不 享受利润分配的权利。 二、本次差异化分红方案 国信证券股份有限公司 关于广东奥普特科技股份有限公司 差异化权益分派事项的核查意见 国信证券股份有限公司（以下简称"保荐机构"）作为广东奥普特科技股份 有限公司（以下简称"奥普特""公司"）首次公开发行股票并在科创板上市的 保荐机构。根据《中华人民共和国公司法》（以下简称"《公司法》"）《中华 人民共和国证券法》（以下简称"《证券法》"）《上海证券交易所上市公司自 律监管指引第7号——回购股份》（以下简称"《监管指引第7号》"）等相关法 律法规、规范性文件规定，对奥普特2024年度利润分配所涉及的差异化分红事项 进行了核查，具体情况如下： 一、本次差异化分红的原因 2024年9月23日，公司召开第三届董事会第十七次会议，审议通过了《关于 以集中竞价交易方式回购公司股份方案的议案》，同意公司使用自有资金以集中 竞价交易方式回购部分公司A股股份，并在未来适宜时机将回购股份用于员工持 股计划或股权激励，回购资金总额不低于人民币3,000万元（含本数），不超过人 民币6,000万元（含本数），回购价格不超 ...

证券代码：688686 证券简称：奥普特 公告编号：2025-030 广东奥普特科技股份有限公司 2024年年度权益分派实施公告 本公司董事会及全体董事保证公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： | 股权登记日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | | 2025/6/13 | 2025/6/16 | 2025/6/16 | 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司2025 年 5 月 19 日的2024年年度股东大会审议通过。 二、 分配方案 1. 发放年度：2024年年度 2. 分派对象： 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任 公司上海分公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 不包括公司通过回购专用证券账户持有的 342,767 股。 3. 差异化分红送转方案： （1）本次差异化分红方案 是否涉及差异化分红送转：是 每股分配比例 每股现金红利0.25元 相关日期 拟以实施权益分派股权登记日登记的总股本扣除 ...

证券代码：688686 证券简称：奥普特 公告编号：2025-030 广东奥普特科技股份有限公司 2024年年度权益分派实施公告 本公司董事会及全体董事保证公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： | 股权登记日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | | 2025/6/13 | 2025/6/16 | 2025/6/16 | 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司2025 年 5 月 19 日的2024年年度股东大会审议通过。 二、 分配方案 3. 差异化分红送转方案： （1）本次差异化分红方案 是否涉及差异化分红送转：是 每股分配比例 每股现金红利0.25元 相关日期 拟以实施权益分派股权登记日登记的总股本扣除公司回购专用证券账户中股 份为基数，向全体股东每 10 股派发现金红利 2.50 元（含税），不进行资本公积金 转增股本，不送红股。截至 2025 年 3 月 31 日公司总股本 122,235,455 股，扣除 回购 专用 证券 账户中 股份 数 34 ...

Group 1: Tianyang Technology - Tianyang Technology ranks first in the domestic credit card sector and is actively expanding into overseas markets [1] - The company has launched credit card products that allow for stablecoin top-ups, benefiting from mature technology and favorable regulatory policies [1] - Stablecoin cross-border payments do not require the SWIFT system, offering faster transactions, transparent fees, and lower costs, making them popular among cross-border trade enterprises [1] - Financial technology companies need blockchain development capabilities and market sensitivity, with RWA still growing, and non-performing assets can be used as underlying assets in the short term [1] - Stablecoin payments are decentralized, eliminating intermediary banks and reducing costs, with transactions completed within 30 seconds [1] - The issuance of stablecoins has high thresholds, with liquid stablecoins like USDT and USDC expected to dominate the market [1] - Not all countries have a demand for stablecoin issuance, as stablecoins represent the digitization of fiat currency, reinforcing the dominance of the US dollar [1] - Tianyang Technology collaborates with leading manufacturers to expand into Southeast Asia and provide credit card migration and technical support [1] Group 2: Optoelectronics - Optoelectronics is experiencing strong growth in the semiconductor and automotive industries, with projected revenues of 50.81 million and 32.10 million in 2024, representing year-on-year growth of 44.08% and 89.95% respectively [2] - The company is optimizing its sales model, focusing on buyout sales while gradually increasing the sales of standardized products, with plans to expand regional distribution models [2] - To enhance product standardization, the company is promoting the transformation of technological achievements into standardized and modular products, improving scalability and replicability [2] - The core product lines in visual software, including SciVision, Smart3, and DeepVision3, have undergone multiple technological upgrades and product iterations [2] - The future development strategy aims to establish the company as a leading international supplier of core automation components, focusing on key areas of perception and decision-making [2] - Key growth drivers include increased penetration of machine vision across industries, enhanced customer awareness, advancements in industrial AI technology, and global expansion supporting domestic substitution [2]

Investment Rating - The report assigns an "Outperform" rating to the company for the first time [4]. Core Views - The company is a leading player in the machine vision sector, focusing on expanding its artificial intelligence visual algorithm software capabilities [1][2]. - The company has experienced a revenue decline in 2024 but shows signs of recovery in early 2025, driven by demand in the semiconductor and automotive industries [1][6]. - The company is actively investing in AI technology and exploring applications in humanoid robotics, which are expected to drive future growth [4][30]. Financial Summary - In 2024, the company achieved revenue of 911 million yuan, a year-on-year decrease of 3.44%, and a net profit of 136 million yuan, down 29.66% [1][7]. - The first quarter of 2025 saw a revenue increase of 18.09% year-on-year, reaching 268 million yuan, with a net profit of 58 million yuan, up 0.97% [1][33]. - The company's gross margin for 2024 was 63.57%, with a net margin of 14.95%, both showing a decline compared to the previous year [1][36]. Business Development - The company is enhancing its core components in automation and machine vision, with a focus on industrial AI technology and new application scenarios [2][3]. - The introduction of AI-based visual software, such as DeepVision 3, aims to lower implementation costs and improve project efficiency [3][20]. - The company plans to increase R&D investment in key components for humanoid robots, leveraging its existing expertise in industrial robotics [4][30]. Market Position - The company has established a comprehensive product line in machine vision, including visual algorithms, AI platforms, and various sensors, positioning itself in the mid-to-high-end market [29][10]. - The machine vision market in China is projected to grow significantly, with the company expected to benefit from this trend [29][6]. Future Outlook - The company forecasts net profits of 181 million yuan, 242 million yuan, and 300 million yuan for 2025, 2026, and 2027, respectively, indicating a strong growth trajectory [6][47]. - The estimated reasonable valuation range for the company's stock is between 103.91 and 118.75 yuan [4][6].

Investment Rating - The report assigns an "Outperform" rating to the company for the first time [4] Core Views - The company is a leading player in the machine vision sector, focusing on expanding its artificial intelligence visual algorithm software offerings [1][2] - The company has experienced a revenue decline in 2024 but shows signs of recovery in early 2025, driven by demand in the semiconductor and automotive industries [1][3] - The company is actively investing in AI technology and exploring applications in humanoid robotics, aiming to enhance its competitive edge in automation core components [4][6] Financial Summary - In 2024, the company achieved revenue of 911 million yuan, a year-on-year decrease of 3.44%, and a net profit of 136 million yuan, down 29.66% [1][7] - The first quarter of 2025 saw a revenue increase of 18.09% year-on-year, reaching 268 million yuan, with a net profit of 58 million yuan, up 0.97% [1][6] - The company's gross margin for 2024 was 63.57%, with a net margin of 14.95%, both showing a decline compared to the previous year [1][36] Business Development - The company is enhancing its core technology in industrial AI algorithms, traditional vision algorithms, and 3D vision algorithms, while expanding its product line [2][3] - The introduction of AI-based visual software, such as DeepVision 3, aims to lower the implementation threshold for AI projects and improve development efficiency [3][20] - The company plans to increase R&D investment in key components for humanoid robots, leveraging its experience in industrial robotics [4][30] Market Position - The company has established itself as a national high-tech enterprise and has received accolades such as the "National Manufacturing Single Champion Enterprise in Machine Vision Light Source" [2] - The machine vision market in China is projected to grow significantly, with the market size expected to exceed 395 billion yuan by 2028 [29] Future Outlook - The company forecasts net profits of 181 million yuan, 242 million yuan, and 300 million yuan for 2025, 2026, and 2027, respectively, indicating a strong growth trajectory [6][47] - The report estimates a reasonable valuation range for the company's stock between 103.91 and 118.75 yuan [4][6]