OTIC(000962) 中邮证券·2025-04-17 07:33Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase in stock price of over 20% compared to the benchmark index within the next six months [5][12]. Core Insights - The company reported a revenue of 1.281 billion yuan for 2024, reflecting a year-on-year growth of 15.57%. The net profit attributable to shareholders was 213 million yuan, up 13.94% year-on-year [3][5]. - The growth in performance is primarily driven by product structure optimization, with a focus on high-temperature alloys, semiconductors, and superconductors, despite a decline in the tantalum powder and wire market [3][4]. - The company has several projects underway, including the construction of new production lines and a digital factory, which are expected to enhance production capacity and efficiency [4]. Financial Projections - Revenue projections for 2025, 2026, and 2027 are estimated at 1.969 billion yuan, 2.522 billion yuan, and 2.822 billion yuan, respectively, with year-on-year growth rates of 53.72%, 28.12%, and 11.88% [5][8]. - The net profit attributable to shareholders is projected to be 291 million yuan, 371 million yuan, and 417 million yuan for the years 2025, 2026, and 2027, with corresponding growth rates of 36.57%, 27.38%, and 12.36% [5][8]. - The earnings per share (EPS) are expected to increase to 0.58 yuan, 0.73 yuan, and 0.83 yuan over the same period [5][8]. Company Overview - The company has a total share capital of 505 million shares, with a market capitalization of 7.3 billion yuan [2][3]. - The company’s debt-to-asset ratio stands at 14.8%, indicating a relatively low level of financial leverage [2].