OTIC(000962) 中邮证券·2025-04-17 08:23Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 20% compared to the benchmark index within the next six months [12]. Core Insights - The company reported a revenue of 1.281 billion yuan for 2024, representing 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 company's performance is driven by product structure optimization, with a focus on high-temperature alloys, semiconductors, and superconductors, despite challenges in the tantalum powder and wire market [3]. - 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]. - Research and development investments reached 91.72 million yuan in 2024, a year-on-year increase of 11%, with significant achievements in technology and patent applications [4]. Financial Summary - Projected revenues for 2025, 2026, and 2027 are 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 expected to be 291 million yuan in 2025, 371 million yuan in 2026, and 417 million yuan in 2027, with corresponding growth rates of 36.57%, 27.38%, and 12.36% [5][8]. - The company's earnings per share (EPS) are projected to be 0.58 yuan in 2025, 0.73 yuan in 2026, and 0.83 yuan in 2027 [5][8].