【行业研究报告】奥普特-2022年三季报点评：新能源持续快速放量，Q3业绩实现稳步增长

withexpectations.3Cordersaresubjecttoseasonalfluctuation,withmanyconfirmed
ordersinQ2.Webelievethatthe3Crevenuein2022Q3willdeclinesignificantlyMoM,
whileincreaseslightlyYoY.Thenewenergyrevenuestillachievedrapidgrowth,driving
whileincreaseslightlyYoY.Thenewenergyrevenuestillachievedrapidgrowth,driving
Q3revenuetocontinuetogrowsteadily.Lookingforwardto2022,thedeliveryofnew
energyorderswillcontinuetogrowrapidly,thedemandfor3Corderswillbestable,and
revenuegrowthisexpectedtomaintainrapidthroughouttheyear.
◼ThechangeinproductstructureledtoaMoMdecreaseingrossprofitmargin,
andtheshare-basedpaymentreducedquarterlyprofits.
During2022Q1-Q3,OPT'snetprofitattributabletoshareholdersofthecompany
roseby28.34%YoYtoRMB280mn.In2022Q3,itsnetprofitattributableto
shareholdersofthecompanyroseby12.76%YoYtoRMB84mn,whilethenetprofit
margindecreasedby2.47pctYoYto27.24%,indicatingadeclineinprofitability.1)
Grossprofit:thegrossprofitmarginof2022Q3viewedaslightincreaseto65.27%
(+0.66pctYoY,-4.23pctMoM).Webelievethatitismainlyduetothesignificant
increaseofnewenergyrevenuein2022Q3comparedwiththatofQ2;2)Expense:In
2022Q3,theperiodexpenserateroseby3.42pctYoYto35.12%,whichisthemain
causeforthedeclineofprofitability.Sellinganddistribution/generaland
administrative/R&D/financialexpensesin2022Q3rose+1.40pct/-0.10pct/
+1.61pct/+0.51pctYoYrespectively.TheincreaseinsellinganddistributionandR&D
expenserateswasmainlyduetotheincreaseofrelatedpersonnel,share-basedpayment,
etc.Theshare-basedpaymentexpenseofthequarterwasRMB8.09mn,whichif
excluded,thenetprofitattributabletoshareholdersofthecompanyincreasedby21.97%
YoY,approachingtothegrowthrateoftherevenue.
◼EarningsForecast&Rating:WemaintaintheOutperformrating,considering
continuousexpansionofnewenergybusiness.Projectednetprofitsattributableto