Investor Presentaiton
OPT: largest domestic integrated machine vision supplier
OPT enjoys higher GPM than its domestic peers due to the difference of business structure.
Compared with its international pers, OPT's GPM is slightly lower, mainly because they have more advantages in
technology and pricing power, provide standard products with diversified downstream application users.
GPM comparison for OPT & peers in 2017-21
OPT's revenue breakdown by segment in 2020-24E
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
OPT
Keyence Cognex Hangzhou Daheng New
Hikvision Epoch
2017 2018 ■2019 2020 2021
Source: Company data, Macquarie Research, May 2023
RMB, m
2,500
2,000
1,500
1,000
500
0
3C 3yr CAGR: 26.6%
New energy 3yr CAGR: 55.3%
2020
2021
2022E
■New energy ■3C
■ Others
2023E
2024E
17
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