奥普特(A)2026年三季度业绩符合预期，AI相关系统解决方案强劲增长；上调目标价；维持跑输大盘评级

OPT announced 3Q26 results on 26 October. Revenue rose 46% YoY to RMB482mn, gross margin fell 1.1ppt YoY to 56.5%, clean EBIT surged 159% YoY to RMB68mn with OPEX/revenue down 7.2ppt to 42.3%, and net profit grew 67% YoY to RMB61mn, largely in line with BofAe. Net margin rose 1.6ppt to 12.7%. In 9M26 revenue grew 37% YoY to RMB1.4bn on resilient AI-related product growth, with net profit up 27% to RMB232mn and core profit up 29%. In 3Q26 the semiconductor segment grew 265% YoY with revenue contribution rising to 19% (vs. 14% in 2Q26); battery revenue rose 64% YoY to RMB149mn; 3C grew only 2% YoY;