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A significant contract worth 297 million yuan has brought this CAS (Chinese Academy of Sciences) affiliated company, specializing in optoelectronic measurement and control technology, into the spotlight, but the surge in accounts receivable and cash flow issues conceal risks.
On September 17, the sensor concept surged, with Optech (002338) hitting the daily limit. This marks the seventh time this stock has reached its limit in the past year.
Recently, the company disclosed a contract for the development of a certain optical system worth 297 million yuan, accounting for 39.84% of total revenue in 2024, which excited the market.
As a state-owned enterprise controlled by the Changchun Institute of Optics, Fine Mechanics and Physics of the Chinese Academy of Sciences, Optech not only undertakes major national projects such as Shenzhou and Chang’e but also has its high-end grating scales used in semiconductor equipment and is in contact with major humanoid robot manufacturers.
01 Core Business: Dominated by Military Electronics, Accelerating Diversified Layout
Optech’s main business includesoptoelectronic measurement and control instruments, aerospace cameras, and new radar antenna bases. According to the company’s financial report, revenue from aerospace and national defense military products accounts for over 70%, establishing a leading position in the military products field.
In the company’s revenue composition, composite materials account for 39.66%, optoelectronic measurement instruments 35.21%, grating sensors 22.44%, optical materials 1.85%, and other products 0.84%.
This business structure gives Optech astrong technical barrier and market advantage in military electronics.
02 Performance: Slight Revenue Decline, Net Profit Drop
In the first half of 2025, Optech achieved operating revenue of 360 million yuan, a year-on-year decrease of 1.12%; net profit attributable to the parent company was 30.8416 million yuan, a year-on-year decrease of 9.51%;the net profit after deducting non-recurring gains was 26.0325 million yuan, a year-on-year decrease of 7.57%.
The company’s gross profit margin is 36.49%, down 0.49 percentage points year-on-year; the net profit margin is 14.38%, down 0.80 percentage points compared to the same period last year. The decline in performance is mainly affected by changes in market demand and increased R&D investment.
Despite the short-term pressure on performance, the company’s revenue in the second quarter of 2025 was 194 million yuan, a year-on-year increase of 1.1%, indicating signs of stabilization and recovery.
03 Highlight Breakthrough: Major Contract Orders, Verification of Technical Strength
In May this year, Optech signed a contract for the development of a certain optical system worth297 million yuan, accounting for 39.84% of the company’s revenue in 2024. This contract not only significantly enhances the company’s future performance expectations but also effectively verifies the company’s technical strength in precision optical manufacturing.
The company has shown outstanding performance in precision optical processing capabilities, with the shape accuracy and surface roughness of its optical components reaching the nanometer level, leading in the domestic market. The signing of this contract lays a solid foundation for the company’s future development in precision optical manufacturing.
04 Subsidiary Performance: Collaborative Development Across Multiple Fields
Optech achieves diversified layout through several holding subsidiaries:
Yuheng Optics (holding 54.74%) is the only domestic manufacturer capable of mass-producing high-end grating scales, with its absolute grating scales being the mainstream product for high-end displacement sensors that replace imports in bulk. The company’s high-end grating scales have been used in semiconductor equipment and are in contact with major humanoid robot manufacturers.
Changguang Aerospace (holding 51%) is an important supplier in the domestic aerospace composite materials field, with products mainly applied in commercial aerospace, space cameras, and weaponry. Last year, it achieved revenue of 297 million yuan, with a net profit of 75 million yuan, a year-on-year increase of 18.2%.
Changguang Chenchip (25.56% stake) is a leading domestic CMOS image sensor company, achieving revenue of 673 million yuan last year, a year-on-year increase of 11.28%.
05 Technical Advantages: Backed by Changguang Institute, Collaborative Innovation
Optech’s ultimate controller is the Changchun Institute of Optics, Fine Mechanics and Physics of the Chinese Academy of Sciences, which is a state-owned enterprise. The Changguang Institute is one of the most important research institutes in the domestic optics field and is also thecore force in the domestic extreme ultraviolet (EUV) lithography field.
Since the 1990s, the Changguang Institute has focused on research in extreme ultraviolet (EUV)/X-ray imaging technology, developing the first EUV lithography principle device in China in 2002. In 2017, the national major science and technology project “Key Technology Research on Extreme Ultraviolet (EUV) Lithography” undertaken by the Changguang Institute passed acceptance.
Through close cooperation with the Changguang Institute, Optech has gained continuous technological innovation capabilities and collaborative advantages in production, learning, and research. Last October, the company announced the signing of a “Technology Transfer (Patent Implementation License) Contract” with the Changguang Institute, obtaining a one-year usage right for related technologies for 2 million yuan.
06 Financial Risks: High Accounts Receivable, Cash Flow Pressure
Optech’s financial situation has some risk points worth noting:
In the first half of this year, the company’saccounts receivable increased by 39.39% compared to the beginning of the period, far exceeding the 1.12% decline in operating revenue year-on-year. The accounts receivable to operating revenue ratio reached 160.07%, indicating a deterioration in the company’s collection ability.
More concerning is that the company’s net cash flow from operating activities has remained negative, amounting to -34.5515 million yuan in the first half of the year. Although there has been some improvement year-on-year, there is a significant divergence between net profit and net cash flow from operating activities.
The proportion of non-recurring gains is also relatively high, with the ratio of non-recurring gains to net profit reaching 38.6% during the reporting period, indicating that the quality of the company’s profits is not high, and the profitability of its main business needs to be strengthened.
07 Future Growth Points: Semiconductors + Robotics + Commercial Aerospace
Optech’s future growth points are mainly concentrated in three areas:
Semiconductor Equipment Field: Subsidiary Yuheng Optics has already supplied high-end grating scales in small batches to semiconductor equipment manufacturers, with plans to increase testing quantities in 2025.
Robotics Field: The company has multiple encoders already applied in the robotics field, with a market share of about 40% for those equipped with servo motors. The company is in contact with mainstream humanoid robot manufacturers to explore new application areas.
Commercial Aerospace Field: With the explosion of commercial aerospace, the demand for composite materials from subsidiary Changguang Aerospace is expected to rise rapidly. The company’s composite material arrow structure has been successfully applied in the Kuaizhou rocket series, and the composite material camera structure has been successfully used in satellites like Oman Smart Remote Sensing No. 1.
08 Investment Strategy: Long-term Focus, Timely Layout
Based on the analysis of Optech’s fundamentals and industry prospects, the following investment strategies are proposed:
For investors with a strong risk tolerance, consider buying on dips. The company’s current price-to-earnings ratio (TTM) is about 211.01 times, which is relatively high, but considering the company’s orders on hand and future development prospects, the long-term investment value is worth noting.
For conservative investors, it is recommended to wait for signals of improvement in the company’s financial quality, such as alleviation of accounts receivable issues and positive operating cash flow, before considering entry.
Investors should closely monitor the execution progress of the 297 million yuan major contract and the promotion of high-end grating scales in the semiconductor equipment field, as these may be important leading indicators of the company’s performance turning point.
Optech, backed by the technical foundation of the Changguang Institute of Optics, holds a significant 297 million yuan contract and has penetrated the semiconductor supply chain with high-end grating scales, placing it at the intersection of several hot concepts.
However, issues such as the rapid growth of accounts receivable exceeding revenue growth and the continuous negative cash flow from operating activities cannot be ignored.
Investors need to be clear that this company, with its dazzling labels of “state-owned enterprise + lithography machine + robotics,” also facesreal challenges in improving financial quality. It may require more time to meet market expectations.
Data Source: This article is based on publicly available information such as announcements from listed companies, financial reports, investor relations activity records, and brokerage research reports, including Optech’s 2025 semi-annual report, announcements regarding major contract signing, and research reports from Huaxi Securities, Guotai Junan, and others.
Disclaimer: The content of this article does not constitute any investment advice, and investors should make independent judgments and bear investment risks. The market has risks, and investment requires caution.
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