Goldman Sachs on RoboTechnik (300757): CPO, OCS and Silicon Photonics Drive Test and Packaging Equipment Growth; 2Q26 Big Beat; Buy
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Goldman Sachs keeps RoboTechnik (300757.SZ) at Buy and lifts its 12-month target price 1% to Rmb796 from Rmb788, implying 48.3% upside from Rmb536.70, after a large 2Q26 beat. Revenue of Rmb445mn surged 193% YoY and 172% QoQ, exceeding Goldman's estimate by 141%, with optical component assembly and test equipment now 82% of 1H26 revenue. Gross margin of 43.6% beat expectations on a richer product mix, and net profit of Rmb45mn topped the Rmb18mn estimate by 149%. Momentum is building: CPO equipment has entered mass production and begun contributing revenue; OCS equipment completed its first production-line delivery with more lines from 2H26; and the company won a Rmb1.3bn optical module packaging equipment order from a single customer, taking total optical equipment backlog to Rmb2.5bn at end-2Q26. Goldman raises 2026-30E net profit forecasts by 294%/723%/673%/415%/276%, projecting a 114% net profit CAGR and 2027E net profit of Rmb3.84bn (EPS Rmb22.94). The target uses 20.7x 2031E P/E discounted to 2027E at an 11.3% cost of equity, implying 35x 2027E PE versus 23x currently. Downside risks: intensified competition, weaker optical connectivity demand, and a harsher photovoltaic downturn.