Investment Rating - The report maintains a "Recommend" rating for the company, indicating a positive outlook with expected outperformance relative to the benchmark index [4][7] Core Views - The company reported steady revenue growth in Q3 2024, with revenue reaching 2.22 billion yuan, a year-on-year increase of 1.07% and a quarter-on-quarter increase of 4.62% [3] - Net profit attributable to the parent company decreased by 19.28% year-on-year for the first three quarters of 2024, primarily due to a one-time land compensation payment in the same period last year [3] - The company's microscope business is expected to benefit significantly from national equipment renewal policies, particularly in education, culture, and healthcare sectors [4] - The company is a national champion in optical microscope manufacturing, positioning it well to capitalize on the equipment renewal trend [4] Financial Performance - For the first three quarters of 2024, the company achieved revenue of 6.51 billion yuan, a year-on-year increase of 6.54%, and net profit attributable to the parent company of 1.40 billion yuan, a year-on-year decrease of 19.28% [3] - Q3 2024 gross margin was 39.36%, a year-on-year increase of 1.1 percentage points, while net margin was 18.26%, a year-on-year decrease of 7.93 percentage points [3] - The company is forecasted to achieve revenue of 9.37 billion yuan in 2024, 12.76 billion yuan in 2025, and 16.92 billion yuan in 2026, representing year-on-year growth rates of 10%, 36%, and 33% respectively [4][6] - Net profit attributable to the parent company is projected to grow to 2.38 billion yuan in 2024, 3.21 billion yuan in 2025, and 4.24 billion yuan in 2026, with corresponding growth rates of 1%, 35%, and 32% [4][6] Business Outlook - The company's scientific instruments business is expected to benefit from domestic substitution and equipment renewal policies, offering significant growth potential [4] - The core optical components business has established relationships with leading clients in various niche markets, with the laser radar segment showing promising growth prospects [4] - The company's PE ratio is projected to decrease from 25 times in 2024 to 14 times in 2026, indicating improving valuation metrics [4][6] Financial Projections - The company's gross margin is expected to remain stable at around 40% from 2024 to 2026 [6] - ROE is forecasted to increase from 11.54% in 2024 to 15.10% in 2026, reflecting improving profitability [12] - EPS is projected to grow from 2.14 yuan in 2024 to 3.82 yuan in 2026 [6][12]

10月28日晚间，永新光学(603297)发布2024年三季报，公司前三季度实现总营业收入6.51亿元，同比增 长6.54%；实现归母净利润1.40亿元，同比减少19.28%，扣非净利润1.18亿元，同比增长1.36%。 公司表示，净利润同比下降主要受上年同期收到分公司土地征收补偿影响。 尽管面临净利润下滑，公司总资产和归属于上市公司股东的所有者权益分别增长5.74%和2.58%，显示 公司整体财务状况仍保持稳健。 永新光学作为一家专注于光学及光学仪器研发、制造和销售的企业，公司主要产品包括显微镜、光学零 件及相关精密光学设备，广泛应用于生命科学、教育、医疗、工业检测等多个领域。 永新光学在光学制造和创新方面积累了丰富的经验，拥有一流的研发团队与先进的生产设备。 公司持续聚焦技术创新，报告显示，2024年前三季度，研发投入达7876.93万元，研发费用同比增长 17.48%，占主营业务的12.11%。 根据公司半年报，在上半年公司实现了高端显微镜和核心光学部件等方面的技术突破，推出NSR950、 NCF1000等高端显微镜，并实现全套复消色差物镜及NA1.49大数值孔径物镜的批量生产。 同时，公司主导制定的I ...

宁波永新光学股份有限公司 2024 年第三季度报告 单位：元 币种：人民币 证券代码：603297 证券简称：永新光学 宁波永新光学股份有限公司 2024 年第三季度报告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，不存 在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务信息 的真实、准确、完整。 第三季度财务报表是否经审计 □是 √否 一、 主要财务数据 （一） 主要会计数据和财务指标 | --- | --- | --- | --- | --- | |------------------------------------------------|----------------|--------------------------------------|----------------|---------------------- ...

的差距,公司已成为国内唯一同时具备自主研发生产超分辨和共聚焦光 学显微镜的厂商。 2024年10月19日 证券研究报告|公司研究|公司点评 | --- | --- | --- | --- | --- | |--------------------------------------------------------------------|---------|----------------------|----------------------------------------------------|--------------| | | | | | | | 永新光学 (603297) | | 投资评级 | | 买入 | | 光学产品放量,迈入国产替代新阶段 | | | | 首次评级 | | | | 2024年 10月18日 | | | | 报告正文 ◆ 深耕高端光学行业，服务全球头部客户 | | 收盘价(元): | | 72.93 | | 公司主要业务由光学显微镜、条码机器视觉、车载激光雷达和医疗光学四 | | 公司基本数据 | | | | 部分组成，主要产品包括光学显微镜、条码扫描仪镜头、自动变 ...

永新光学（603297.SH） 优于大市 上半年收入同比增长近 10%，条码扫描业务快速恢复 上半年收入同比增长 9.6%，净利润有所承压。公司发布 2024 年半年度报告， 1H24 营业收入 4.28 亿元(YoY 9.62%)；归母净利润 1.00 亿元(YoY -14.07%)， 主要受汇兑收益较上年同期大幅减少及研发投入大幅增加等影响；扣非归母 净利润 0.85 亿元(YoY 1.60%)。其中 2Q24 营业收入 2.12 亿元(YoY 4.86%， QoQ -1.62%)，归母净利润 0.54 亿元(YoY -21.13%，QoQ 18.58%)，扣非归 母净利润 0.45 亿元(YoY -13.58%，QoQ 14.14%)。1H24 毛利率 38.93%(YoY -1.36pct)，其中 2Q24 毛利率 40.17%(YoY -1.61pct，QoQ 2.46pct)。 光学显微镜收入有所下滑，光学元组件收入快速恢复。分业务看，公司 1H24 光学显微镜业务实现销售收入 1.63 亿元，同比下降 12.78%；根据历史数据、 行业规律以及设备更新政策的加速落地，预计下半年光学显微镜业务有望 ...

公司点评报告 · 电子行业 稳增,条码、车载及激光雷达表现较好 2024 年半年报点评 2024年09月 02 日 | --- | --- | --- | --- | |-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------|------------| | | | | | | ● | 事件：公司披露 2024 年半年报。2024H1 公司实现营收 4.28 亿元，同比增长 | 永新光学(603297.SH) | | | | 9.62%;归母净利润 1 ...

需求恢复驱动收入增长，预期 24H2 继续向上 永新光学(603297.SH)/电子 证券研究报告/公司点评 2024 年 9 月 3 日 [Table_Industry] [Table_Title] 评级：买入（维持） 市场价格：54.87 元 分析师： 王芳 执业证书编号： S0740521120002 Email： wangfang02@zts.com.cn 分析师：张琼 执业证书编号：S0740523070004 Email：zhangqiong@zts.com.cn S0740122030020 | --- | --- | |---------------------|-------| | | | | | | | [Table_Profit] | | | 基本状况 | | | 总股本 ( 百万股 ) | 111 | | 流通股本 ( 百万股 ) | 110 | | 市价 ( 元 ) | 54.87 | | 市值 ( 百万元 ) | 6,099 | | 流通市值 ( 百万元 ) | 6,060 | [Table_QuotePic] 股价与行业-市场走势对比 -60% -40% -20% 0% 20% ...

[Table_Main] 证券研究报告|公司点评 永新光学(603297.SH) 2024 年 09 月 03 日 | --- | --- | |------------------------------------------------------|---------------------------------------------------------| | | | | | | | 永新光学 买入（维持） | (603297.SH) ： 24H1 业绩符合预 | | | | | 所属行业：电子 / 光学光电子 当前价格 ( 元 ) ： 49.88 | 期，条码扫描 & 激光雷达"永"毅突破 2024 年中期报告点评 | 证券分析师 陈蓉芳 资格编号：S0120522060001 邮箱：chenrf＠tebon.com.cn 研究助理 市场表现 -57% -43% -29% -14% 0% 14% 29% 2023-09 2024-01 2024-05 永新光学 沪深300 | --- | --- | --- | --- | |--------------------------------|- ...

Investment Rating - The report maintains a "Recommend" rating for Yongxin Optics (603297 SH) [2][3] Core Views - Yongxin Optics' H1 2024 performance met expectations with revenue of 428 million yuan, up 9 5% YoY, and net profit attributable to the parent company of 100 million yuan, down 13 8% YoY [1] - The company's Q2 2024 revenue was 212 million yuan, up 4 4% YoY, with a net profit attributable to the parent company of 54 million yuan, down 21 7% YoY [1] - The optical microscope business is expected to recover rapidly in H2 2024, driven by policy acceleration and historical data analysis [1] - The optical components business achieved revenue of 254 million yuan in H1 2024, up 30 95% YoY, driven by the recovery of barcode scanning business and the mass production of lidar products [1] Business Performance Optical Microscope Business - Revenue from the optical microscope business in H1 2024 was 163 million yuan, down 12 78% YoY [1] - The company has achieved over 4% localization in high-end microscopes, with expectations of accelerated recovery due to national policy support [2] Optical Components Business - The barcode scanning business rebounded strongly due to inventory digestion and overseas demand recovery [2] - The company secured several AR-HUD project contracts, with terminal products to be used by leading foreign automakers [2] - Revenue from the automotive business in H1 2024 was nearly 70 million yuan, up 120% YoY [2] - The medical imaging business maintained steady growth, supplying optical components to global leading medical device companies [2] Financial Forecasts - Revenue for 2024E is projected at 1,108 million yuan, with a growth rate of 29 7% [2] - Net profit attributable to the parent company for 2024E is forecasted at 267 million yuan, with a growth rate of 13 4% [2] - EPS for 2024E is expected to be 2 40 yuan, with a PE ratio of 21x [2] - Revenue for 2026E is projected at 2,040 million yuan, with a growth rate of 35 6% [2] - Net profit attributable to the parent company for 2026E is forecasted at 497 million yuan, with a growth rate of 29 3% [2] Valuation and Key Metrics - The company's PE ratio for 2024E is 21x, decreasing to 11x by 2026E [2] - The PB ratio for 2024E is 2 8x, decreasing to 2 1x by 2026E [2] - The EV/EBITDA ratio for 2024E is 18 53x, decreasing to 10 26x by 2026E [4] - The dividend yield is expected to remain stable at 1 92% from 2024E to 2026E [4]

股价表现 2024 年 08 月 31 日 永新光学(603297.SH) 公司快报 光学元组件快速增长，显微镜业务复苏 在即 事件： 公司发布 2024 年半年度报告，2024H1 公司实现营业收入 4.28 亿元， 同比增长 9.62%；公司实现归母净利润 9959 万元，同比下降 14.07%。 其中 24Q2 单季度，公司实现营业收入 2.12 亿元，同比增长 4.86%， 环比下降 1.62%；归母净利润 5403 万元，同比下降 21.13%，环比增 长 18.58%。公司 24Q2 单季度实现销售毛利率 40.17%，环比提升 2.46 个 pct。 24H1 光学显微镜业务暂时承压，政策带动下半年修复可期： 2024H1 公司光学显微镜业务实现收入 1.63 亿元，同比下降 12.78%。 2024 年 7 月 24 日，国家发改委、财政部印发《关于加力支持大规模 设备更新和消费品以旧换新的若干措施》，将统筹安排 3000 亿元左 右超长期特别国债资金，加力支持大规模设备更新和消费品以旧换 新，计划在 8 月底前，将 3000 亿元左右资金全部下达，行业支持政 策发力可期。公司是国内为数不多的 ...