Investment Rating - The report assigns a "Buy-A" investment rating to the company, with a target price of 95.55 CNY based on a 35x dynamic P/E ratio for 2024 [60]. Core Insights - The company has shown steady revenue growth, with a projected increase in revenue from 854.1 million CNY in 2023 to 1.21 billion CNY in 2024, reflecting a growth rate of 42% [10]. - The net profit is expected to recover from 235.4 million CNY in 2023 to 303.3 million CNY in 2024, indicating a positive trend in profitability [10]. - The company's high-end microscope product strategy is yielding significant results, with expected revenue growth rates of 25%, 20%, and 20% for the years 2024 to 2026 [37]. Summary by Sections Financial Performance - The company's main revenue for 2022 was 829.1 million CNY, with projections of 854.1 million CNY for 2023 and 1.21 billion CNY for 2024, indicating a steady growth trajectory [10]. - The net profit for 2022 was 279 million CNY, with a forecasted decline to 235.4 million CNY in 2023, followed by a recovery to 303.3 million CNY in 2024 [10]. - Earnings per share (EPS) are projected to decrease from 2.51 CNY in 2022 to 2.12 CNY in 2023, before increasing to 2.73 CNY in 2024 [10]. Valuation Metrics - The price-to-earnings (P/E) ratio is expected to decrease from 33.5 in 2023 to 26.0 in 2024, indicating a more attractive valuation as earnings recover [10]. - The price-to-book (P/B) ratio is projected to decline from 4.4 in 2023 to 3.9 in 2024, reflecting a strengthening balance sheet [10]. - The return on equity (ROE) is expected to improve from 13.0% in 2023 to 14.8% in 2024, suggesting enhanced profitability [10]. Market Trends - The report highlights a favorable policy environment and rapid technological advancements in the endoscope market, with a projected market size of 2.4 billion USD in 2024, growing to 3.48 billion USD by 2029 at a CAGR of 7.7% [8]. - The company is positioned to benefit from the increasing demand for high-end optical microscopes in various sectors, including life sciences and industrial applications [37]. Product Development - The company is focusing on high-end product development, with significant advancements in its NEXCOPE series, which meets the majority of high-end optical microscope demands [37]. - The report emphasizes the importance of R&D, with a notable increase in R&D expenses from 63.07 million CNY in 2021 to 91.76 million CNY in 2023, reflecting a commitment to innovation [74].

Investment Rating - The report maintains an "Accumulate" rating for Yongxin Optical (603297.SH) [2] Core Views - The company achieved a revenue of 854 million yuan in 2023, a year-on-year increase of 3.02%, and a net profit attributable to shareholders of 235 million yuan, a decrease of 15.64%. In Q1 2024, the company reported a revenue of 216 million yuan, a year-on-year increase of 14.74%, and a net profit of 46 million yuan, a decrease of 3.85% [2][4] - The barcode scanning business is gradually recovering, supported by equipment updates and overseas opportunities. The company has received orders from major players in the barcode scanning field, with mass production expected to begin in the second half of 2024 [2][3] - The company is actively responding to the demand for domestic high-end equipment replacement, with high-end microscopes showing rapid growth. The revenue from the NEXCOPE series of high-end optical microscopes has increased from 4 million yuan in 2018 to nearly 140 million yuan in 2023, with a compound annual growth rate exceeding 100% [2][3] Summary by Sections Financial Performance - In Q1 2024, the company achieved a revenue of 216 million yuan, a year-on-year increase of 14.74%, and a net profit of 40 million yuan, a year-on-year increase of 27.09%. The revenue for 2024 is projected to be 1.148 billion yuan, with a growth rate of 34.4% [2][4] - The company forecasts revenues of 1.505 billion yuan in 2025 and 1.921 billion yuan in 2026, with corresponding EPS of 2.70 yuan, 3.54 yuan, and 4.46 yuan respectively [4][10] Business Development - The company is focusing on the laser radar optical components business and accelerating the launch of new medical optical products. In 2023, the revenue from the laser radar business exceeded 90 million yuan, a year-on-year increase of over 50% [3][4] - In the medical optical sector, the company achieved a revenue of 63 million yuan in 2023, maintaining steady growth by supplying optical components to major medical device companies [3][4] Market Position - The company has established deep partnerships with leading enterprises in the laser radar field and is expanding its medical optical business through joint ventures, such as the establishment of S-FIDA in Japan, focusing on high-end ophthalmic medical equipment [3][4]

宁波永新光学股份有限公司 2023年年度股东大会 会议资料 证券代码：603297 二〇二四年五月二十一日 宁波永新光学股份有限公司 2023 年年度股东大会会议资料 | | | | 一、2023 | 年年度股东大会会议议程 | 2 | | --- | --- | --- | | 二、2023 | 年年度股东大会会议须知 | 4 | | 三、2023 | 年年度股东大会会议议案 | 5 | | 议案一：《2023 | 年度董事会工作报告》 | 5 | | 议案二：《2023 | 年度监事会工作报告》 | 21 | | 议案三：《2023 | 年度财务决算报告》 | 25 | | 议案四：《关于 | 2023 | 年度利润分配预案的议案》 29 | | 议案五：《2023 | 年年度报告全文及摘要》 | 30 | | 议案六：《关于公司董事、高级管理人员 | | 2024 年度薪酬方案的议案》 31 | | 议案七：《关于公司监事 | 2024 | 年度薪酬方案的议案》 33 | | 议案八：《关于续聘会计师事务所的议案》 34 | | | | 议案九：《关于提请股东大会授权董事会以简易程序向特定对象发行股票的 ...

证券代码：603297 证券简称：永新光学 公告编号：2024-027 宁波永新光学股份有限公司 关于召开2023年年度网上业绩说明会的公告 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： 会议召开时间：2024 年 5 月 22 日 15:00-16:00 会议召开方式：文字网络互动 会议召开地点：证券日报网路演平台（http://www.zqrb.cn/huiyi/lyhd/ind ex.html） 投资者可于 2024 年 5 月 21 日 17:00 前通过公告中的联系电话、电子邮 箱联系公司，提出所关注的问题，公司将在说明会上就投资者普遍关注的问题 进行回答。 一、说明会类型 宁波永新光学股份有限公司（以下简称"公司"）已于 2024 年 4 月 27 日在 上海证券交易所网站（www.sse.com.cn）披露了《2023 年年度报告》。为方便 广大投资者更加全面、深入地了解公司情况，公司定于 2024 年 5 月 22 日（星期 三）15:00-16:00 在证券日报网路演平台以网络互动方式召开 ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting the stock price to outperform the industry index by over 15% in the next six months [7]. Core Views - The company is focusing on emerging and high-end markets, leading to steady revenue growth. In 2023, the company achieved a record revenue of 854 million yuan, a year-on-year increase of 3.02% [2][35]. - The high-end microscope sales significantly contributed to revenue growth, with sales reaching 414 million yuan, up 15.76% year-on-year. However, the optical components business saw a decline of 6.59% due to inventory adjustments by related customers [2]. - The company is committed to high R&D investment, with R&D expenses amounting to 91.76 million yuan in 2023, an increase of 15.58% year-on-year, indicating a rising R&D expense ratio [2][3]. Financial Summary - The company forecasts net profit attributable to shareholders for 2024-2026 to be 309 million, 396 million, and 528 million yuan, respectively, with corresponding P/E ratios of 26, 21, and 15 times [3]. - The financial indicators for 2023 show a revenue of 854 million yuan and a net profit of 235 million yuan, reflecting a year-on-year decline of 15.64% [35]. - The first quarter of 2024 reported a revenue of 216 million yuan, a year-on-year increase of 14.74%, with a non-recurring net profit growth of 27.09% [2][35]. Business Development - The company is accelerating product upgrades in the high-end microscope sector, with the NEXCOPE series revenue growing from 4 million yuan in 2018 to nearly 140 million yuan, achieving a compound annual growth rate of over 100% [27]. - The barcode scanning business has shown positive quarterly growth since Q3 2023, with expectations for accelerated recovery in 2024 [27]. - The company is actively engaging in the automotive laser radar market, establishing partnerships with well-known companies and securing new orders for laser radar components [27].

Investment Rating - The investment rating for Yongxin Optical (603297.SH) is "Buy" [3] Core Views - The report highlights that the company's revenue in 2023 was 854 million yuan, representing a year-on-year growth of 3.02%, while net profit decreased by 15.64% to 235 million yuan. The decline in profit was attributed to a significant reduction in foreign exchange gains compared to 2022 and increased R&D and marketing expenditures [10] - The company is expected to see a notable increase in net profit in the coming years, with projections of 311 million yuan in 2024, 402 million yuan in 2025, and 502 million yuan in 2026, reflecting year-on-year growth rates of 31.9%, 29.5%, and 24.8% respectively [10] Financial Forecasts and Metrics - Revenue forecasts for the company are as follows: 1,131 million yuan in 2024E, 1,480 million yuan in 2025E, and 1,903 million yuan in 2026E, with respective growth rates of 32.4%, 30.9%, and 28.6% [2] - The net profit for 2024E is projected at 311 million yuan, with a PE ratio of 26.4, and for 2025E at 402 million yuan with a PE ratio of 20.4 [2][10] - The company's EBIT margin is expected to improve from 19.7% in 2024E to 23.1% in 2026E, while the ROE is projected to increase from 15.4% in 2024E to 19.3% in 2026E [2] Business Segments and Growth Drivers - The report notes that the high-end microscope segment is experiencing rapid growth, with revenue reaching 414 million yuan in 2023, a year-on-year increase of 15.76%. The company has successfully launched its first super-resolution microscope [10] - The barcode scanning business is recovering, with revenue from optical components under pressure due to client inventory adjustments. However, positive growth has been observed since Q3 2023 [10] - The laser radar business has transitioned to large-scale production, achieving over 90 million yuan in revenue in 2023, a growth of over 50% [10] - The medical optics segment has also shown significant growth, with revenue of 63 million yuan in 2023, marking over 50% growth in the past two years [10]

Investment Rating - The report maintains a "Buy" rating for Yongxin Optics (603297 SH) [16] Core Views - Yongxin Optics is expected to achieve revenue of 1 149/1 515/2 000 billion yuan in 2024-2026 with net profit of 307/413/549 million yuan [9] - The company's PE ratio is forecasted at 27/20/15 times for 2024-2026 based on April 30 market capitalization [9] - Key growth drivers include optical microscope business benefiting from equipment replacement laser radar and medical optics [3] Business Performance Optical Microscope - NEXCOPE series revenue grew from 4 million yuan in 2018 to 140 million yuan with over 100% CAGR [3] - 2023 revenue reached 414 million yuan up 15 76% YoY though gross margin decreased by 0 9pct to 39 29% [8] - Potential growth from China's equipment replacement policy with positive customer feedback [3] Laser Radar - 2023 revenue exceeded 90 million yuan up over 50% YoY entering mass production phase [3] - Secured new projects from Hesai and Tudatong in Q1 2024 expected to drive further growth [3] Medical Optics - 2023 revenue reached 63 million yuan exceeding equity incentive targets [3] - Established deep cooperation with domestic and international medical companies achieving batch shipments [3] Barcode Scanning - Quarterly growth since Q3 2023 expected to accelerate recovery in 2024 [3] - Secured module orders from Zebra and Honeywell with batch shipments starting H2 2024 [3] Financial Performance - 2023 revenue reached 854 million yuan up 3 02% YoY though net profit declined 15 64% to 235 million yuan [18] - Q1 2024 revenue grew 14 74% YoY to 216 million yuan with net profit of 46 million yuan [18] - Gross margin improved to 37 71% in Q1 2024 up 2 2pct QoQ though down 0 98pct YoY [8] - R&D investment reached 92 million yuan in 2023 up 15 58% YoY [19] Future Outlook - Expected revenue growth of 34 6%/31 8%/32 0% for 2024-2026 [11] - Forecasted net profit growth of 30 3%/34 8%/32 8% for 2024-2026 [11] - Gross margin projected to improve to 39 8%/40 7%/41 0% in 2024-2026 [11] - ROE expected to increase from 13 0% in 2023 to 17 8% in 2026 [11]

Investment Rating - The report maintains a "Buy" rating for Yongxin Optical, indicating a positive outlook for the company's performance in the market [4][21]. Core Views - The company achieved a revenue of 854 million yuan in 2023, a year-on-year increase of 3.02%, but the net profit attributable to shareholders decreased by 15.64% to 235 million yuan [2][20]. - In Q1 2024, the company reported a revenue of 216 million yuan, a year-on-year increase of 14.74%, while the net profit attributable to shareholders was 46 million yuan, down 3.85% [2][20]. - The optical microscope business is expected to benefit from the government's initiative to promote equipment upgrades, with the NEXCOPE series showing significant growth [3][20]. - The barcode scanning and machine vision business has been experiencing positive growth since Q3 2023, with expectations for accelerated recovery in 2024 [3][20]. - The laser radar business saw sales exceeding 90 million yuan in 2023, with a growth rate of over 50%, and new contracts in Q1 2024 are expected to drive further growth [3][20]. Financial Summary - The company forecasts revenues of 1.15 billion yuan in 2024, 1.51 billion yuan in 2025, and 2 billion yuan in 2026, with net profits projected at 307 million yuan, 413 million yuan, and 549 million yuan respectively [4][14]. - The gross margin is expected to improve from 38.4% in 2023 to 39.8% in 2024 [14][20]. - R&D expenses are projected to increase from 92 million yuan in 2023 to 115 million yuan in 2024, reflecting the company's commitment to innovation [14][20].

Investment Rating - The report maintains a "Buy" rating for the company [5][8]. Core Insights - The company reported a revenue of 854 million yuan for 2023, a year-on-year increase of 3.02%, while the net profit attributable to shareholders was 235 million yuan, a decrease of 15.64% [5]. - In Q1 2024, the company achieved a revenue of 216 million yuan, representing a year-on-year growth of 14.74%, with a net profit of 46 million yuan, down 3.85% year-on-year [5]. - The company is focusing on its "2+2" business strategy, which includes high-end optical microscopes and laser radar, both of which are expected to continue high growth [6][8]. Summary by Sections Financial Performance - The total revenue for 2023 was 854 million yuan, with a projected revenue of 1.182 billion yuan for 2024, indicating a growth rate of 38.4% [9]. - The net profit for 2023 was 235 million yuan, with an expected increase to 313 million yuan in 2024, reflecting a growth rate of 33.2% [9]. - The company’s earnings per share (EPS) for 2024 is projected to be 2.82 yuan, with a PE ratio of 26 [9]. Business Segments - The high-end optical microscope brand NEXCOPE has seen revenue growth from 4 million yuan in 2018 to nearly 140 million yuan, with a compound annual growth rate exceeding 100% [6]. - The barcode scanning and machine vision business is expected to recover in 2024 after inventory issues from the pandemic have been resolved [6]. - The automotive laser radar segment achieved sales exceeding 90 million yuan in 2023, with a growth rate of over 50% [6]. Market Position and Future Outlook - The company has established itself as a leader in the optical components market, with significant partnerships with major international firms [7]. - The report anticipates that the company will maintain its industry leadership and expand its growth potential through high-performance product offerings [7]. - The profit forecast for 2025 and 2026 has been introduced, with expected net profits of 407 million yuan and 510 million yuan, respectively [8].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 93.06 CNY based on a 33x PE valuation for 2024 [8][10][12]. Core Insights - The company achieved a revenue of 854 million CNY in 2023, a slight increase of 3% year-on-year, marking a historical high despite challenges in the barcode business due to overseas inventory destocking [3][7]. - The company's net profit attributable to the parent company for 2023 was 235 million CNY, a decrease of 15.6% year-on-year, with a gross margin decline of 3.7 percentage points to 38.4% [3][10]. - The company is positioned as a domestic leader in niche markets such as scientific instruments, laser radar, and medical optics, which are expected to drive long-term growth [3][10]. Financial Forecast - The forecasted earnings per share (EPS) for 2024, 2025, and 2026 are 2.82 CNY, 3.61 CNY, and 4.61 CNY respectively, with adjustments made to revenue and gross margin predictions [8][10]. - Revenue is projected to grow significantly from 1,190 million CNY in 2024 to 1,984 million CNY in 2026, reflecting a compound annual growth rate (CAGR) of 26.9% [2][10]. - The company's operating profit is expected to recover to 349 million CNY in 2024, with further increases to 571 million CNY by 2026 [2][10]. Business Segments - The high-end microscope segment saw a revenue increase of 16% in 2023, with the self-owned NEXCOPE series achieving nearly 1.4 million CNY in sales, indicating a significant shift towards domestic production [3][10]. - The medical optics segment reported a revenue of 63 million CNY in 2023, achieving over 50% growth for two consecutive years, driven by partnerships with leading domestic and international companies [3][10]. - The automotive laser radar business experienced over 50% growth, with sales exceeding 90 million CNY, indicating a transition from small-scale to large-scale production [3][10].