证券代码：603297 证券简称：永新光学 公告编号：2025-023 宁波永新光学股份有限公司 2024年年度股东大会决议公告 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： 本次会议是否有否决议案：无 一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | 96 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 78,615,611 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | 70.7289 | | 份总数的比例（%） | | (四) 表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次股东大会由公司董事会召集，由公司联席董事长毛磊先生主持，采用现 场与网络投票相结合的方式召开。本次会议的召集、召开和表决方式符合《公司 (一) 股东大会召开的时间：2025 年 5 月 20 日 (二) 股东大会召开的地点：浙江省宁波高新区木槿路 169 号公司会议室 (三) 出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： ...

证券代码：603297 二〇二五年五月二十日 宁波永新光学股份有限公司 2024 年年度股东大会会议资料 宁波永新光学股份有限公司 2024年年度股东大会 会议资料 | | | | 一、2024 年年度股东大会会议议程 2 | | --- | | 二、2024 年年度股东大会会议须知 4 | | 三、2024 年年度股东大会会议议案 5 | | 议案一：《2024 年度董事会工作报告》 5 | | 议案二：《2024 年度监事会工作报告》 13 | | 议案三：《2024 年度财务决算报告》 15 | | 议案四：《关于 2024 年度利润分配预案的议案》 19 | | 议案五：《2024 年年度报告全文及摘要》 20 | | 议案六：《关于公司董事、高级管理人员 2025 年度薪酬方案的议案》 21 | | 议案七：《关于公司监事 2025 年度薪酬方案的议案》 23 | | 议案八：《关于续聘会计师事务所的议案》 24 | | 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议案》 | | 28 | | 议案十：《关于修订<公司章程>的议案》 32 | | 四、2024 年年度股东大会听 ...

宁波永新光学股份有限公司 关于召开2024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： 证券代码：603297 证券简称：永新光学 公告编号：2025-022 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/index.html） 三、参加人员 会议召开时间：2025 年 5 月 21 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 2025 年 5 月 20 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 2025 年 4 月 26 日在 上海证券交易所网站（www.sse.com.cn）披露 ...

Core Viewpoint - The company reported its 2024 annual results and 2025 Q1 results, showing a slight increase in revenue but a decline in net profit for 2024, while Q1 2025 showed growth in both revenue and net profit [1][3]. Group 1: Financial Performance - In 2024, the company achieved operating revenue of 892 million yuan, a year-on-year increase of 4.4%, and a net profit attributable to shareholders of 209 million yuan, a year-on-year decrease of 11.4% [1]. - For Q1 2025, the company reported operating revenue of 220 million yuan, a year-on-year increase of 1.8%, and a net profit attributable to shareholders of 56 million yuan, a year-on-year increase of 22.2% [1]. - The performance in 2024 and Q1 2025 met expectations, indicating a clear trend of recovery in the microscope sector [1]. Group 2: Business Segments - The optical microscope business generated sales revenue of 356 million yuan in 2024, a year-on-year decrease of 13.92%, influenced by industry demand recovery and equipment update policies, with a quarter-on-quarter sales increase of 8.53% in Q4 [1]. - The high-end microscope segment is experiencing rapid growth, achieving over 5% domestic substitution, with high-end microscopes accounting for approximately 40% of total microscope sales [1]. - The optical components business achieved sales revenue of 513 million yuan, a year-on-year increase of 22.56%, with barcode scanning business recovering quickly and LiDAR products reaching mass production, surpassing 100 million yuan in revenue [1]. Group 3: Research and Development - The company continued to invest in R&D, with expenditures reaching 98.5 million yuan in 2024, a year-on-year increase of 7.34%, representing 11.33% of main business revenue [2]. - The company launched several new microscopes priced between 200,000 and 3 million yuan, being one of the few domestic manufacturers capable of independently developing and producing super-resolution and confocal optical microscopes [2]. - The company has established long-term partnerships with several leading domestic clients in the semiconductor sector, with ultra-precision optical components already applied in maskless lithography equipment and semiconductor optical measurement devices [2]. Group 4: Profit Forecast and Valuation - The profit forecasts for 2025-2027 have been adjusted, with expected net profits of 302 million yuan, 349 million yuan, and 400 million yuan respectively, reflecting a downward revision for 2025-2026 due to the poor performance of the optical microscope business in 2024 [3]. - The current stock price corresponds to a price-to-earnings (PE) ratio of 32, 28, and 24 for 2025-2027, respectively, with the company being a leading optical manufacturer in China [3]. - The company is expected to continue enhancing its business scale and industry position, with a target PE of 42x for 2025, indicating over 20% upside potential from the current valuation [3].

2025 年 05 月 05 日 永新光学 (603297) 公 司 研 究 / 公 司 点 评 报告原因：有业绩公布需要点评 买入（维持） | 市场数据： | 2025 年 04 月 30 日 | | --- | --- | | 收盘价（元） | 87.12 | | 一年内最高/最低（元） | 118.00/49.62 | | 市净率 | 4.9 | | 股息率%（分红/股价） | 1.10 | | 流通 A 股市值（百万元） | 6,221 | | 上证指数/深证成指 | 3,279.03/9,899.82 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 03 月 31 日 | | --- | --- | | 每股净资产（元） | 17.94 | | 资产负债率% | 13.92 | | 总股本/流通 A 股（百万） | 111/71 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 04-30 05-31 06-30 07-31 08-31 09-30 10-31 11-30 12-31 01-31 02-28 03-31 04- ...

Core Viewpoint - The company reported a revenue of 892 million yuan for 2024, a year-on-year increase of 4.4%, with optical components and microscope revenues at 513 million and 356 million yuan respectively, showing a year-on-year increase of 23% and a decrease of 14% [1] Group 1: Financial Performance - The net profit attributable to shareholders for 2024 was 209 million yuan, a year-on-year decrease of 11.4%, primarily due to the absence of one-time gains from land acquisition and increased R&D expenses; however, the non-recurring net profit attributable to shareholders grew by 14.3% to 185 million yuan [1] - In Q4 2024, revenue was 241 million yuan, with a year-on-year and quarter-on-quarter change of -0.9% and +8.5% respectively; net profit attributable to shareholders was 68 million yuan, with a year-on-year and quarter-on-quarter change of +10.9% and +68.0% respectively, meeting market expectations [1] - For Q1 2025, revenue was 220 million yuan, with a year-on-year and quarter-on-quarter change of +1.8% and -8.9% respectively; net profit attributable to shareholders was 56 million yuan, with a year-on-year and quarter-on-quarter change of +22.2% and -18.5% respectively, also meeting market expectations [1] Group 2: Industry Trends - The demand for microscopes is showing signs of recovery from a low point, with a strategic opportunity for domestic substitution; despite a 14% year-on-year decline in microscope revenue to 356 million yuan in 2024, sales increased by 8.5% quarter-on-quarter in Q4 2024, indicating a potential recovery in 2025 [2] - The company is making significant investments in high-end microscopes and has achieved technological breakthroughs, such as leading a national major instrument project for "multi-modal nano-resolution microscopy," indicating a broad space for domestic substitution in the long term [2] Group 3: Optical Components and Growth Areas - The company is diversifying its optical components business, with significant growth in barcode scanning due to customer inventory adjustments and recovering overseas demand; collaborations with clients like Zebra and Honeywell are expected to contribute substantial incremental revenue [3] - In the field of LiDAR, the company has established close partnerships with leading clients such as Hesai and Valeo, with revenue surpassing 100 million yuan in 2024; the penetration rate of LiDAR is expected to increase rapidly, driving continued high revenue growth for the company [3] - In the medical optics sector, the company has seen rapid growth in endoscope optical components and achieved technological breakthroughs in surgical microscope optical components, indicating a positive outlook for new growth engines [3] Group 4: Profit Forecast and Valuation - The company maintains a forecast of 332 million yuan for net profit attributable to shareholders in 2025 and introduces a revenue forecast of 1.459 billion yuan and net profit of 428 million yuan for 2026; the current stock price corresponds to P/E ratios of 29x and 22x for 2025 and 2026 respectively [4] - The target price has been raised by 19% to 104.66 yuan, corresponding to P/E ratios of 35x and 27x for 2025 and 2026, indicating an upside potential of 22% [4]

Investment Rating - The report maintains the investment rating for the company [1] Core Views - The company is projected to experience significant revenue growth, with estimated revenues increasing from 891.76 million in 2024 to 1642.01 million by 2027, reflecting a compound annual growth rate (CAGR) of approximately 20.65% [5][7] - Net profit is expected to rise from 208.58 million in 2024 to 377.76 million in 2027, indicating a robust growth trajectory with a CAGR of about 28.05% [5][7] - The gross margin is anticipated to improve from 39.03% in 2024 to 44.98% in 2027, showcasing enhanced operational efficiency [5][7] Financial Summary - **Revenue Forecast**: - 2024: 891.76 million - 2025: 1118.01 million (growth rate: 25.37%) - 2026: 1361.01 million (growth rate: 21.74%) - 2027: 1642.01 million (growth rate: 20.65%) [5][7] - **Net Profit Forecast**: - 2024: 208.58 million - 2025: 241.55 million (growth rate: 15.81%) - 2026: 295.02 million (growth rate: 22.13%) - 2027: 377.76 million (growth rate: 28.05%) [5][7] - **Key Financial Ratios**: - PE ratio is projected to decrease from 45.73 in 2024 to 25.25 in 2027, indicating improved valuation metrics [5][7] - PB ratio is expected to decline from 4.92 in 2024 to 3.91 in 2027, reflecting a more attractive investment proposition [5][7] - **Cash Flow**: - Operating cash flow is forecasted to decrease from 263.31 million in 2024 to 226.69 million in 2025, before increasing to 424.05 million by 2027 [6][7]

Investment Rating - The report maintains the investment rating for the company [1] Core Views - The company is projected to experience significant revenue growth, with estimated revenues increasing from 891.76 million in 2024 to 1642.01 million by 2027, reflecting a compound annual growth rate (CAGR) of approximately 20.65% [5][7] - The net profit attributable to the parent company is expected to rise from 208.58 million in 2024 to 377.76 million in 2027, indicating a robust growth trajectory with a CAGR of about 28.05% [5][7] - The gross margin is anticipated to improve from 39.03% in 2024 to 44.98% in 2027, showcasing enhanced operational efficiency [5][7] Financial Summary - **Revenue Forecast**: - 2024: 891.76 million - 2025: 1118.01 million (growth rate: 25.37%) - 2026: 1361.01 million (growth rate: 21.74%) - 2027: 1642.01 million (growth rate: 20.65%) [5][7] - **Net Profit Forecast**: - 2024: 208.58 million - 2025: 241.55 million (growth rate: 15.81%) - 2026: 295.02 million (growth rate: 22.13%) - 2027: 377.76 million (growth rate: 28.05%) [5][7] - **Key Financial Ratios**: - PE ratio is projected to decrease from 45.73 in 2024 to 25.25 in 2027, indicating improved valuation metrics [5][7] - PB ratio is expected to decline from 4.92 in 2024 to 3.91 in 2027, reflecting a more attractive investment proposition [5][7] - **Cash Flow**: - Operating cash flow is forecasted to decrease from 263.31 million in 2024 to 226.69 million in 2025, before increasing to 424.05 million by 2027 [6][7]

Core Viewpoint - Yongxin Optical has announced a record-high cash dividend distribution for 2024, reflecting strong confidence in future operations and a commitment to shareholder value [1] Financial Performance - In 2024, Yongxin Optical achieved a revenue of 892 million RMB, marking a year-on-year increase of 4.41%, setting a new historical high for revenue [4] - The net profit attributable to shareholders was 209 million RMB, a decrease of 11.37% year-on-year, while the net profit excluding non-recurring items increased by 14.25% to 185 million RMB [4] - In Q1 2025, the company reported a revenue growth of 1.77% and a net profit increase of 22.16% year-on-year, indicating a positive trend in performance [4] Dividend Distribution - The total proposed cash dividend for 2024 is 94.2962 million RMB (including tax), which accounts for 45.21% of the net profit attributable to shareholders, the highest dividend payout ratio since the company went public [1] Business Segments - The core business includes scientific instruments and optical components, with a focus on high-end microscopes and LiDAR optical components as key growth areas [1] - Sales revenue from optical microscopes reached 356 million RMB, a year-on-year decline of 13.92%, primarily due to weak industry demand; however, the sales proportion of high-end microscopes increased to 40% [1] - The LiDAR optical components business surpassed 100 million RMB in revenue, becoming a new growth driver for the company [1] R&D and Innovation - In 2024, R&D investment reached 98.5 million RMB, a year-on-year increase of 7.34%, accounting for 11.33% of main business revenue [2] - The company is leading multiple national-level technology projects, including a major project on multi-modal nano-resolution microscope equipment [2] - Collaborations with prestigious universities have been established to create a closed-loop ecosystem for research, talent cultivation, and market feedback [2] Strategic Focus - For 2025, the company aims to enhance its position in the optical perception field through a strategy focused on precision manufacturing and innovation [3] - The company plans to accelerate domestic high-end replacement and improve operational efficiency through enhanced information technology in sales, supply chain, and production processes [3]

Investment Rating - The investment rating for the company is "Buy" [4] Core Views - The company achieved a historical high in revenue for 2024, with total revenue of 892 million yuan, a year-on-year increase of 4.41%. However, the net profit attributable to shareholders decreased by 11.37% to 209 million yuan. The first quarter of 2025 showed positive trends with revenue of 220 million yuan, up 1.77% year-on-year, and net profit of 56 million yuan, up 22.16% year-on-year [1][2] - The company is positioned as a leading player in the optical components sector, benefiting from the recovery of barcode scanning business and the mass production of LiDAR products. The company is also leveraging domestic substitution advantages amid global trade changes [2][7] Summary by Sections Financial Performance - In 2024, the optical components business generated 513 million yuan in sales, a year-on-year increase of 22.56%. The optical microscope segment saw a decline in revenue to 356 million yuan, down 13.92% year-on-year, but experienced an 8.53% quarter-on-quarter growth in Q4 2024 [2] - The gross margin for 2024 was 39.03%, an increase of 0.62 percentage points year-on-year, while Q1 2025 gross margin improved to 40.17%, up 2.46 percentage points year-on-year [3] Business Segments - The company is a leader in the domestic optical microscope market, with significant potential for growth in high-end optical microscopes, which have been historically dominated by foreign companies. The company has achieved over 5% domestic substitution in this area [7] - In the barcode scanning and machine vision sector, the company is the largest global supplier of optical components, maintaining a gross margin of approximately 40% [7] - The automotive LiDAR segment has seen substantial growth, with revenue surpassing 100 million yuan in 2024, driven by partnerships with leading companies in the field [8] - The medical optics segment is rapidly expanding, with key partnerships established for advanced medical imaging products [8] - The semiconductor optics segment has also been developed over several years, with long-term collaborations with major domestic clients [9] Future Projections - Revenue projections for 2025 and 2026 are adjusted to 1.16 billion yuan and 1.46 billion yuan, respectively, with expected year-on-year growth rates of 30.1% and 25.9%. The net profit attributable to shareholders is projected to be 346 million yuan in 2025 and 452 million yuan in 2026, reflecting significant growth [10][13]