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].

Investment Rating - The report maintains a "Buy" rating for Yongxin Optical (603297) [8][11][32] Core Views - The high-end microscope business is experiencing rapid growth and accelerating overseas expansion, while the inventory destocking impact on optical components appears to have been resolved [8] - In 2023, the company's revenue from optical components and microscope series products decreased by 6.59% and increased by 15.76% year-on-year, respectively [8] - The company achieved a revenue of 854 million yuan in 2023, with a year-on-year growth of 3.02%, and a net profit of 235 million yuan, down 15.64% year-on-year [20] Summary by Sections Revenue and Profitability - The company expects revenues of 1.167 billion, 1.504 billion, and 1.905 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 37%, 29%, and 27% [11][13] - The net profit forecast for the same period is 308 million, 392 million, and 490 million yuan, with growth rates of 31%, 27%, and 25% [11][13] Product Performance - The sales volume of microscope series products in 2023 was 90,200 units, a decrease of 11.47% year-on-year, while high-end microscope NEXCOPE series revenue reached 140 million yuan, with a compound annual growth rate exceeding 100% from 2018 to 2023 [8] - The optical components sales volume in 2023 was 29.32 million pieces, down 24.75% year-on-year, affected by inventory destocking from barcode scanning business clients [8] Market Expansion - The company has strengthened its overseas market development, with domestic sales revenue increasing by 9.45% and overseas sales revenue decreasing by 2.65% in 2023 [8] - The company has received orders from Zebra and Honeywell for barcode scanning and machine vision business, with plans for gradual mass shipments starting in the second half of 2024 [8] R&D Investment - R&D expenses increased by 20.51% year-on-year, reflecting the company's commitment to market expansion and innovation [10] - The company launched the super-resolution microscope NSR950 at a national academic conference in 2023 and has participated in 10 projects, including four national major science and technology projects [10] Industry Outlook - The global optical microscope market is projected to reach 6.1 billion USD by 2026, with the domestic high-end optical microscope market historically dominated by foreign companies [22] - The company is positioned as a leader in domestic optical microscopes and precision optical components, benefiting from the trend towards high-end and domestic production [22]

Investment Rating - The report maintains an "Accumulate" rating for the company [2][13]. Core Views - The company's barcode scanning business is gradually recovering, and new optical business segments are accelerating their growth. The report anticipates significant revenue and profit growth in 2024 due to the recovery of the barcode scanning business and the expansion of new business lines [3][9][10]. Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 854 million yuan, a year-on-year increase of 3.02%, while the net profit attributable to shareholders was 235 million yuan, a decrease of 15.64%. The gross margin was 38.41% and the net margin was 27.48% [8]. - 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 approximately 45.56 million yuan, a decrease of 3.85%. The gross margin was 37.71% and the net margin was 21.06% [8]. Business Segments - The barcode scanning business has started to recover, with positive growth since Q3 2023, driven by inventory digestion among major overseas clients [3]. - The optical microscope business has seen rapid growth, with a revenue of 414 million yuan in 2023, a year-on-year increase of 15.76%. The NEXCOPE series has shown a compound annual growth rate of over 100% since 2018 [4]. - The automotive lidar segment achieved sales revenue exceeding 90 million yuan in 2023, with a year-on-year growth of over 50% [5]. Future Outlook - The report projects that the company's revenue will reach 1.189 billion yuan in 2024, with a net profit of 318 million yuan, reflecting a significant growth trajectory [13]. - The company aims to achieve a revenue of no less than 61 million yuan, 90 million yuan, and 140 million yuan in the medical optics business from 2023 to 2025 [6].

www.chinastock.com.cn 证券研究报告 请务必阅读正文最后的中国银河证券股份有限公司免责声明 | --- | --- | --- | --- | --- | |----------------------|-------|--------------------------------|-------|-------------| | [Table_MainFinance] | | 2023A 2024E | | 2025E 2026E | | 营业收入(百万元) | | 854.13 1187.00 1611.00 2087.00 | | | | 收入增长率% | | 3.02 38.97 35.72 29.55 | | | | 归母净利润（百万元） | | 235.35 319.50 415.96 572.13 | | | | 利润增速% | | -15.64 35.75 30.19 37.54 | | | | 毛利率% | | 38.41 37.46 37.66 40.50 | | | | 摊薄 EPS(元) | | 2.12 2.87 3.74 5.15 | | | | PE | | ...

隐证券 条码需求逐季恢复，车载和医疗业务高速增长 ——公司信息更新报告 投资评级：买入（维持） -32% -16% 0% 16% 32% 2023-04 2023-08 2023-12 永新光学 沪深300 数据来源：聚源 相关研究报告 电子/光学光电子 公 司 研 究 永新光学（603297.SH） 2024 年 04 月 29 日 | --- | --- | |-------------------------|--------------| | 日期 | 2024/4/26 | | 当前股价 ( 元 ) | 72.96 | | 一年最高最低 ( 元 ) | 109.00/58.36 | | 总市值 ( 亿元 ) | 81.11 | | 流通市值 ( 亿元 ) | 80.58 | | 总股本 ( 亿股 ) | 1.11 | | 流通股本 ( 亿股 ) | 1.10 | | 近 3 个月换手率 (%) | 53.33 | 股价走势图 | --- | --- | --- | |---------------------------|------------|--------------------| | | ...

永新光学（603297.SH）2023 年年报&2024 年一季报点评 ➢ 事件：4 月 26 日，永新光学发布 2023 年年报及 2024 年一季报。2023 年， 公司实现营收 8.54 亿元，同比+3.02%；归母净利润为 2.35 亿元，同比-15.64%； 扣非归母净利润为 1.62 亿元，同比-25.24%。单看 23Q4，实现营收 2.43 亿元， 同比+10.03%，归母净利润为 0.62 亿元，同比-23.10%。 ➢ 2024 年一季度实现营收 2.16 亿元，同比+14.74%；归母净利润为 0.46 亿 元，同比-3.85%；扣非归母净利润为 0.40 亿元，同比+27.09%。 ➢ 1Q24 符合预期，业务顺利推进。2023 年，公司实现营业收入 8.54 亿元， 同比+3.02%；归母净利润为 2.35 亿元，同比-15.64%。从毛利率看，2023 年 整体毛利率 38.41%，同比-3.68pcts；其中 Q4 单季度毛利率为 35.51%。分行 业看，1）平面光学元件产品：23 年实现营收 4.19 亿元，同比下滑 6.59%，占 总营收比例达 49.04%。毛利率为 35 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 15% compared to the benchmark index within the next 6 to 12 months [1][7]. Core Insights - The demand for barcode scanning is gradually recovering, while the automotive and medical optics sectors continue to show high growth trends. The company has achieved significant sales in high-end microscopes and is expanding its overseas market presence [1]. - The company's core optical components for barcode scanning have the highest global shipment volume, and it collaborates closely with leading global clients [1]. - The report highlights a recovery in the company's performance, with a projected revenue increase of 38.6% in 2024 and a net profit growth of 28.9% [1]. Financial Summary - **Revenue Forecast**: - 2022A: 829 million - 2023A: 854 million (3% YoY growth) - 2024E: 1,184 million (38.6% YoY growth) - 2025E: 1,557 million (31.5% YoY growth) - 2026E: 1,926 million (23.8% YoY growth) [1][4] - **Net Profit Forecast**: - 2022A: 279 million - 2023A: 235 million (-15.6% YoY) - 2024E: 303 million (28.9% YoY growth) - 2025E: 380 million (25.3% YoY growth) - 2026E: 483 million (27.0% YoY growth) [1][4] - **Earnings Per Share (EPS)**: - 2023A: 2.12 - 2024E: 2.73 - 2025E: 3.42 - 2026E: 4.34 [1][4] - **Return on Equity (ROE)**: - 2023A: 13% - 2024E: 15% - 2025E: 16% - 2026E: 17% [1][4] - **Price-to-Earnings (P/E) Ratio**: - 2024E: 29.1 - 2025E: 26.7 - 2026E: 21.3 [1][4] - **Price-to-Book (P/B) Ratio**: - 2024E: 4.5 - 2025E: 3.9 - 2026E: 3.3 [1][4]

证券研究报告 ＃industryId＃ 光学元件 ＃investSuggestion＃ ( ＃ investSug gestionCh ange＃ 维持 ） | --- | --- | |--------------------|------------| | | | | 市场数据日期 | 2024-04-26 | | 收盘价（元） | 72.96 | | 总股本（百万股） | 111.17 | | 流通股本（百万股） | 110.45 | | 净资产（百万元） | 1862.17 | | 总资产（百万元） | 2103.34 | | 每股净资产（元） | 16.75 | ＃分析师： 姚康 yaokang@xyzq.com.cn S0190520080007 姚丹丹 yaodandan@xyzq.com.cn S0190519120001 ⚫ 自动驾驶市场规模持续扩大，激光雷达业务持续向好。根据 QYR，2022 年 全球 ADAS 车载摄像头镜头市场销售额为 8.5 亿美元，预计 2029 年达到 31 亿美元，市场规模持续扩大，公司车载镜头前片销量保持稳健增长。自动驾 驶市场空间广阔，据沙利文咨询公司，预 ...

目 录 一、募集资金年度存放与使用情况鉴证报告………………………第 1—2 页 二、关于募集资金年度存放与使用情况的专项报告………………第 3—9 页 募集资金年度存放与使用情况鉴证报告 天健审〔2024〕2994 号 宁波永新光学股份有限公司全体股东： 我们鉴证了后附的宁波永新光学股份有限公司（以下简称永新光学公司）管 理层编制的 2023 年度《关于募集资金年度存放与使用情况的专项报告》。 一、对报告使用者和使用目的的限定 本鉴证报告仅供永新光学公司年度报告披露时使用，不得用作任何其他目的。 我们同意将本鉴证报告作为永新光学公司年度报告的必备文件，随同其他文件一 起报送并对外披露。 二、管理层的责任 永新光学公司管理层的责任是提供真实、合法、完整的相关资料，按照《上 市公司监管指引第 2 号——上市公司募集资金管理和使用的监管要求（2022 年 修订）》（证监会公告〔2022〕15 号）和《上海证券交易所上市公司自律监管 指引第 1 号——规范运作（2023 年 12 月修订）》（上证发〔2023〕193 号）的 规定编制《关于募集资金年度存放与使用情况的专项报告》，并保证其内容真实、 准确、完整，不存在 ...