盈利预测与投资建议 | --- | --- | --- | --- | --- | --- | |------------------------------------------|-------|----------------------------------|-------|-------|-------| | | | | | | | | 公司主要财务信息 | | | | | | | | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业收入 ( 百万元 ) | 829 | 854 | 1,190 | 1,564 | 1,984 | | 同比增长 (%) | 4.3% | 3.0% | 39.3% | 31.4% | 26.9% | | 营业利润 ( 百万元 ) | 309 | 252 | 349 | 447 | 571 | | 同比增长 (%) | 1.9% | -18.3% | 38.2% | 28.2% | 27.6% | | 归属母公司净利润 ( 百万元 ) | 279 | 235 | 313 | 402 | 513 | | 同比增长 (%) | 6.7 ...

证券研究报告 国海证券股份有限公司 【国海证券投资评级标准】 买入：相对沪深 300 指数涨幅 20%以上； 增持：相对沪深 300 指数涨幅介于 10%～20%之间； 中性：相对沪深 300 指数涨幅介于-10%～10%之间； 卖出：相对沪深 300 指数跌幅 10%以上。 【风险提示】 本公司、本公司员工或者关联机构无关。 本报告版权归国海证券所有。未经本公司的明确书面特别授权或协议约定，除法律规定的情况外，任何人不得对 本报告的任何内容进行发布、复制、编辑、改编、转载、播放、展示或以其他任何方式非法使用本报告的部分或 者全部内容，否则均构成对本公司版权的侵害，本公司有权依法追究其法律责任。 2024 年 05 月 02 日 公司研究 评级：买入(维持) ——永新光学(603297)2023 年报及 2024 年一季报点评 最近一年走势 投资要点: 高端显微镜业务高速增长+加速出海，光学元件系列产品下游去库存影响 或已出清。2023 年公司光学元件系列产品/显微镜系列产品收入同比分别 为-6.59%/+15.76%，占比分别为 50.28%/49.72%。（1）显微镜系列产 品 2023 年销售量 9.0 ...

证券研究报告|公司点评报告 [Table_Date] 2024 年 04 月 29 日 | --- | --- | --- | --- | |------------------|------------------------|-----------------------|-------------| | [Table_DataInfo] | 评级： 增持 股票代码： | | 603297 | | 上次评级： 增持 | | 52 周最高价/最低价： | 109.0/58.36 | | | 目标价格： 总市值(亿 | ) | 82.66 | | 最新收盘价： | 74.35 | 自由流通市值(亿 ) | 82.12 | | | | 自由流通股数(百万 ) | 110.45 | 分析判断: Q1 收入与扣非归母净利润分别同比增长 14.74%、27.09%，相比去年 Q4 增幅扩大。24 年第一季度，公司条码扫 码业务逐步恢复，并且开始批量生产复杂部件业务；与此同时，把握设备更新与海外机遇，发力高端显微镜业 务；在激光雷达与医疗光学的新业务板块，不断扩大产能推出新品。展望 24 年，我们认为伴随条码扫描逐步复 ...

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 ...

条码扫描需求逐步恢复，车载/医疗光学保持高增趋势 永新光学(603297.SH)/电子 证券研究报告/公司点评 2024 年 4 月 27 日 | --- | --- | --- | --- | --- | --- | --- | --- | |---------------------------------------------------------------------------------------------------------------------|--------------------------------|-------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

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 ...

Financial Performance - Revenue for 2023 reached 854.13 million RMB, a 3.02% increase compared to 2022[8] - Net profit attributable to shareholders decreased by 15.64% to 235.35 million RMB in 2023[8] - Revenue for the reporting period was RMB 854,125,434.83, a 3.02% increase year-over-year[99] - Basic earnings per share (EPS) for 2023 decreased by 15.75% to RMB 2.14 compared to RMB 2.54 in 2022[165] - Diluted EPS for 2023 decreased by 15.42% to RMB 2.14 compared to RMB 2.53 in 2022[165] - Weighted average return on equity (ROE) decreased by 4.33 percentage points to 13.59% in 2023[165] - Revenue and operating net profit both achieved double-digit growth in Q1 2024, with non-GAAP net profit increasing by 27.09% year-over-year[189] - The company's non-recurring profit and loss items totaled RMB 73,506,327.78 in 2023, a significant increase from RMB 62,514,939.23 in 2022[181] R&D and Innovation - R&D investment continues to increase, driving technological innovation and product development[25] - The company's R&D expenses increased due to intensified investment in research and development during the reporting period[75] - R&D expenses increased by 15.58% to RMB 91,762,758.69 compared to the previous year[99] - The company has 340 R&D personnel, accounting for 24.51% of the total workforce[82] - The company is leading the "Ultra-High Resolution Live Cell Imaging Microscope Research and Application" project under the national "14th Five-Year Plan" major scientific instrument initiative[39] - The company established partnerships with Zhejiang University and the Chinese Academy of Sciences, focusing on advanced technologies such as super-resolution microscopy and AI algorithms[197] - The company acknowledges the need for continuous technological innovation and new product development to maintain its competitive edge[138] Market Expansion and International Operations - The company is accelerating overseas market expansion, focusing on emerging and high-end markets[18] - The company has expanded its market presence in India, South Korea, and other international markets, leveraging developed markets as benchmarks for rapid expansion[68] - Overseas assets amount to RMB 50,232,131.45, representing 2.40% of total assets[87] - Export revenue accounted for 46.65% of total revenue, with USD as the primary settlement currency for overseas clients[120] - The company's overseas market share for high-end microscopes increased significantly in 2023, with market teams visiting Europe, Japan, and Singapore[190] - The company is enhancing its international market coordination and overseas marketing capabilities to secure high-quality projects and manage risks effectively[139] - The company faces challenges in international operations due to geopolitical tensions and regional conflicts, which may impact its global brand influence[139] - The company is actively monitoring and managing risks related to its international operations and market environment[139] Product Development and Business Growth - The company has developed multiple high-end medical optical components, including endoscope lenses, surgical mirrors, and detection objectives, contributing to the localization of high-end medical devices[44] - The company's medical optical products, including embedded microscopy systems and digital slide scanners, are gaining traction in markets such as gene sequencing, cancer screening, and gynecological disease detection[53] - The company's medical optics business has grown by over 50% in the past two years, covering more than 70% of key players in the domestic laparoscopic system market[186] - The company's medical optics business revenue reached 63 million RMB in 2023, exceeding the target set in the equity incentive plan[194] - The company successfully developed a 3D 4K fluorescence module for endoscopes and gained customer recognition[194] - The company's barcode scanning business saw sequential growth in each quarter since Q3 2023, with orders from Zebra and Honeywell expected to start mass production in H2 2024[193] - The NSR950 super-resolution microscope achieved its first sale, marking the company's world-class technical level in optical microscopy[192] - The company's NCF series of confocal microscopes now covers products priced between 800,000 RMB and 1.5 million RMB, forming a complete product family[191] - The company's NIB1000 inverted biological microscope began mass sales, with technical indicators ranking among the global advanced level[192] - The high-end microscope brand NEXCOPE series revenue grew from 4 million RMB in 2018 to nearly 140 million RMB in 2023, with a compound annual growth rate exceeding 100%[190] Strategic Partnerships and Industry Leadership - The company has established long-term strategic partnerships with industry leaders such as ZEISS, Leica, Zebra, Honeywell, and Cognex, enhancing its R&D and manufacturing capabilities[45] - The company has led the formulation of 1 international standard and participated in the revision of 108 national and industry standards, along with 3 group standards, establishing itself as a leader in industry standards[55] - The company was nominated for the 5th "China Quality Award" and the 9th "Zhejiang Provincial Government Quality Award," reflecting high recognition from the government and industry[188] - The company has been recognized with the "China Quality Award Nomination" for its contributions to high-precision, automated, and intelligent microscopy development[59] Operational Efficiency and Management - The company invested over 50 million yuan in information technology and automation equipment in 2023, integrating systems like SAP, CRM, PLM, E-HR, MES, WMS, and ESB to enhance management efficiency[27] - The company has established a comprehensive management system, including ISO9001, ISO14001, ISO13485, and IATF16949 certifications, ensuring high-quality production and compliance[72] - The company has implemented a "8090 Plan" to promote younger management teams, with 80s and 90s generations forming the core of middle and senior management, enhancing resource allocation and solution formulation[57] - The company is strengthening its sales, supply chain, and manufacturing processes through informatization to improve output scale and overall operational efficiency[135] - The company is investing in the construction of new factories to support its growth and operational efficiency[136] Cost and Profit Analysis - Gross margin remained stable at around 40% due to deep collaborations with industry leaders like Zeiss and Leica[13] - Non-recurring gains in 2023 included 60.40 million RMB from non-current asset disposals and 33.45 million RMB from government subsidies[10] - Non-current asset disposal gains amounted to RMB 50,216,584.00, contributing 19.94% to total profit[110] - Government subsidies received during the reporting period totaled RMB 33,453,813.29, accounting for 13.29% of total profit[110] - The company's total cost for optical components and microscope series increased by 9.51% year-over-year, with significant increases in raw material costs for microscope series (14.08%) and direct labor costs (39.66%)[79] - Production volume of optical components decreased by 22.55% to 25,181,004 units, while sales volume decreased by 24.75% to 29,323,798 units[102] Future Plans and Strategic Goals - The company completed its IPO fundraising projects, including the LiDAR components project, by January 2024[7] - The "Medical Optical Equipment and Precision Optical Components Production Base" project is expected to complete main structure acceptance and partial decoration by 2024[16] - The company is preparing for potential demand growth following the Chinese government's policy on equipment updates and consumer upgrades in 2024[21] - The company aims to become a globally renowned optical enterprise by 2035, establishing a high-quality image for Chinese scientific instruments worldwide[95] - The company focuses on a "2+2" business layout, emphasizing optical microscopes and barcode machine vision as core businesses, while expanding into emerging sectors like LiDAR and medical optics[135] - The company plans to distribute a cash dividend of RMB 9.55 per 10 shares, totaling RMB 106,167,827.50, representing 45.11% of the net profit attributable to shareholders in 2023[156] - The company's total share capital as of April 25, 2024, is 111,170,500 shares[156] Industry and Market Trends - The global barcode scanner market was valued at $6.94 billion in 2021 and is projected to reach $10.77 billion by 2027, with a CAGR of 7.6%[34] - The company has secured a significant position in the global barcode optical components market, becoming the largest global supplier and expanding into chip packaging and modular product development[71] - The company's optical components business, including barcode machine vision, laser radar, and medical optics, operates on a direct sales model with high customer stickiness and market competitiveness[67] - The company is exposed to risks from macroeconomic slowdown and market fluctuations, which could lead to decreased demand and affect new business development[140]

证券代码：603297 证券简称：永新光学 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。 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。 (一)主要会计数据和财务指标 宁波永新光学股份有限公司 2024 年第一季度报告 对公司将《公开发行证券的公司信息披露解释性公告第 1 号——非经常性损益》未列举的项目认 定为的非经常性损益项目且金额重大的，以及将《公开发行证券的公司信息披露解释性公告第 1 号——非经常性损益》中列举的非经常性损益项目界定为经常性损益的项目，应说明原因。 □适用 √不适用 | --- | --- | --- | --- | |-----------------------------------------------|-------|-----------------|----------------------------------------------------------------------------------------- ...