重要内容提示： 会议召开时间：2024 年 9 月 24 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） 证券代码：603297 证券简称：永新光学 公告编号：2024-036 宁波永新光学股份有限公司 关于召开2024年半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。 三、参加人员 公司联席董事长、总经理毛磊先生，独立董事陈世挺先生，公司财务负责人 毛凤莉女士，公司董事会秘书奚静鹏先生。 四、投资者参加方式 投资者可于 2024 年 9 月 23 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 8 月 31 日在 上海证券交易所网站（www.sse.com.cn）披露了《2024 年半年度报告》。为方 便广大投资者 ...

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 ...

Investment Rating - The report maintains a "Buy" rating for the company with a market price of 54.87 CNY and a market capitalization of 6,099 million CNY [1]. Core Insights - The company's revenue growth is driven by recovering demand, with expectations for continued upward momentum in H2 2024. The optical microscope and optical component segments achieved revenues of 163 million CNY and 254 million CNY respectively in H1 2024, with year-on-year changes of -12.8% and +31.0% [3]. - The optical components business benefits from the rapid recovery of barcode scanning and the large-scale production of LiDAR products, maintaining a gross margin of approximately 40% [3]. - The company is one of the few domestic firms capable of high-end microscope R&D and manufacturing, achieving over 4% localization in high-end microscope products priced under 3 million CNY [3]. - The automotive business has seen rapid growth, with revenues of approximately 70 million CNY in H1 2024, a year-on-year increase of 120% [3]. - The medical optics segment has grown over 50% in the past two years, with the company developing high-precision medical components and high-end medical devices for various applications [3]. - The profit forecast for 2024-2026 has been adjusted, with expected net profits of 250 million CNY, 310 million CNY, and 390 million CNY respectively, corresponding to P/E ratios of 22, 18, and 14 [3]. Financial Summary - The company's revenue for 2022 was 829 million CNY, with a projected increase to 1,072 million CNY in 2024, reflecting a year-on-year growth rate of 25.6% [3]. - Net profit for 2022 was 279 million CNY, with a forecasted net profit of 251 million CNY for 2024, indicating a growth rate of 6.6% [3]. - The gross margin is expected to improve to 40.2% by 2026, with net profit margins stabilizing around 23.9% [3].

Investment Rating - The report maintains a "Buy" rating for Yongxin Optical (603297.SH) [2] Core Views - The company achieved a revenue of 428 million yuan in H1 2024, representing a year-on-year growth of 9.62%, while the net profit attributable to shareholders was 100 million yuan, a decrease of 14.07% compared to the same period last year [3][4] - The optical component business showed significant growth, compensating for the decline in the optical microscope segment, leading to an overall revenue increase [3] - The company is implementing a "dual-engine" strategy focusing on high-end microscopes and optical components, with new high-end microscope products being developed and launched [4] - The barcode scanning and LiDAR businesses are expanding, with the barcode scanning module business expected to begin mass shipments in the second half of 2024 [4] Financial Summary - In H1 2024, the optical microscope business generated revenue of 163 million yuan, down 12.78% year-on-year, while the optical component business achieved revenue of 254 million yuan, up 30.95% year-on-year [3] - The gross profit margin for H1 2024 was 38.93%, a decrease of 1.36 percentage points year-on-year, while the net profit margin was 23.25%, down 6.41 percentage points year-on-year [3] - The company expects revenues of 1.026 billion yuan, 1.350 billion yuan, and 1.799 billion yuan for 2024, 2025, and 2026 respectively, with net profits projected at 260 million yuan, 344 million yuan, and 479 million yuan for the same years [5][9]

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]

Investment Rating - The investment rating for the company is maintained at "Buy-A" with a 6-month target price of 60.00 CNY, which corresponds to a dynamic price-to-earnings ratio of 25.00x for 2024 [6][8]. Core Views - The company reported a revenue of 428 million CNY for H1 2024, representing a year-on-year growth of 9.62%. However, the net profit attributable to shareholders decreased by 14.07% to 99.59 million CNY [2]. - The optical microscope business faced temporary pressure in H1 2024, with revenues declining by 12.78% to 163 million CNY. However, government policies aimed at supporting equipment upgrades are expected to drive recovery in the second half of the year [3]. - The optical components business saw significant growth, with sales increasing by 30.95% to 254 million CNY in H1 2024, driven by the recovery of barcode scanning and the mass production of LiDAR products [4]. - The company is actively expanding its medical optics business, which has achieved over 50% growth in the past two years, focusing on high-precision medical components [5][7]. Financial Performance Summary - For H1 2024, the company achieved a gross profit margin of 40.17%, an increase of 2.46 percentage points from the previous quarter [2]. - The projected revenue growth rates for 2024 to 2026 are 20.32%, 36.66%, and 28.56%, respectively, while net profit growth rates are expected to be 13.30%, 34.92%, and 28.93% [8]. - The company’s total market capitalization is approximately 5.94 billion CNY, with a circulating market capitalization of about 5.90 billion CNY [6].

Financial Performance - The company's operating revenue for the first half of 2024 was ¥428,338,716.77, representing a 9.62% increase compared to ¥390,752,514.06 in the same period last year[14]. - The net profit attributable to shareholders decreased by 14.07% to ¥99,585,882.47 from ¥115,887,597.08 year-on-year[14]. - The net cash flow from operating activities dropped significantly by 61.34% to ¥40,317,921.46, down from ¥104,288,244.56 in the previous year[14]. - Basic earnings per share decreased by 14.29% to ¥0.90 from ¥1.05 in the same period last year[15]. - The weighted average return on net assets fell to 5.40%, down from 6.78% year-on-year, a decline of 1.38 percentage points[15]. - The company reported a net asset attributable to shareholders of ¥1,814,357,878.87, a slight increase of 0.12% from ¥1,812,129,264.19 at the end of the previous year[14]. - The total assets increased by 0.78% to ¥2,108,500,951.56 from ¥2,092,255,031.78 at the end of the previous year[14]. - The company reported a significant increase in revenue, achieving a total of 1.2 billion RMB for the first half of 2024, representing a 15% year-over-year growth[76]. Research and Development - The company has a research and development team of over 300 personnel and a dedicated R&D area of more than 4,000 square meters[28]. - R&D investment reached CNY 55.68 million in the first half of 2024, a year-on-year increase of 21.33%, accounting for 13.00% of main business revenue[45]. - The company has participated in 11 technology projects, including 4 national-level projects, enhancing its capabilities in independent R&D and innovation[46]. - The company has successfully developed and mass-produced a full set of achromatic objectives and endoscope lenses, becoming the only domestic company to commercialize high numerical aperture optical objectives[46]. - The company has launched several high-end microscopes priced between CNY 200,000 and CNY 3 million, narrowing the gap with international optical microscope technology[45]. Market and Industry Trends - The global optical microscope market is projected to reach $6.1 billion by 2026, driven by increased investment in life sciences research[19]. - The Chinese medical device market is expected to grow to RMB 12,295 billion by 2024, with a compound annual growth rate (CAGR) of 14.5%[25]. - The global machine vision market is estimated to be USD 13 billion in 2023 and is expected to grow to USD 40 billion by 2029[22]. - The global automotive camera market is forecasted to reach USD 27.3 billion by 2025, with a CAGR of 19.4% from 2023 to 2029[24]. - The domestic machine vision market is anticipated to grow from RMB 185.12 billion in 2023 to RMB 207.17 billion in 2024[22]. Corporate Governance and Compliance - The company has no non-operating fund occupation by controlling shareholders or related parties[3]. - The company has no violations in decision-making procedures for providing guarantees[3]. - The company has described potential risks in the "Management Discussion and Analysis" section of the report[3]. - The company has established a comprehensive quality management system, achieving certifications such as ISO9001, ISO13485, and IATF16949[31]. - The company emphasizes the importance of independent directors and supervisory boards in protecting the interests of minority shareholders[74]. Environmental and Sustainability Initiatives - The new factory established in 2020 implements clean production and energy-efficient processes, with centralized collection and treatment of industrial wastewater and waste gas[67]. - The company is committed to further enhancing its green manufacturing capabilities and aims to become a resource-saving and environmentally friendly enterprise[68]. - The company has established a comprehensive environmental protection system, ensuring compliance with environmental laws and regulations during its operations[68]. - The company has not disclosed any environmental penalties during the reporting period, indicating adherence to environmental standards[69]. Shareholder and Capital Management - The company will not distribute profits or increase capital from reserves for the first half of 2024[2]. - The company has established a dedicated fund management system for the raised capital to ensure proper usage and supervision[73]. - The company plans to optimize its investor return mechanism and implement a stable profit distribution policy[73]. - The company has committed to strengthening internal control management and improving operational efficiency to mitigate the dilution of immediate returns for shareholders[72]. - The company has initiated a stock repurchase plan for unvested restricted stock, reflecting its commitment to employee incentives[65]. Risks and Challenges - The company faces risks related to technological innovation, emphasizing the need for continuous R&D to maintain competitive advantage[59]. - The company is actively monitoring international trade risks due to geopolitical tensions, which could impact its global operations[59]. - The company has identified potential market demand risks due to macroeconomic slowdowns, which could affect future business development[60]. - The company has experienced a change in independent directors, with Yan Guoqing resigning and Peng Xinmin elected as a new independent director[63]. Financial Position and Assets - The company's total assets at the end of the reporting period amount to approximately CNY 1,608.71 million, showcasing its robust financial position[120]. - The company's cash and cash equivalents decreased to CNY 657,400,508.85 from CNY 818,315,442.28, representing a decline of approximately 19.63%[91]. - The total liabilities rose to CNY 293,900,561.08 from CNY 279,740,275.16, reflecting an increase of approximately 5.00%[93]. - The company's inventory stood at CNY 198,051,424.91, a slight decrease from CNY 199,002,621.15, indicating a reduction of approximately 0.48%[91]. - The company has a bad debt provision of ¥11,619,503.98, which is 5.31% of the total accounts receivable, indicating a slight increase in the provision rate compared to the previous period[198].

证券代码：603297 证券简称：永新光学 公告编号：2024-034 宁波永新光学股份有限公司 关于回购注销部分限制性股票的公告 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。 宁波永新光学股份有限公司（以下简称"公司"）于 2024 年 8 月 29 日召 开第八届董事会第九次会议和第八届监事会第八次会议，分别审议通过了《关于 回购注销部分限制性股票的议案》，同意对公司 2023 年限制性股票激励计划（以 下简称"本次激励计划"或"《激励计划》"）预留部分授予的激励对象已获授 但不具备解锁条件的限制性股票进行回购注销。现将有关事项说明如下： 一、本次回购注销部分限制性股票事项的授权及批准情况 1、2023 年 7 月 4 日及 2023 年 7 月 21 日，公司分别召开第七届董事会第二 十二次会议、第七届监事会第二十次会议及 2023 年第一次临时股东大会，审议 通过了《关于<公司 2023 年限制性股票激励计划（草案）>及其摘要的议案》《关 于<公司 2023 年限制性股票激励计划实施考核管理办法>的议案》以及《关于提 ...

证券代码：603297 证券简称：永新光学 公告编号：2024-033 宁波永新光学股份有限公司 第八届监事会第八次会议决议公告 本公司监事会及全体监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。 一、监事会会议召开情况 宁波永新光学股份有限公司（以下简称"公司"）于 2024 年 8 月 19 日以电 子邮件及专人送达方式发出了关于召开公司第八届监事会第八次会议的通知，本 次会议于 2024 年 8 月 29 日在公司会议室召开。会议应出席监事 3 名，实际出席 监事 3 名。本次会议由监事会主席周辉先生主持。本次会议的召开符合《中华人 民共和国公司法》和《公司章程》的有关规定，所作决议合法有效。 二、监事会会议审议情况 经过充分讨论，会议审议并通过了如下决议： 1、审议并通过《2024 年半年度报告全文及摘要》 具体内容详见公司刊载于上海证券交易所网站（www.sse.com.cn）和公司指 定信息披露媒体的《2024 年半年度报告》全文及《2024 年半年度报告摘要》。 表决结果：同意 3 票；反对 0 票；弃权 0 票。 监事会认为：鉴于 ...