证券代码：688677 证券简称：海泰新光 公告编号：2024-067 青岛海泰新光科技股份有限公司 2024 年第四次临时股东大会决议公告 本公司董事会及全体董事保证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、准确性和完整性依法承担法律责任。 重要内容提示： （五） 公司董事、监事和董事会秘书的出席情况 1、 公司在任董事 7 人，出席 7 人； 本次会议是否有被否决议案：无 一、 会议召开和出席情况 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： | 1、出席会议的股东和代理人人数 | 54 | | --- | --- | | 普通股股东人数 | 54 | | 2、出席会议的股东所持有的表决权数量 | 57,205,199 | | 普通股股东所持有表决权数量 | 57,205,199 | | 3、出席会议的股东所持有表决权数量占公司表决权数量的比 | 47.7199 | | 例（%） | | | 普通股股东所持有表决权数量占公司表决权数量的比例（%） | 47.7199 | （四） 表决方式是否符合《公司法》及公司章程的规定， ...

青岛海泰新光科技股份有限公司对外投资管理制度 青岛海泰新光科技股份有限公司 对外投资管理制度 第一章 总 则 第一条 为建立规范、有效、科学的投资决策体系和机制，避免投资决策失 误，化解投资风险，提高投资经济效益，实现青岛海泰新光科技股份有限公司（以 下简称"公司"）资产的保值增值，根据法律、法规和相关规定及《青岛海泰新 光科技股份有限公司章程》（以下简称"《公司章程》"）的规定，特制定本制 度。 第二条 本制度所称的对外投资是指公司在境内外进行的下列以赢利或保 值增值为目的的投资行为，对外投资指以下几种情况之一： （一）独资或与他人合资新设企业的股权投资； （二）部分或全部收购其他境内、外与公司业务关联的经济实体； （三）对现有或新增投资企业的增资扩股、股权收购投资； （四）收购其他公司资产； （一）符合国家产业政策，符合公司的经营宗旨； 1 青岛海泰新光科技股份有限公司对外投资管理制度 （二）有利于加快公司持续、协调发展，提高核心竞争力和整体实力，促进 股东价值最大化； （三）有利于促进资源的有效配置，提升资产质量，有利于防范经营风险， 提高投资收益，维护股东权益； 第三条 投资管理应遵循的基本原则： （ ...

Investment Rating - The report maintains a "Buy" rating for the company, with an expected CAGR of 20.7% for 2024-2026 [2][3] Core Views - The company's performance in 24Q1-3 was impacted by customer inventory reduction, with revenue of 319 million yuan (YoY -15.3%) and net profit of 97 million yuan (YoY -17.6%) [1] - In 24Q3, revenue was 98 million yuan (YoY -9.4%), with net profit of 27 million yuan (YoY -7%) and adjusted net profit of 25 million yuan (YoY -2.8%) [1] - The inventory reduction impact is expected to end, and shipments are likely to return to normal levels from 24Q4 [1] - Overseas subsidiaries are accelerating construction, with the US subsidiary starting mass production and the Thailand subsidiary in trial production [1] - The company's self-branded equipment sales are growing, with new 4K fluorescence endoscope systems approved in September 2024, expected to boost sales [2] - The company is expanding its product matrix, with new products like 4mm hysteroscopes and 2.9mm cystoscopes expected to launch in 2025 [2] Financial Summary - Revenue for 2024-2026 is projected to be 463/580/727 million yuan, with net profit of 158/200/256 million yuan [3] - EPS for 2024-2026 is forecasted at 1.31/1.66/2.12 yuan per share [3] - P/E ratios for 2024-2026 are 28.9/22.9/17.8, and P/B ratios are 3.2/3.1/3.0 [3] - Operating cash flow for 2024-2026 is expected to be 237/160/215 million yuan [6][10] Business Development - The company is focusing on key departments like gynecology and head/neck surgery, developing competitive endoscope products and expanding peripheral solutions [2] - ODM business and self-branded products are progressing simultaneously, with new products like 4mm hysteroscopes already shipping over 2,000 units [2] Overseas Expansion - The US subsidiary, Aumek, has completed audits and started mass production [1] - The Thailand subsidiary has obtained BOI certification and production licenses, currently in trial production and engineering change phases [1]

Investment Rating - Buy (Maintained) with a target price of 50.40 yuan (6 months) [1] Core Views - The company's Q3 2024 performance was under short-term pressure, but Q4 shipments are expected to improve [1] - The core product, artificial heart valves, continues to drive growth, with a 42.8% YoY increase in revenue [1] - The company is deepening its cooperation with Stryker, benefiting from the global trend of fluorescence replacing white light in endoscopy [3] - Domestic strategy focuses on multi-category endoscope development and brand building in key medical fields [3] Financial Performance - Q3 2024 revenue was 0.98 billion yuan, down 9.4% YoY, with net profit of 0.27 billion yuan, down 7.0% YoY [3] - Q1-Q3 2024 revenue was 3.2 billion yuan, down 15.3% YoY, with net profit of 0.97 billion yuan, down 17.6% YoY [3] - Gross margin for Q1-Q3 2024 was 89.7%, up 1.5 percentage points YoY, driven by higher-margin products [1] R&D and Product Pipeline - R&D expenses for Q1-Q3 2024 were 446 million yuan, accounting for 20.2% of revenue [2] - Key products in development include the Renato® and Renatus® heart valve systems, with clinical trials progressing as planned [2] - The company is advancing its pipeline in surgical soft tissue repair, including ophthalmic and vascular biological patches [2] Market and Industry Trends - The global trend of fluorescence replacing white light in endoscopy is creating significant industry opportunities [3] - The company's second-generation 4K endoscope system has shipped over 100 units since its launch in early 2024 [3] - The industry is moving towards multi-technology integration, including fluorescence, 4K, and 3D [3] Profit Forecast and Valuation - Forecasted net profit for 2024-2026 is 1.4, 2, and 2.5 billion yuan, respectively [3] - The company is valued at 30x PE for 2025, with a target price of 50.4 yuan [3] Business Segments - Medical devices segment is expected to grow 20%, 32%, and 14% YoY in 2024-2026, with stable pricing [6] - Optical devices segment is expected to decline 16% in 2024 but grow 9.5% in 2025 and 2026 [6] - Endoscope maintenance segment is expected to grow 15% annually from 2024 to 2026 [7]

Investment Rating - The report maintains a "Recommend" rating for Haite High-Tech (688677) with a target price of 43 RMB, compared to the current price of 37.02 RMB [1] Core Views - Revenue decline narrowed in Q3, with continued growth in whole-machine sales [1] - Customer inventory reduction temporarily pressured performance, but shipments are expected to gradually recover as customer inventory reaches lower levels [1] - Increased expenses in the first three quarters led to a larger decline in net profit attributable to parent company compared to revenue decline [1] - Product structure changes improved profitability, with higher gross margin products increasing their shipment proportion [1] - Whole-machine business performed exceptionally well, with second-generation 4K endoscope system sales exceeding 100 units in the domestic market in H1, achieving 200% YoY revenue growth [1] Financial Performance - Q3 revenue: 98 million RMB (-9.39% YoY) [1] - Q3 net profit attributable to parent company: 27 million RMB (-7.00% YoY) [1] - Q1-Q3 revenue: 319 million RMB (-15.30% YoY) [1] - Q1-Q3 net profit attributable to parent company: 97 million RMB (-17.60% YoY) [1] - Q3 gross margin improved to 69.44% (+5.38pct YoY) [1] Future Projections - 2024-2026 revenue forecast: 431 million RMB (-8.4% YoY), 549 million RMB (+27.5% YoY), 685 million RMB (+24.7% YoY) [3] - 2024-2026 net profit attributable to parent company forecast: 137 million RMB (-5.9% YoY), 186 million RMB (+35.7% YoY), 234 million RMB (+25.7% YoY) [3] - 2024-2026 EPS forecast: 1.14 RMB, 1.54 RMB, 1.94 RMB [3] Business Development - The company is actively expanding its domestic market and improving its marketing network [1] - Ongoing R&D investment and acceleration of overseas factory construction [1] - Second-generation 4K endoscope system achieved significant sales growth in the domestic market [1]

Investment Rating - The report maintains a "Buy" rating for the company [5][7] Core Views - The company's revenue and net profit declined in the first three quarters of 2024 due to inventory reduction by its core customer Stryker However the impact is gradually weakening and order volumes are expected to recover [2][3] - The company's third-quarter performance showed a narrowing decline with Q3 revenue of 98 million yuan down 9 39% YoY and net profit of 27 million yuan down 7 00% YoY [3] - The company's overseas factory construction is progressing smoothly with the Thailand factory expected to apply for capacity expansion by the end of the year Domestic promotion of self-branded equipment is also poised for full commercialization in 2025 [4] - The company's gross margin remained stable at 65 74% in Q1-3 2024 while net margin slightly decreased to 30 26% [3] Financial Performance - For Q1-3 2024 the company achieved revenue of 319 million yuan down 15 30% YoY and net profit of 97 million yuan down 17 60% YoY [2] - The company's EPS for Q1-3 2024 was 0 81 yuan [2] - The company's operating efficiency remained stable with a gross margin of 65 74% (+1 64pct) and a net margin of 30 26% (-0 52pct) in Q1-3 2024 [3] - The company's sales expense ratio increased to 4 91% (+1 43pct) while R&D expense ratio rose to 14 80% (+0 39pct) [3] Future Projections - The company is expected to achieve revenue of 442 million yuan 545 million yuan and 676 million yuan in 2024 2025 and 2026 respectively [5] - Net profit is projected to be 138 million yuan 195 million yuan and 245 million yuan for 2024 2025 and 2026 respectively [5] - EPS is forecasted to be 1 14 yuan/share 1 64 yuan/share and 2 08 yuan/share for 2024 2025 and 2026 respectively [5] - The company's PE ratio is expected to be 34x 23x and 18x for 2024 2025 and 2026 respectively [5] Operational Highlights - The company has completed the construction of a light source module production line at its Thailand factory which will help reduce tariff impacts [4] - The domestic distribution system for self-branded equipment has been established with full commercialization expected to begin in 2025 [4] - The company's self-branded equipment sales are expected to significantly improve profitability due to higher gross margins [4]

证券代码：688677 证券简称：海泰新光 公告编号：2024-066 青岛海泰新光科技股份有限公司 关于股份回购实施结果暨股份变动的公告 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： | 回购方案首次披露日 | 2024/5/9 | | --- | --- | | 回购方案实施期限 | 待董事会审议通过后 12 个月 | | 预计回购金额 | 万元~5,000 万元 2,600 | | 回购价格上限 | 69 元/股 | | 回购用途 | □减少注册资本 √用于员工持股计划或股权激励 | | | □用于转换公司可转债 | | | □为维护公司价值及股东权益 | | 实际回购股数 | 万股 73.7 | | 实际回购股数占总股本比例 | 0.6110% | | 实际回购金额 | 万元 2,610.96 | | 实际回购价格区间 | 28.89 元/股~40.75 元/股 | 一、 回购审批情况和回购方案内容 2024 年 5 月 8 日，公司召开第三届董事会第二十次会议，审议通过了《关于 以集中竞价交易方式回 ...

Investment Rating - The report maintains a positive outlook on the company, indicating a potential recovery in revenue growth as the inventory reduction by major US customers nears its end [1] Core Views - The company's revenue for the first three quarters of 2024 was RMB 319 million (yoy -15 30%), with net profit attributable to the parent company at RMB 97 40 million (yoy -17 60%) [1] - Revenue in Q3 2024 was RMB 98 25 million (yoy -9 39%), showing a narrowing decline compared to previous quarters, suggesting the inventory reduction cycle is nearing its end [1] - The company's gross profit margin in Q3 2024 improved to 69 44% (yoy +5pp), driven by higher-margin products [1] - The company's second growth driver, the whole machine business, continued to grow significantly in Q3 2024, providing new momentum for future growth [1] Financial Performance Summary - Revenue for 2024E is projected at RMB 436 million (yoy -7 4%), with a recovery expected in 2025E and 2026E to RMB 555 million (yoy +27 3%) and RMB 684 million (yoy +23 3%) respectively [2] - Net profit attributable to the parent company is forecasted to grow from RMB 155 million in 2024E to RMB 254 million in 2026E, with a CAGR of 25 7% [2] - Gross profit margin is expected to remain stable at around 63 9% from 2024E to 2026E [2] - ROE is projected to improve from 11 7% in 2024E to 15 8% in 2026E, reflecting better profitability and efficiency [2] Business Outlook - The company's revenue growth is expected to recover as the inventory reduction by major US customers concludes, with shipments expected to gradually increase [1] - The whole machine business is anticipated to become a significant growth driver, contributing to the company's future revenue expansion [1] - The company's profitability is expected to remain stable, with potential for improvement as revenue scales up and expenses are diluted [1] Valuation Metrics - The company's P/E ratio is projected to decline from 29 84x in 2024E to 18 23x in 2026E, reflecting expected earnings growth [2] - The P/B ratio is forecasted to decrease from 3 48x in 2024E to 2 88x in 2026E, indicating potential undervaluation as the company's book value grows [2]

青岛海泰新光科技股份有限公司 2024 年第四次临时股东大会会议资料 2024 年 11 月 青岛海泰新光科技股份有限公司 2024 年第四次临时股东大会会议资料 目录 | 青岛海泰新光科技股份有限公司 2024 年第四次临时股东大会会议须知 1 | | --- | | 青岛海泰新光科技股份有限公司 2024 年第四次临时股东大会会议议程 3 | | 议案一、《关于投保董事、监事及高级管理人员等人员责任保险的议案》 ... 4 | | 议案二：《关于修订<青岛海泰新光科技股份有限公司对外投资管理制度>的议 | | 案》 5 | 青岛海泰新光科技股份有限公司 2024 年第四次临时股东大会会议资料 青岛海泰新光科技股份有限公司 2024 年第四次临时股东大会会议资料 证券代码：688677 证券简称：海泰新光 青岛海泰新光科技股份有限公司 2024 年第四次临时股东大会会议须知 为了维护青岛海泰新光科技股份有限公司全体股东的合法权益，确保股东大 会的正常秩序和议事效率，保证大会的顺利进行，根据《中华人民共和国公司 法》、《中华人民共和国证券法》、中国证监会《上市公司股东大会规则》以及 《公司章程》、《青岛海泰新 ...

7、整机有受到医疗反腐的影响吗？ A：国内医疗市场受反腐影响很大，今年上半年尤其明显，招标数 量很少，从下半年开始有所恢复。 8、以旧换新的推进情况？ | 来访者类型 | 特定对象调研 分析师会议 策略会 | | | --- | --- | --- | | | 媒体采访  业绩说明会 | 新闻发布会 | | | 路演活动 公司来访 电话会议 |  其他 | | 来 访 人 员 姓 | 详见附件 | | | 名、身份证 | | | | 号及职务 | | | | 接待时间 | 10 月 28 日 预约接待地点 / | | | | 【130】人 接待人员 董事、总经理郑耀，独立 董事王鸣，副总经理、董 | | | 参会投资者 | | | | | 事会秘书、财务总监汪方 | | | | 华 | | | | 1、三季度内窥镜的发货情况？四季度和明年的情况会怎样？ | | | | A：公司今年第三季度内窥镜发货数量是近几年来最少的一个季度， | | | | 主要是受大客户消库存的影响。目前大客户的库存已经降到了一个 | | | | 很低的水平，从第四季度和明年年初的发货需求来看，数量相比第 | | | | 三 ...