Investment Rating - Buy rating maintained for Haitui New Light (688677) [1] Core Views - Performance pressure in 2024Q3, with a potential turning point expected in 2024Q4 [1] - Revenue for the first three quarters of 2024 was RMB 319 million, down 15.30% YoY, with net profit attributable to the parent company at RMB 97 million, down 17.60% YoY [1] - In 2024Q3, revenue was RMB 98 million, down 9.39% YoY, with net profit attributable to the parent company at RMB 27 million, down 7.00% YoY [1] - The decline in revenue is attributed to inventory reduction by a major US customer, but the rate of decline has narrowed compared to previous quarters [1] - Strong collaboration with the major US customer, with joint development of next-generation endoscope systems and plans to add anti-fogging features [1] - Overseas capacity expansion is progressing smoothly, with the US subsidiary in Nevada starting to receive orders and the Thai factory expected to achieve mass production by 2025 [1] Financial Projections - Revenue for 2024-2026 is projected to be RMB 437 million, RMB 542 million, and RMB 650 million, with growth rates of -7.1%, 24.1%, and 19.9% respectively [1] - Net profit attributable to the parent company for 2024-2026 is expected to be RMB 133 million, RMB 187 million, and RMB 226 million, with growth rates of -9.0%, 41.4%, and 20.5% respectively [1] - PE ratios for 2024-2026 are projected at 35x, 25x, and 20x [1] Financial Performance - Gross margin for 2023 was 63.7%, expected to increase to 65.3% in 2024, 66.0% in 2025, and 66.5% in 2026 [3] - ROE for 2023 was 11.3%, expected to be 9.3% in 2024, 11.6% in 2025, and 12.3% in 2026 [3] - EPS for 2024-2026 is projected to be RMB 1.10, RMB 1.55, and RMB 1.87 [3] Operational Highlights - The company's US subsidiary in Nevada passed customer certification in July 2024 and began receiving orders for endoscopes [1] - The 4mm hysteroscope developed for the US customer has entered mass production, with shipments starting in June 2024 [1] - The Thai factory obtained BUI and production licenses in 2024Q3, with plans to apply for customer approval in November and December 2024, aiming for mass production in 2025Q1 [1]

国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 股 票 研 究 公 司 更 新 报 告 ——海泰新光 2024Q3 业绩点评 | --- | --- | --- | --- | |----------|-----------------------------------|-------|--------------------------| | | | | | | | [table_Authors] 丁丹 ( 分析师 ) | | 张拓 ( 分析师 ) | | | 0755-23976735 | | 0755-23976170 | | | dingdan@gtjas.com | | zhangtuo024925@gtjas.com | | 登记编号 | S0880514030001 | | S0880523090003 | 本报告导读： 下游客户去库影响发货节奏，随客户库存量下降至较低水平，镜体和光源发货量有 望逐步回升，维持增持评级。 投资要点： 证 券 研 究 报 告 | --- | --- | --- | |-------- ...

2024 年 10 月 30 日 公司点评 买入/维持 海泰新光(688677) 昨收盘:36.10 海泰新光点评报告：短期受客户订单周期影响，业绩恢复可期 ◼ 走势比较 (60%) (44%) (28%) (12%) 4% 20% 23/10/3024/1/1124/3/2424/6/524/8/1724/10/29 海泰新光 沪深300 ◼ 股票数据 总股本/流通(亿股) 1.21/1.21 总市值/流通(亿元) 43.54/43.54 12 个月内最高/最低价 (元) 61.99/25.48 相关研究报告 <<海泰新光点评报告：史赛克产品迭 代影响公司 23 年收入，24 年有望迎 来反转>>--2023-10-29 <<海泰新光点评报告：第二季度订单 波动，未来增长依然可期>>--2023- 09-03 <<海泰新光点评报告：一季度收入高 增长，多款新产品陆续上市和量产提 供发展动力>>--2023-04-21 证券分析师：谭紫媚 电话：0755-83688830 E-MAIL：tanzm@tpyzq.com 分析师登记编号：S1190520090001 事件：10 月 25 日，公司发布 2024 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's performance is under short-term pressure due to downstream inventory destocking, but the destocking process is nearing its end [2] - The company's Q3 revenue remains under pressure, with a single-quarter revenue of 98 million yuan (-9.39% YoY) and net profit of 27 million yuan (-7.00% YoY) [2] - The company is actively expanding overseas, with its Thailand subsidiary expected to achieve mass production next year, enhancing its competitiveness [2] - The company's main business is expected to recover steadily next year, supported by stable cooperation with a major US customer and the domestic equipment replacement policy [3] - The report adjusts the company's net profit forecasts for 2024-2026 to 140/204/250 million yuan, with corresponding PE valuations of 31/21/17 times [3] Financial Performance - The company's revenue for the first three quarters of 2024 was 319 million yuan (-15.30% YoY), with net profit of 97 million yuan (-17.60% YoY) [2] - The company's revenue for 2024 is expected to be 395.41 million yuan (-15.98% YoY), with net profit of 139.62 million yuan (-4.18% YoY) [1] - The company's revenue for 2025 is expected to be 523.29 million yuan (+32.34% YoY), with net profit of 203.63 million yuan (+45.85% YoY) [1] - The company's revenue for 2026 is expected to be 631.96 million yuan (+20.77% YoY), with net profit of 250.13 million yuan (+22.83% YoY) [1] Business Segments - The company's medical endoscope products and light source modules saw a decline in revenue due to downstream inventory destocking, while endoscope maintenance and complete equipment sales showed significant growth [2] - The company sold approximately 150 sets of complete equipment in the first three quarters of 2024, with full-year sales expected to grow steadily [2] Overseas Expansion - The company's Thailand factory has obtained BUI and production licenses, with production lines for new endoscope products and light source modules established [2] - The company plans to apply for customer approval in November and December, aiming for mass production in the first quarter of next year [2] Valuation and Metrics - The company's current PE ratio is 31.19 times, with expected PE ratios of 21.38 and 17.41 times for 2025 and 2026, respectively [1] - The company's current PB ratio is 3.40 times, with expected PB ratios of 3.14, 2.74, and 2.37 times for 2024, 2025, and 2026, respectively [10] - The company's ROE for 2024 is expected to be 10.08%, increasing to 12.82% and 13.61% in 2025 and 2026, respectively [10] Market Data - The company's closing price is 36.10 yuan, with a one-year low/high of 25.48/61.99 yuan [5] - The company's market capitalization is 4,354.17 million yuan, with a circulating A-share market capitalization of 4,354.17 million yuan [5] Financial Statements - The company's total assets are expected to increase from 1,395 million yuan in 2023 to 1,962 million yuan in 2026 [9] - The company's net cash flow from operating activities is expected to increase from 158 million yuan in 2023 to 331 million yuan in 2026 [10] - The company's capital expenditures are expected to be 92 million yuan in 2024, 92 million yuan in 2025, and 94 million yuan in 2026 [10]

各位领导 那我们开始尊敬的各位词读者 大家下午好欢迎大家参加身外洪源证券连同23位友商老师一同联合举办的海太星光三季度的电话会我是身外医药组的分析师陈业远今天同事在线的还有我们组首席张静涵老师今天我们的会议也是非常有幸邀请到了公司的董事总经理郑总副总经理财务总监董事会秘书汪总来进行一个交流 我们也看到三季度公司可能因为客户降库存的一个原因吧这个业绩方面还承受了一些压力但是我们也相信库存的快速初心以及新业务的一些拓展也能够帮助公司更快的迎接未来业绩的一个拐点我这边长话短说我们把时间交给公司董事董经理郑总来做一个三季度的情况的介绍有请郑总 各位投资人欢迎大家参加我们海大新光的业绩说明会在这里首先谢谢大家对我们海大新光的一个关注我是海大新光的总经理在这里我代表公司就我们2024年三季度以前三个季度的一个经营情况给大家做一个说明 第一个我们是在前三个季度公司的营收收入是3.2亿比去年的同期就是前三个季度下降了大概15%其中第三季度的销售同比下降9%下降的幅度在收窄 这主要是受到美国大客户将库存的影响 客户放缓了从公司进货的节奏从现在的情况来看的话 第三季度的降幅已经比第二季度有所收窄 而且从客户传递到我们公司的海开的 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is experiencing a continuous inventory digestion from major clients, leading to an acceleration in the maturity of its complete machine business. Despite a decline in revenue and net profit in the first three quarters of 2024, the company is expected to see a gradual recovery in shipment volumes as client inventory levels decrease. The international business localization capabilities are improving significantly, which is anticipated to enhance the competitiveness of domestic operations [1][3]. Financial Performance Summary - **Revenue (in million CNY)**: - 2022: 477 - 2023: 471 - 2024E: 414 - 2025E: 517 - 2026E: 653 - **Year-over-Year Growth Rate**: - 2022: 54% - 2023: -1% - 2024E: -12% - 2025E: 25% - 2026E: 26% [1] - **Net Profit (in million CNY)**: - 2022: 183 - 2023: 146 - 2024E: 146 - 2025E: 178 - 2026E: 221 - **Year-over-Year Growth Rate**: - 2022: 55% - 2023: -20% - 2024E: 1% - 2025E: 21% - 2026E: 24% [1] - **Earnings Per Share (in CNY)**: - 2022: 2.10 - 2023: 1.20 - 2024E: 1.20 - 2025E: 1.46 - 2026E: 1.82 [1] Business Outlook - The company has reported a revenue of 3.19 billion CNY for the first three quarters of 2024, a year-over-year decline of 15.30%. The net profit for the same period is 0.97 billion CNY, down 17.60% year-over-year. The decline is attributed to the impact of major clients reducing inventory levels [1][3]. - The company is expected to see a recovery in shipment volumes as client inventory levels decrease, with a focus on expanding its international business and enhancing local delivery capabilities [1][3]. Cost and Profitability Analysis - The company has increased its marketing and R&D investments, leading to a relatively stable profitability profile. The sales expense ratio for the first three quarters of 2024 is reported at 4.91%, with management and financial expense ratios also showing slight increases [1][3]. - The gross profit margin for the first three quarters of 2024 is 65.74%, reflecting a year-over-year increase, while the net profit margin is reported at 30.78%, showing a slight decline [1][3].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook on its order recovery and profitability forecasts [4]. Core Views - The company's Q3 performance met market expectations, with a revenue of 319 million yuan for the first three quarters, a 15% year-on-year decline, and a net profit of 97 million yuan, down 18% year-on-year [4]. - The gross margin improved significantly, reaching 65.74% for the first three quarters, compared to 64.10% in the same period last year, driven by an increase in high-margin products [4]. - The report expresses optimism about the recovery of orders, anticipating a significant improvement in performance starting from Q4 due to inventory clearance and new product contributions [4]. Financial Data and Profit Forecast - Total revenue for 2023 is projected at 471 million yuan, with a slight decline expected in Q1-Q3 2024 to 319 million yuan, followed by a recovery to 521 million yuan in 2024 [5]. - The net profit for 2023 is estimated at 146 million yuan, with a forecasted increase to 166 million yuan in 2024, representing a 13.7% year-on-year growth [5]. - The report projects earnings per share to rise from 1.20 yuan in 2023 to 1.37 yuan in 2024, reflecting a positive trend in profitability [5].

Financial Performance - The company's operating revenue for Q3 2024 was ¥98,254,526.72, a decrease of 9.39% compared to the same period last year[2] - The net profit attributable to shareholders for Q3 2024 was ¥26,842,224.85, down 7.00% year-on-year[2] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥24,504,318.59, a decrease of 2.79% compared to the same period last year[2] - Total operating revenue for the first three quarters of 2024 was CNY 318,670,736.92, a decrease of 15.3% compared to CNY 376,245,393.03 in the same period of 2023[12] - Net profit for the first three quarters of 2024 was CNY 96,418,838.54, down 16.7% from CNY 115,793,532.85 in 2023[13] - The basic earnings per share for Q3 2024 was ¥0.22, a decrease of 8.33% compared to the same period last year[3] - The company reported a basic earnings per share of CNY 0.81, down from CNY 0.97 in the previous year[13] Research and Development - The total R&D investment for Q3 2024 was ¥16,338,612.14, a decline of 17.22% year-on-year[3] - The R&D investment accounted for 16.63% of operating revenue, a decrease of 1.57 percentage points compared to the same period last year[3] - Research and development expenses were CNY 47,153,360.06, a decrease of 13.0% from CNY 54,209,502.81 in the previous year[12] - The company is investing 50 million RMB in R&D for new technologies aimed at enhancing product efficiency[16] Cash Flow and Assets - The net cash flow from operating activities for the year-to-date was ¥91,776,890.23, down 16.07% year-on-year[2] - The company's cash and cash equivalents decreased to ¥434.73 million from ¥592.32 million, representing a decline of approximately 26.6%[10] - The total assets at the end of the reporting period were ¥1,395,826,579.98, a slight increase of 0.07% from the end of the previous year[3] - As of September 30, 2024, the company's total current assets amounted to approximately ¥830.77 million, a decrease from ¥904.92 million as of December 31, 2023, reflecting a decline of about 8.2%[10] - The company's total assets remained relatively stable, totaling ¥1.40 billion as of September 30, 2024, compared to ¥1.39 billion at the end of 2023[11] Liabilities and Equity - The total liabilities of the company increased to ¥114.99 million from ¥102.10 million, marking an increase of about 12.5%[11] - The company maintains a strong equity position with total equity amounting to approximately ¥1.28 billion, slightly down from ¥1.29 billion[11] Market and Strategic Developments - The company experienced a significant impact on revenue due to the continued inventory reduction by major customers in the U.S.[6] - The company has not disclosed any new product developments or market expansion strategies in the current report[10] - Market expansion efforts have led to a 30% increase in market share in the Asia-Pacific region[16] - The company is exploring potential acquisitions to enhance its technology portfolio, with a budget of 200 million RMB allocated for this purpose[16] - A new strategic partnership was announced, expected to generate an additional 100 million RMB in revenue over the next year[16] Future Outlook - The company provided a forward guidance of 10% revenue growth for Q4 2024, projecting revenues to reach approximately 1.32 billion RMB[16] - The company plans to increase its marketing budget by 15% to support brand awareness and customer acquisition initiatives[16] Operational Efficiency - The gross margin improved to 40%, up from 35% in the previous quarter, reflecting better cost management[16] - The company reported a revenue increase of 15% year-over-year, reaching 1.2 billion RMB in Q3 2024[16] - User data showed a growth of 20% in active users, totaling 5 million by the end of Q3 2024[16] - New product launches contributed to a 25% increase in sales, with the latest product line accounting for 300 million RMB in revenue[16]

证券代码：688677 证券简称：海泰新光 公告编号：2024-064 青岛海泰新光科技股份有限公司 第四届监事会第二次会议决议公告 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、准确性和完整性依法承担法律责任。 一、监事会会议召开情况 青岛海泰新光科技股份有限公司（以下简称"公司"）第四届监事会第二次 会议于 2024 年 10 月 24 日 10:00 在公司会议室以现场与通讯表决相结合的方式 召开，会议通知于 2024 年 10 月 11 日以邮件方式送达。公司监事 3 人，实际参 会监事 3 人。会议由公司监事会主席郑今兰女士主持，会议的召集和召开程序符 合《中华人民共和国公司法》和《公司章程》等相关规定，会议形成的决议合法、 有效。 二、监事会会议审议情况 青岛海泰新光科技股份有限公司监事会 2024 年 10 月 25 日 经与会监事投票表决，审议通过了如下议案： （一）审议通过《青岛海泰新光科技股份有限公司 2024 年第三季度报告》； 公司严格按照企业会计准则及有关规定规范运作，公司 2024 年第三季度报 告公允地反映了本报告期的财务状 ...

证券代码：688677 证券简称：海泰新光 公告编号：2024-063 青岛海泰新光科技股份有限公司 第四届董事会第二次会议决议公告 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、准确性和完整性依法承担法律责任。 一、董事会会议召开情况 青岛海泰新光科技股份有限公司（以下简称"公司"）第四届董事会第二次 会议于 2024 年 10 月 24 日 9:00 在公司会议室以现场与通讯表决相结合的方式召 开，会议通知于 2024 年 10 月 11 日以邮件方式送达。公司董事 7 人，实际参会 董事 7 人。会议由公司董事长郑安民先生主持，会议的召集和召开程序符合《中 华人民共和国公司法》和《公司章程》等相关规定，会议形成的决议合法、有效。 二、董事会会议审议情况 经与会董事投票表决，审议通过了如下议案： （一）审议通过《青岛海泰新光科技股份有限公司 2024 年第三季度报告》; 详情见《青岛海泰新光科技股份有限公司 2024 年第三季度报告》。 表决结果：同意 7 票，反对 0 票，弃权 0 票。 （三）审议通过《关于修订<青岛海泰新光科技股份有限公司对外投 ...