证券研究报告：医药生物 | 公司点评报告 发布时间：2025-05-15 股票投资评级 买入 |首次覆盖 个股表现 - - - - - - - % - % - % - % - % - % - % - % - % % % 海泰新光 医药生物 资料来源：聚源，中邮证券研究所 | 公司基本情况 | | --- | | 最新收盘价（元） | 36.25 | | --- | --- | | 总股本/流通股本（亿股）1.20 | / 1.20 | | 总市值/流通市值（亿元）43 | / 43 | | 周内最高/最低价 52 | 46.43 / 25.73 | | 资产负债率(%) | 10.6% | | 市盈率 | 32.37 | | 第一大股东 | 青岛普奥达企业管理服 | | 务有限公司 | | 研究所 分析师:蔡明子 SAC 登记编号:S1340523110001 Email:caimingzi@cnpsec.com 研究助理:陈峻 SAC 登记编号:S1340123110013 Email:chenjun@cnpsec.com 海泰新光(688677) 海外库存消化完成，一季度业绩表现亮眼 l 业绩简评 公司发 ...

Core Viewpoint - The company, Qingdao Haitai Newlight Technology Co., Ltd., has announced the cancellation of 737,000 shares, which represents 0.6110% of the total share capital prior to cancellation, following a decision to change the purpose of repurchased shares from employee stock ownership plans to cancellation and capital reduction [1][2][3]. Group 1: Share Repurchase and Cancellation - The company will cancel 737,000 shares from its repurchase account, reducing the total share capital from 120,614,000 shares to 119,877,000 shares [1][5]. - The cancellation date for the repurchased shares is set for May 13, 2025 [4]. - The repurchase was initially intended for employee stock ownership plans or equity incentives, but the purpose has been changed to cancellation and capital reduction [2][3]. Group 2: Approval and Notification Process - The decision to change the purpose of the repurchased shares and to cancel them was approved at the company's general meeting in March 2025 [2][3]. - The company has complied with legal requirements by notifying creditors about the cancellation and has not received any claims for debt repayment within the stipulated period [3][6]. Group 3: Impact on Company Structure - After the cancellation, the company's total share capital will be 119,877,000 shares, with the shareholding structure remaining compliant with listing requirements [5][6]. - The cancellation is expected to enhance investor confidence and will not significantly impact the company's financial status, operational results, or debt repayment capabilities [6].

除上述条款外，公司章程中的其他条款不变。 公司于 2025 年 3 月 26 日在上海证券交易所网站（www.sse.com.cn）和《中 国证券报》《上海证券报》《证券时报》披露了《关于注销公司部分回购股份并 减少注册资本暨通知债权人的公告》（公告编号：2025-013），自该公告披露之 日起 45 日内，公司未收到任何相关债权人要求公司清偿债务或提供相应担保的 通知。 变更事项最终以工商登记机关核准的内容为准。修订后的《公司章程》详见 上海证券交易所网站（www.sse.com.cn）上网公告附件《青岛海泰新光科技股份 有限公司章程》。 证券代码：688677 证券简称：海泰新光 公告编号：2025-030 青岛海泰新光科技股份有限公司 关于变更公司注册资本、修订《公司章程》并办理工 商变更登记的公告 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、准确性和完整性依法承担法律责任。 青岛海泰新光科技股份有限公司（以下简称"公司"）分别于 2025 年 3 月 大会，审议通过了《关于变更公司注册资本、修改 <公司章程> 并办理工商登记的 议案》，对 73 ...

青岛海泰新光科技股份有限公司 章 程 中国·青岛 目 录 《中华人民共和国外商投资法》 青岛海泰新光科技股份有限公司 章 程 第一章 总 则 第一条 为维护青岛海泰新光科技股份有限公司、股东和债权人的合法权益， 规范公司的组织和行为，根据《中华人民共和国公司法》 （以下简称"《公司法》 "）《中 华人民共和国证券法》 （以下简称"《证券法》"）、 、《外 商投资企业设立及变更备案管理暂行办法》、 《上海证券交易所科创板股票上市规则》、 《上市公司章程指引》和其他有关规定，制定本章程。 第二条 青岛海泰新光科技股份有限公司（以下简称"公司"或"上市公司"）系依 照《公司法》和其他有关规定成立的股份有限公司。公司系由青岛海泰新光科技有限 公司依法整体变更设立的股份公司；公司在青岛市工商管理局注册登记，取得营业执 照，统一社会信用代码为：91370200747243684J。 第三条 公司于 2021 年 1 月 12 日经中国证监会同意注册，首次向社会公众发 行人民币普通股 21,780,000 股，于 2021 年 2 月 26 日在上海证券交易所科创板上市。 第四条 公司注册中文名称：青岛海泰新光科技股份有限 ...

股票代码：688677 股票简称：海泰新光 公告编号：2025-029 青岛海泰新光科技股份有限公司 关于实施回购股份注销暨股份变动的公告 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、准确性和完整性依法承担法律责任。 重要内容提示： 公司本次将注销回购专用证券账户中的 737,000 股股份，占注销前公司 总股本 120,614,000 股的比例为 0.6110% 。本次注销完成后，公司总股本将由 120,614,000 股减少为 119,877,000 股，注册资本将由 120,614,000 元减少为 119,877,000 元。 回购股份注销日期：2025 年 5 月 13 日。 青岛海泰新光科技股份有限公司（以下简称"公司"）分别于 2025 年 3 月 3 日、2025 年 3 月 25 日召开第四届董事会第三次会议和 2025 年第一次临时股 东大会，审议通过了《关于变更部分回购股份用途并注销暨减少注册资本的议 案》，同意对回购公司股份的用途进行调整，本次回购股份用途由"用于实施 员工持股计划或股权激励"变更为"用于注销并相应减少注册资本" ...

青岛海泰新光科技股份有限公司 章 程 2025 年 3 月 中国·青岛 | | | | 第一章 | 总 则 1 | | --- | --- | | 第二章 | 经营宗旨和范围 2 | | 第三章 | 股份 2 | | 第四章 | 股东和股东大会 6 | | 第五章 | 董事会 23 | | 第六章 | 总经理及其他高级管理人员 35 | | 第七章 | 监事会 37 | | 第八章 | 财务会计制度、利润分配及审计 40 | | 第九章 | 通知和公告 45 | | 第十章 | 合并、分立、增资、减资、解散和清算 46 | | 第十一章 | 修改章程 49 | | 第十二章 | 附 则 49 | 青岛海泰新光科技股份有限公司 章 程 第一章 总 则 第一条 为维护青岛海泰新光科技股份有限公司、股东和债权人的合法权益， 规范公司的组织和行为，根据《中华人民共和国公司法》（以下简称"《公司法》"）《中 华人民共和国证券法》（以下简称"《证券法》"）、《中华人民共和国外商投资法》、《外 商投资企业设立及变更备案管理暂行办法》、《上海证券交易所科创板股票上市规则》、 《上市公司章程指引》和其他有关规定，制定本章程。 ...

证券代码：688677 证券简称：海泰新光 公告编号：2025-030 青岛海泰新光科技股份有限公司 关于变更公司注册资本、修订《公司章程》并办理工 商变更登记的公告 | 序号 | | 修改前 | | 修改后 | | --- | --- | --- | --- | --- | | 1 | 第六条 | 公司注册资本为人民币 | 第六条 | 公司注册资本为人民币 | | | 120,614,000 | 元 | 119,877,000 | 元 | | 2 | 第二十条 | 公司股份总数为 | 第二十条 | 公司股份总数为 | | | 120,614,000 | 股，全部为普通股。 | 119,877,000 | 股，全部为普通股。 | 除上述条款外，公司章程中的其他条款不变。 公司于 2025 年 3 月 26 日在上海证券交易所网站（www.sse.com.cn）和《中 国证券报》《上海证券报》《证券时报》披露了《关于注销公司部分回购股份并 减少注册资本暨通知债权人的公告》（公告编号：2025-013），自该公告披露之 日起 45 日内，公司未收到任何相关债权人要求公司清偿债务或提供相应担保的 通知。 变更事项最 ...

Investment Rating - The report maintains a "Recommendation" rating for the company, with a target price of 42 yuan [2][9]. Core Views - The company reported a revenue of 443 million yuan for 2024, a decrease of 5.90% year-on-year, and a net profit attributable to shareholders of 135 million yuan, down 7.11% [2][4]. - In Q4 2024, the company experienced a revenue increase of 31.59% to 124 million yuan and a net profit increase of 37.92% to 38 million yuan, indicating a potential upward turning point in performance [2][4]. - The company plans to distribute a cash dividend of 0.6 yuan per share (before tax) to all shareholders [2]. Financial Summary - Total revenue is projected to grow from 443 million yuan in 2024 to 828 million yuan by 2027, with a compound annual growth rate (CAGR) of 21.3% [4]. - Net profit is expected to increase from 136 million yuan in 2024 to 281 million yuan in 2027, reflecting a CAGR of 23.1% [4]. - Earnings per share (EPS) are forecasted to rise from 1.12 yuan in 2024 to 2.34 yuan in 2027, with corresponding price-to-earnings (P/E) ratios decreasing from 31 to 15 [4][9]. Business Performance - The company's medical endoscope business generated 345 million yuan in revenue for 2024, a decline of 7.04%, while optical revenue was 95 million yuan, down 1.80% [9]. - The company has seen a recovery in revenue growth in Q4 2024 and Q1 2025, attributed to reduced inventory levels among overseas clients and increasing demand [9]. - The company has completed certifications for its overseas subsidiaries, which mitigates trade friction risks and allows for smoother order fulfillment in the U.S. market [9]. Product Development - The company has launched a full range of laparoscopic products in the domestic market and has developed new endoscope products for various medical fields, which are now registered and available for sale [9]. - New products for the U.S. market, including a 4mm hysteroscope, have entered mass production, with further collaborations on next-generation systems with U.S. clients [9].

Core Viewpoint - The company reported a decline in revenue and net profit for 2024, but showed signs of recovery in Q4 2024 and Q1 2025, with a positive outlook for future earnings growth driven by inventory reduction among overseas clients and new product launches [1][2][4]. Financial Performance - For the full year 2024, the company achieved revenue of 443 million yuan (down 5.90%) and a net profit attributable to shareholders of 135 million yuan (down 7.11%) [1] - In Q4 2024, revenue was 124 million yuan (up 31.59%) and net profit attributable to shareholders was 38 million yuan (up 37.92%) [1] - For Q1 2025, revenue reached 147 million yuan (up 24.86%) and net profit attributable to shareholders was 47 million yuan (up 21.45%) [1] Product and Market Development - The company’s medical endoscope business generated revenue of 345 million yuan in 2024 (down 7.04%), while optical revenue was 95 million yuan (down 1.80%) [2] - International revenue for 2024 was 306 million yuan (down 6.5%), and domestic revenue was 135 million yuan (down 4.70%) [2] - The company has successfully launched a full range of laparoscopes and various endoscope products in the domestic market, and new products for the U.S. market are set to enter mass production [3] Future Outlook - The company expects net profits attributable to shareholders for 2025-2027 to be 180 million, 230 million, and 280 million yuan, representing year-on-year growth of 34.8%, 25.4%, and 23.1% respectively [4] - The estimated EPS for the same period is projected to be 1.51, 1.90, and 2.34 yuan, with corresponding PE ratios of 23, 19, and 15 times [4] - A target price of approximately 42 yuan is set for 2025, based on a valuation of 28 times [4]

Investment Rating - The report maintains a "Recommendation" rating for the company, with a target price of 42 yuan [2][9]. Core Views - The company reported a revenue of 443 million yuan for 2024, a decrease of 5.90% year-on-year, and a net profit attributable to shareholders of 135 million yuan, down 7.11% [2][4]. - In Q4 2024, the company experienced a revenue increase of 31.59% to 124 million yuan and a net profit increase of 37.92% to 38 million yuan, indicating a potential upward turning point in performance [2][4]. - The company plans to distribute a cash dividend of 0.6 yuan per share (before tax) to all shareholders [2]. Financial Summary - Total revenue is projected to grow from 443 million yuan in 2024 to 828 million yuan by 2027, with a compound annual growth rate (CAGR) of 21.3% [4]. - Net profit is expected to increase from 136 million yuan in 2024 to 281 million yuan in 2027, reflecting a CAGR of 23.1% [4]. - Earnings per share (EPS) are forecasted to rise from 1.12 yuan in 2024 to 2.34 yuan in 2027, with corresponding price-to-earnings (P/E) ratios decreasing from 31 to 15 [4][9]. Business Performance Insights - The company's medical endoscope business generated 345 million yuan in revenue for 2024, down 7.04%, while optical revenue was 95 million yuan, down 1.80% [9]. - International revenue for 2024 was 306 million yuan, a decrease of 6.5%, while domestic revenue was 135 million yuan, down 4.70% [9]. - The company has a backlog of 360 million yuan in orders from major clients as of the end of 2024, indicating strong future demand [9]. Product Development and Market Expansion - The company has successfully completed certifications for its overseas subsidiaries, reducing trade friction risks and enabling smoother order fulfillment in the U.S. market [9]. - New product registrations for various endoscope products targeting domestic markets have been completed, and new models for the U.S. market are set to enter mass production [9].