国泰海通证券股份有限公司 关于青岛海泰新光科技股份有限公司 使用部分暂时闲置募集资金进行现金管理的核查意见 国泰海通证券股份有限公司（以下简称"国泰海通"或"保荐机构"）作为青岛 海泰新光科技股份有限公司（以下简称"海泰新光"或"公司"）首次公开发行股票 并在科创板上市的保荐机构，根据《证券发行上市保荐业务管理办法》《上市公 司监管指引第 2 号——上市公司募集资金管理和使用的监管要求（2022 年修订》 《上海证券交易所上市公司自律监管指引第 1 号——规范运作（2023 年 12 月修 订）》和《上海证券交易所科创板股票上市规则》等有关规定，对海泰新光使用 部分暂时闲置募集资金进行现金管理的事项进行了核查，核查情况如下： 一、募集资金基本情况 公司首次公开发行股票并在科创板上市的注册申请于2021年1月12日经中国 证券监督管理委员会同意注册（证监许可[2021]90号《关于同意青岛海泰新光科 技股份有限公司首次公开发行股票注册的批复》）。公司获准向社会公开发行人 民币普通股（A股）股票2,178万股，每股发行价格人民币35.76元/股，募集资金 总额为人民币778,852,800.00元，扣减承销费（不 ...

证券研究报告 | 公司点评 | 医疗器械 海泰新光(688677) 报告日期：2025 年 04 月 28 日 Q1 业绩高增，2025 收入有望恢复 ——海泰新光 2024 年报以及 2025 年一季报点评报告 投资要点 公司发布 2024 年报及 2025 年一季报，2024 年收入 4.43 亿元，同比下滑 5.9%； 归母净利润 1.35 亿元，同比下滑 7.1%。其中 Q4 收入 1.24 亿元，同比增长 31.6%；归母净利润 0.38 亿元，同比增长 37.9%。2025 年 Q1 收入 1.47 亿元， 同比增长 24.9%；归母净利润 0.47 亿元，同比增长 21.5%。发货恢复带来 2024 年 Q4 与 2025 年 Q1 收入利润高增长，我们认为，2025 年随着发货逐步恢复， 公司收入利润增长可期。 成长性：发货恢复，2025 年收入增长可期 （1）史赛克粘性持续强化，2025 年发货恢复有望拉动收入增长。拆分公司收 入，我们发现，公司在 2016、2019、2022 收入均实现较高的同比增长，分别对 应史赛克新一代产品放量；2023 年 9 月史赛克 1788 上市，在客户库存相 ...

海泰新光（ [Table_StockNameRptType] 688677） 公司点评 2024 年业绩短暂承压，2024Q4 已迎来业绩拐点 | 投资评级：买入（维持） [Table_Rank] | | | | --- | --- | --- | | 报告日期： | 2025-04-28 | | | [Table_BaseData] 收盘价（元） | | 33.90 | | 近 12 个月最高/最低（元） | | 49.30/25.48 | | 总股本（百万股） | | 121 | | 流通股本（百万股） | | 121 | | 流通股比例（%） | | 100.00 | | 总市值（亿元） | | 41 | | 流通市值（亿元） | | 41 | [公司价格与沪深 Table_Chart] 300 走势比较 -52% -32% -13% 7% 27% 4/24 7/24 10/24 1/25 海泰新光 沪深300 [Table_Author] 分析师：谭国超 执业证书号：S0010521120002 邮箱：tangc@hazq.com 分析师：李婵 执业证书号：S0010523120002 邮箱：lich ...

Revenue and Profit - Company achieved total revenue of 147 million yuan in Q1 2025, representing a year-on-year growth of 24.86% [1] - Net profit attributable to shareholders was 46.69 million yuan, up 21.45% year-on-year [1] - Non-recurring net profit reached 46.26 million yuan, reflecting a growth of 26.89% year-on-year, indicating strong profitability during the reporting period [1] Profitability - Gross margin stood at 64.98%, an increase of 0.75 percentage points compared to the same period last year, indicating improved cost control [2] - Net margin was 31.17%, a decrease of 3.43 percentage points year-on-year, potentially due to increased period expenses [2] Expense Situation - Total sales, management, and financial expenses amounted to 21.51 million yuan, accounting for 14.64% of revenue, which is a 26.49% increase year-on-year [3] - The rapid growth of expenses is noteworthy and may impact future profit margins [3] Cash Flow and Asset Status - Operating cash flow per share was 0.53 yuan, reflecting a year-on-year increase of 63.03%, indicating healthy cash generation from operations [4] - Monetary funds reached 560 million yuan, up 29.54% year-on-year, showing a robust cash asset position [4] Accounts Receivable and Interest-Bearing Debt - As of the end of the reporting period, accounts receivable totaled 97.41 million yuan, a year-on-year increase of 17.19%, representing 71.97% of the latest annual net profit, highlighting a significant receivable volume that requires attention [5] - Interest-bearing debt surged from 2.21 million yuan to 82.27 million yuan, an increase of 3616.12%, which may exert pressure on the company's future debt repayment capacity [5] Dividends and Financing - Since its listing, the company has raised a total of 779 million yuan and distributed dividends totaling 207 million yuan, resulting in a dividend-to-financing ratio of 0.27 [6] - The company's performance is primarily driven by equity financing, necessitating further analysis of the long-term implications of this financing model [6] Summary - Overall, the company maintained steady performance growth in Q1 2025, but faces challenges in accounts receivable management and interest-bearing debt control [7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company's short-term revenue is impacted by order cycles, but its overseas expansion is progressing steadily [5] - The company reported a revenue of 443 million yuan for 2024, a year-on-year decrease of 5.90%, and a net profit attributable to the parent company of 135 million yuan, down 7.11% year-on-year [7] - The company expects revenue growth of 32.32% in 2025, reaching 586 million yuan, and a net profit of 187 million yuan, reflecting a growth rate of 37.84% [7] Financial Summary - Revenue projections for 2025-2027 are 586 million yuan, 738 million yuan, and 903 million yuan, with year-on-year growth rates of 32.32%, 25.99%, and 22.35% respectively [6][7] - The projected net profit for the same period is 187 million yuan, 238 million yuan, and 295 million yuan, with growth rates of 37.84%, 27.40%, and 24.32% respectively [6][7] - The company's earnings per share (EPS) are expected to be 1.55 yuan in 2025, 1.97 yuan in 2026, and 2.45 yuan in 2027 [6][7] - The price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are projected to be 20.69, 16.24, and 13.06 respectively [6][7]

Investment Rating - The report maintains the investment rating for the company [1] Core Views - The company is projected to experience a revenue growth rate of 24.92% in 2025, followed by 23.72% in 2026 and 21.32% in 2027 [4] - The net profit attributable to the parent company is expected to increase by 32.02% in 2025, 24.84% in 2026, and 23.75% in 2027 [4] - The gross margin is forecasted to remain stable, with slight increases from 64.51% in 2024 to 65.70% in 2027 [4] - The company’s diluted EPS is projected to rise from 1.12 yuan in 2024 to 2.29 yuan in 2027 [4] Financial Summary Income Statement - Revenue is expected to grow from 442.83 million yuan in 2024 to 830.31 million yuan in 2027 [7] - Operating profit is projected to increase from 152.94 million yuan in 2024 to 315.49 million yuan in 2027 [7] - Net profit is forecasted to rise from 133.75 million yuan in 2024 to 276.06 million yuan in 2027 [7] Balance Sheet - Total assets are expected to grow from 1460.09 million yuan in 2024 to 1829.79 million yuan in 2027 [6] - Current assets are projected to increase from 851.29 million yuan in 2024 to 1224.82 million yuan in 2027 [6] - Total liabilities are expected to rise from 154.64 million yuan in 2024 to 227.11 million yuan in 2027 [6] Cash Flow Statement - Operating cash flow is projected to increase from 112.32 million yuan in 2024 to 276.82 million yuan in 2027 [6] - The net cash increase is expected to turn positive, from -68.41 million yuan in 2024 to 88.15 million yuan in 2027 [6]

Investment Rating - The report maintains the investment rating for the company [1] Core Views - The company is projected to experience a revenue growth rate of 24.92% in 2025, followed by 23.72% in 2026 and 21.32% in 2027 [4] - The net profit attributable to the parent company is expected to increase by 32.02% in 2025, 24.84% in 2026, and 23.75% in 2027 [4] - The gross margin is forecasted to remain stable, increasing slightly from 64.51% in 2024 to 65.70% in 2027 [4] - The company's diluted EPS is projected to rise from 1.12 yuan in 2024 to 2.29 yuan in 2027 [4] Financial Summary Income Statement - Revenue is expected to grow from 442.83 million yuan in 2024 to 830.31 million yuan in 2027 [7] - Operating profit is projected to increase from 152.94 million yuan in 2024 to 315.49 million yuan in 2027 [7] - Net profit is forecasted to rise from 133.75 million yuan in 2024 to 276.06 million yuan in 2027 [7] Balance Sheet - Total assets are expected to grow from 1460.09 million yuan in 2024 to 1829.79 million yuan in 2027 [6] - Current assets are projected to increase from 851.29 million yuan in 2024 to 1224.82 million yuan in 2027 [6] - Total liabilities are expected to rise from 154.64 million yuan in 2024 to 227.11 million yuan in 2027 [6] Cash Flow Statement - Operating cash flow is projected to increase significantly from 112.32 million yuan in 2024 to 276.82 million yuan in 2027 [6] - The net cash increase is expected to turn positive, rising from -68.41 million yuan in 2024 to 88.15 million yuan in 2027 [6]

证券代码：688677 证券简称：海泰新光 公告编号：2025-024 青岛海泰新光科技股份有限公司 关于提请股东大会授权董事会办理小额 快速融资相关事宜的公告 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"）于 2025 年 4 月 24 日召开第四届董事会第四次会议，审议通过了《关于提请股东大会授权董事会 办理小额快速融资相关事宜的议案》，具体情况如下： 2、发行方式、发行对象及向原股东配售的安排 本次发行股票采用向特定对象非公开发行的方式，发行对象为符合监管部 门规定的法人、自然人或者其他合法投资组织等不超过 35 名的特定对象。证券 投资基金管理公司、证券公司、合格境外机构投资者、人民币合格境外机构投 资者以其管理的两支以上产品认购的，视为一个发行对象。信托公司作为发行 对象的，只能以自有资金认购。最终发行对象将根据申购报价情况，由公司董 事会根据股东大会的授权与保荐机构（主承销商）协商确定。本次发行股票所 有发行对象均以现金方式认购。 3、定价基准日、定价原则、发行 ...

公司代码：688677 公司简称：海泰新光 青岛海泰新光科技股份有限公司 2024年度内部控制评价报告 青岛海泰新光科技股份有限公司全体股东： 根据《企业内部控制基本规范》及其配套指引的规定和其他内部控制监管要求（以下简称企业内部 控制规范体系），结合本公司（以下简称公司）内部控制制度和评价办法，在内部控制日常监督和专项 监督的基础上，我们对公司2024年12月31日（内部控制评价报告基准日）的内部控制有效性进行了评价。 一. 重要声明 按照企业内部控制规范体系的规定，建立健全和有效实施内部控制，评价其有效性，并如实披露内 部控制评价报告是公司董事会的责任。监事会对董事会建立和实施内部控制进行监督。经理层负责组织 领导企业内部控制的日常运行。公司董事会、监事会及董事、监事、高级管理人员保证本报告内容不存 在任何虚假记载、误导性陈述或重大遗漏，并对报告内容的真实性、准确性和完整性承担个别及连带法 律责任。 公司内部控制的目标是合理保证经营管理合法合规、资产安全、财务报告及相关信息真实完整，提 高经营效率和效果，促进实现发展战略。由于内部控制存在的固有局限性，故仅能为实现上述目标提供 合理保证。此外，由于情况的变 ...

青岛海泰新光科技股份有限公司 第四届董事会第四次会议文件 2024 （一）会计师事务所基本情况 安永华明于1992年9月成立，2012年8月完成本土化转制，从一家中外合作的有限责 任制事务所转制为特殊普通合伙制事务所。安永华明总部设在北京，注册地址为北京 市东城区东长安街1号东方广场安永大楼17层01-12室。 截至2024年年末，安永华明拥有合伙人251人，首席合伙人为毛鞍宁先生。拥有 执业注册会计师逾1700人，其中拥有证券相关业务服务经验的执业注册会计师超过 1500人, 注册会计师中签署过证券服务业务审计报告的注册会计师逾500人。 安永华明2023年度业务总收入人民币59.55亿元，其中，审计业务收入人民币 55.85亿元，证券业务收入人民币24.38亿元。2024年度A股上市公司年报审计客户共 计137家，收费总额人民币9.05亿元。这些上市公司主要行业涉及制造业、金融业、 批发和零售业、采矿业、房地产业、信息传输、软件和信息技术服务业等。本公司同 行业上市公司审计客户11家。 （二）聘请会计师事务所履行的程序 青岛海泰新光科技股份有限公司 第四届董事会第四次会议文件 2024年5月8日，公司第三 ...