Group 1: Company Insights on Haitai New Light - Haitai New Light's endoscope repair business grew by 14% year-on-year in Q1 2024, with major customer demand increasing by over 25% [1] - The company is progressing with production line construction in the US and Thailand, with the US subsidiary expected to be certified by July 2024 and the Thailand subsidiary completed by the end of 2024 [1] - The company plans to establish a national marketing team of over 50 experienced members in 2024, with a focus on transitioning to complete machine sales [1] - The optical business is expected to see a slight decline in 2024, while the medical optical business is projected to grow by 23% in 2024 and 71% in Q1 2025 [1] - The company maintains a gross margin above 60%, with a good product yield rate of over 98% for complete machine products [1] Group 2: Company Insights on Zhou Dashing - Investors engaged in discussions regarding the 2024 annual report and Q1 2025 financial indicators, brand matrix, product structure, and terminal sales during a conference call [2] - The company ensured compliance with information disclosure regulations, maintaining the accuracy and completeness of disclosed information [2] Group 3: Institutional Overview of Hongshang Asset - Hongshang Asset was established in October 2013, created by a team from public funds and Sequoia Capital, serving as Sequoia's only equity securities asset management platform in China [3] - The company focuses on absolute return equity investment strategies, driven by fundamental research, and has received multiple industry awards for its performance [3] - The investment research team includes experienced professionals from large fund companies and top analysts, ensuring robust management and industry influence [3]

青岛海泰新光科技股份有限公司 2024 年年度股东大会会议资料 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 年年度股东大会会议资料 2025 年 5 月 1 青岛海泰新光科技股份有限公司 2024 年年度股东大会会议资料 目录 | 青岛海泰新光科技股份有限公司 2024 年年度股东大会会议须知 | | 1 | | --- | --- | --- | | 青岛海泰新光科技股份有限公司 2024 年年度股东大会会议议程 | | 3 | | 议案一 《青岛海泰新光科技股份有限公司 2024 年年度报告全文及其摘要》 | | 5 | | 议案二 《青岛海泰新光科技股份有限公司 2024 年度董事会工作报告》 | | 6 | | 议案三 《青岛海泰新光科技股份有限公司 2024 年度监事会工作报告》 | | 7 | | 议案四 《青岛海泰新光科技股份有限公司 2024 年度财务决算报告》 | | 8 | | 议案五 《青岛海泰新光科技股份有限公司 2024 年度利润分配方案》 | | 9 | | 议案六 2025 年度独立董事津贴的议案》 | 《关于 | 10 | | 议案七 2 ...

青岛海泰新光科技股份有限公司 2024 年年度股东大会会议资料 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 年年度股东大会会议资料 2025 年 5 月 目录 | 青岛海泰新光科技股份有限公司 | 2024 | 年年度股东大会会议须知 1 | | --- | --- | --- | | 青岛海泰新光科技股份有限公司 | 2024 | 年年度股东大会会议议程 3 | | | | 1 | 青岛海泰新光科技股份有限公司 2024 年年度股东大会会议资料 上述登记材料均需提供复印件一份，个人登记材料复印件须个人签字，法定 代表人证明文件复印件须加盖公司公章，经验证后领取会议资料，方可出席会议。 会议开始后，由会议主持人宣布现场出席会议的股东人数及其所持有表决权的股 份总数，在此之后进场的股东无权参与现场投票表决。 三、会议按照会议通知上所列顺序审议、表决议案。 | 议案一 《青岛海泰新光科技股份有限公司 | | 2024 | 年年度报告全文及其摘要》 | 5 | | --- | --- | --- | --- | --- | | 议案二 《青岛海泰新光科技股份有限公司 | | ...

股票研究 /[Table_Date] 2025.05.03 2025-05-07 业绩持续复苏，Q1 发货量大幅增长 海泰新光 2024A & 2025Q1 业绩点评 本报告导读： 24 年前三季度下游客户去库影响发货节奏，24Q3 以来发货逐步恢复，25Q1 发货 量同比增长 40%以上，维持增持评级。 投资要点： | [Table_Finance] 财务摘要（百万元） | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入 | 471 | 443 | 556 | 681 | 826 | | (+/-)% | -1.3% | -5.9% | 25.5% | 22.6% | 21.2% | | 净利润（归母） | 146 | 135 | 179 | 223 | 275 | | (+/-)% | -20.2% | -7.1% | 31.9% | 24.8% | 23.5% | | 每股净收益（元） | 1.21 | 1.12 | 1.48 | 1.85 | 2.28 | | 净资产收益率(%) ...

Investment Rating - The report maintains an "Outperform" rating for the company, with a target price of RMB 46.69, corresponding to a 2025 PE of 32X [4][8]. Core Insights - The company experienced a revenue of RMB 443 million in 2024, a decrease of 5.90% year-on-year, while the net profit attributable to shareholders was RMB 135 million, down 7.11% [4][8]. - In Q1 2025, the company reported a revenue of RMB 147 million, reflecting a significant increase of 24.86% year-on-year, and a net profit of RMB 47 million, up 21.45% [4][8]. - The company’s EPS forecasts for 2025-2026 are RMB 1.48 and RMB 1.85, with a new forecast for 2027 at RMB 2.28 [4][8]. Financial Summary - The financial summary indicates that in 2023, the company had a revenue of RMB 471 million, which decreased to RMB 443 million in 2024, with projections of RMB 556 million in 2025 and RMB 681 million in 2026 [3][4]. - The net profit attributable to shareholders was RMB 146 million in 2023, decreasing to RMB 135 million in 2024, with an expected increase to RMB 179 million in 2025 and RMB 223 million in 2026 [3][4]. - The gross profit margin for 2024 was 64.51%, showing a slight increase from the previous year, and the first quarter of 2025 reported a gross profit margin of 64.98% [11]. Customer Orders and Market Expansion - Customer orders are recovering, with shipment volumes increasing significantly, particularly in Q1 2025, where shipments grew over 40% year-on-year and quarter-on-quarter [9]. - The company’s ODM business revenue was RMB 281 million in 2024, accounting for 63.81% of total revenue, while the self-owned brand product revenue was RMB 65.22 million, representing 14.80% [10]. Profitability and Cost Management - The overall gross profit margin remained stable, with expectations for long-term profitability to be maintained due to improvements in overseas subsidiaries' capacity and management [11]. - The company has increased its R&D and marketing expenses significantly in 2024 compared to 2023, which is expected to support future growth [11].

截至2025年一季报，共有26家机构持仓海泰新光，其中基金22家、其他3家、社保1家，合计持股数 5706.80万股，持股市值21.45亿元。 青岛海泰新光科技股份有限公司主营业务为医用内窥镜器械和光学产品的研发、生产、销售和服务。公 司主要产品分为高清荧光内窥镜器械、高清白光内窥镜器械、内窥镜器械配件、内窥镜器械维修等。公 司多年来在医用内窥镜器械领域和光学产品领域技术上不断开拓创新，在该领域实现了多项核心技术， 获得国内外发明专利37项，先后承担了多项国家及省市重点科技项目。 最新一期业绩显示，2025年一季报，公司实现营业收入1.47亿元，同比24.86%；净利润4668.87万元， 同比21.45%，销售毛利率64.98%。 序号股票简称PE(TTM)PE(静)市净率总市值(元)66海泰新光29.5631.363.1642.44亿行业平均 48.9047.004.53103.78亿行业中值36.4137.242.4046.92亿1天益医疗-1685.63-2887.291.8021.48亿2澳华内 镜-613.48307.694.9164.65亿3诺唯赞-417.99-494.372.2989.45亿 ...

证券代码：688677 证券简称：海泰新光 公告编号：2025-028 公司于 2025 年 3 月 3 日召开第四届董事会第三次会议，审议通过了《关于以 集中竞价交易方式回购公司股份方案的议案》（以下简称"本次回购方案"），同意 公司以自有资金及回购专项贷款资金通过上海证券交易所交易系统以集中竞价交 易方式回购公司已发行的部分人民币普通股股票。回购的股份将在未来适宜时机 全部用于员工持股计划或股权激励，回购价格不超过 59 元/股（含），回购资金总 额不低于人民币 5,000 万元（含），不超过人民币 10,000 万元（含），回购期限自 公司董事会审议通过本次回购方案之日起 12 个月内。具体内容详见公司于 2025 年 3 月 5 日在上海证券交易所网站（www.sse.com.cn）上披露的《青岛海泰新光 科技股份有限公司关于以集中竞价交易方式回购股份的预案》（公告编号： 2025-006）。 二、回购股份的进展情况 根据《上市公司股份回购规则》《上海证券交易所上市公司自律监管指引第 7 号——回购股份》等相关规定，公司在回购期间，应当在每个月的前 3 个交易日 内公告截至上月末的回购进展情况，现将公 ...

特此公告。 青岛海泰新光科技股份有限公司董事会 青岛海泰新光科技股份有限公司 关于参加 2025 年青岛辖区上市公司投资者 网上集体接待日活动的公告 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。 为进一步加强与投资者的互动交流，青岛海泰新光科技股份有限公司（以下 简称"公司"）将参加由青岛证监局指导，青岛市上市公司协会与深圳市全景网 络有限公司联合举办的"2025 年青岛辖区上市公司投资者网上集体接待日活动"， 现将相关事项公告如下： 本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站 （http://rs.p5w.net）或关注微信公众号（名称：全景财经）或下载全景路演 APP,参与本次互动交流。活动时间为 2025 年 5 月 12 日（周一）15:00-17:00。 届时公司高管将以在线交流形式就公司治理、发展战略、经营状况等投资者关注 的问题与投资者进行沟通与交流，欢迎广大投资者踊跃参与。 证券代码：688677 证券简称：海泰新光 公告编号：2025-027 2025 年 5 月 7 日 1 ...

Investment Rating - The report maintains a "Buy" rating for the company [2][7]. Core Insights - The company experienced a revenue decline of 6% in 2024, with total revenue of 443 million yuan and a net profit of 135 million yuan, down 7% year-on-year. This was attributed to delayed recovery in core customer demand [7]. - In Q1 2025, the company reported a revenue of 147 million yuan, reflecting a year-on-year growth of 24.9%, and a net profit of 47 million yuan, up 21.5% year-on-year, indicating a recovery in performance [7]. - The company is entering a product harvest phase with several new medical endoscope products launched or set to launch in both domestic and international markets, which is expected to drive future growth [7]. Financial Data and Profit Forecast - The company’s total revenue is projected to grow from 565 million yuan in 2025 to 791 million yuan in 2027, with corresponding net profits expected to rise from 183 million yuan to 276 million yuan [6][9]. - The gross margin is expected to remain stable at around 64.5% over the forecast period, with a return on equity (ROE) projected to increase from 12.5% in 2025 to 15.5% in 2027 [6]. - The price-to-earnings (PE) ratio is forecasted to decrease from 23 in 2025 to 15 in 2027, indicating potential undervaluation compared to industry peers [7].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][10] Core Views - The company's performance in 2024 is under short-term pressure, but a turning point is expected in Q1 2025 [1][9] - The company has successfully launched new products in the medical endoscope sector, with steady growth anticipated in 2024 [3][9] - The company’s revenue for 2024 is projected at 4.43 billion yuan, a decrease of 5.90% year-on-year, while the net profit is expected to be 1.35 billion yuan, down 7.11% [9][10] Financial Summary - Total revenue (million yuan): 2023A: 470.60, 2024A: 442.83, 2025E: 542.15, 2026E: 639.44, 2027E: 755.09 [1] - Year-on-year growth rates for total revenue: 2024A: -5.90%, 2025E: 22.43%, 2026E: 17.95%, 2027E: 18.09% [1] - Net profit attributable to the parent company (million yuan): 2023A: 145.71, 2024A: 135.35, 2025E: 175.31, 2026E: 213.04, 2027E: 262.06 [1] - Year-on-year growth rates for net profit: 2024A: -7.11%, 2025E: 29.52%, 2026E: 21.53%, 2027E: 23.01% [1] - Latest diluted EPS (yuan/share): 2023A: 1.21, 2024A: 1.12, 2025E: 1.45, 2026E: 1.77, 2027E: 2.17 [1] - Current P/E ratios: 2024A: 30.79, 2025E: 23.77, 2026E: 19.56, 2027E: 15.90 [1][10]