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 [9][10] - The company has successfully launched new products in the medical endoscope sector, with steady growth anticipated in 2024 [3][9] - The company is adapting to trade policy changes through its overseas subsidiaries and new product collaborations [9][10] Financial Performance Summary - In 2024, the company achieved total revenue of 442.83 million yuan, a decrease of 5.90% year-on-year, and a net profit attributable to shareholders of 135.35 million yuan, down 7.11% [9] - For Q1 2025, the company reported revenue of 147 million yuan, an increase of 24.86%, and a net profit of 47 million yuan, up 21.45% [9] - The company's main business revenue accounted for 99.49% of total revenue in 2024, with the medical endoscope segment contributing 345.16 million yuan, a decline of 7.04% [9] Earnings Forecast and Valuation - The forecast for net profit attributable to shareholders has been adjusted for 2025 and 2026 to 175.31 million yuan and 213.04 million yuan, respectively [10] - The expected P/E ratios for the current market value are 24x for 2025, 20x for 2026, and 16x for 2027 [10] - The company is projected to achieve a net profit of 262.06 million yuan in 2027, with a corresponding EPS of 2.17 yuan [1][10]

Core Viewpoint - The company reported a decline in annual revenue and net profit for 2024, but showed significant quarter-on-quarter recovery in Q4 2024 and Q1 2025, driven by recovering customer demand and overseas orders [1][2]. Financial Performance - In 2024, the company achieved revenue of 443 million yuan (YoY -5.90%) and a net profit of 135 million yuan (YoY -7.11%), with a non-net profit of 129 million yuan (YoY -5.26%) [1]. - For Q4 2024, revenue was 124 million yuan (YoY +31.59%), net profit was 38 million yuan (YoY +37.92%), and non-net profit was 40 million yuan (YoY +57.44%) [1]. - In Q1 2025, revenue reached 147 million yuan (YoY +24.86%), net profit was 47 million yuan (YoY +21.45%), and non-net profit was 46 million yuan (YoY +26.89%) [1]. Business Segments - The medical endoscope business in 2024 generated revenue of 345 million yuan (YoY -7%), influenced by customer order demand and product structure adjustments [2]. - The optical products segment reported revenue of 95 million yuan (YoY -1.8%) [2]. - The company is launching new products, including a 4mm hysteroscope and various endoscopes, which are expected to enhance overseas business growth [2]. Strategic Initiatives - The company is enhancing its overseas production capabilities, with successful certifications for its U.S. subsidiary and the establishment of production capacity in Thailand [3]. - Collaboration with U.S. clients on next-generation systems is expanding the product range into various medical fields [3]. Profit Forecast - Revenue projections for 2025-2027 are 552 million yuan, 676 million yuan, and 812 million yuan, with respective growth rates of 24.64%, 22.54%, and 20.00% [3]. - Net profit forecasts for the same period are 187 million yuan, 234 million yuan, and 283 million yuan, with growth rates of 38.00%, 25.50%, and 20.92% [3].

2025 年 04 月 29 日 公司点评 买入/维持 海泰新光(688677) 昨收盘:34.70 海泰新光点评报告：海外布局稳步推进，客户订单有望恢复 ◼ 走势比较 (50%) (36%) (22%) (8%) 6% 20% 24/4/29 24/7/11 24/9/22 24/12/4 25/2/15 25/4/29 ◼ 股票数据 | 总股本/流通(亿股) | 1.21/1.21 | | --- | --- | | 总市值/流通(亿元) | 41.85/41.85 | | 12 个月内最高/最低价 | 49.3/25.48 | | (元) | | 相关研究报告 <<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>>-- 2024-10-31 <<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 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 研究助理 ...

Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but the analysis suggests a positive outlook for future growth based on revenue recovery and product development [1][2]. Core Views - The company experienced a revenue decline in 2024 due to inventory destocking by major clients, but has shown signs of recovery with revenue growth in Q4 2024 and Q1 2025 [2]. - The company’s medical endoscope product line is expected to recover rapidly as new products are launched and market demand increases [2]. - The company is enhancing its overseas production capabilities to mitigate risks associated with trade policies, which is anticipated to improve supply capacity [2]. - Revenue forecasts for 2025-2027 indicate significant growth, with expected revenues of 5.69 billion, 7.12 billion, and 8.74 billion respectively, reflecting year-on-year growth rates of 28.6%, 25.0%, and 22.8% [2][3]. Summary by Sections Financial Performance - In 2024, the company reported total revenue of 4.43 billion (down 5.90% YoY) and a net profit of 1.35 billion (down 7.11% YoY) [1][3]. - The gross margin for 2024 was 64.51%, showing a slight increase from the previous year [2]. - The company’s net profit margin was stable at 30.20% [2]. Revenue and Profit Forecast - Projected revenues for 2025, 2026, and 2027 are 5.69 billion, 7.12 billion, and 8.74 billion respectively, with corresponding net profits of 1.82 billion, 2.31 billion, and 2.86 billion [2][3]. - The expected earnings per share (EPS) for 2025, 2026, and 2027 are 1.51, 1.91, and 2.37 respectively [3]. Market and Product Development - The company has launched new products in the U.S. market, including a new 4mm hysteroscope and has made progress in developing other endoscopic products [2]. - The company is expanding its marketing efforts and sales team to enhance brand influence and market penetration [2].

Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but the report indicates a positive outlook for future growth, suggesting a favorable investment perspective [1][2]. Core Viewpoints - The company experienced a revenue decline in 2024 due to inventory destocking by major clients, but has shown signs of recovery with revenue growth in Q4 2024 and Q1 2025, achieving revenues of 1.24 billion and 1.47 billion respectively, representing year-on-year increases of 31.59% and 24.86% [2]. - The company’s medical endoscope product line is expected to recover rapidly as new products are launched, including a new 4mm hysteroscope and a 2.9mm cystoscope [2]. - The company maintains stable profitability with a gross margin of 64.51% in 2024, and is expanding its overseas production capabilities to enhance supply capacity [2]. - Revenue projections for 2025-2027 are optimistic, with expected revenues of 5.69 billion, 7.12 billion, and 8.74 billion respectively, reflecting growth rates of 28.6%, 25.0%, and 22.8% [2][3]. Summary by Relevant Sections Financial Performance - In 2024, the company reported total revenue of 4.43 billion (down 5.90% YoY) and a net profit of 1.35 billion (down 7.11% YoY) [1][3]. - The gross margin for 2024 was 64.51%, with a net profit margin of 30.20% [2][3]. - The company’s earnings per share (EPS) for 2025 is projected to be 1.51, with a corresponding price-to-earnings (P/E) ratio of 22.94 [3]. Revenue and Profit Forecast - The forecast for total revenue from 2025 to 2027 is as follows: 5.69 billion in 2025, 7.12 billion in 2026, and 8.74 billion in 2027, with net profits expected to be 1.82 billion, 2.31 billion, and 2.86 billion respectively [2][3]. - The company’s return on equity (ROE) is projected to improve from 10.4% in 2024 to 17.6% in 2027 [3]. Market Position and Strategy - The company is enhancing its brand influence and expanding its sales team to improve market penetration, which has led to increased expenses [2]. - The establishment of production capabilities in the U.S. and Thailand is aimed at mitigating risks associated with trade policies and improving supply chain efficiency [2].

业绩环比修复，海内外市场同步拓展 ——海泰新光 2024 年报&2025 年一季报点评 核心观点 盈利预测与投资建议 ⚫ 根据 2024 年报及 2025 年一季报，我们下调收入、毛利率假设，调整 2025-27 年每 股收益预测分别为 1.51/1.79/2.23（原预测 25-26 年为 2.09/2.58）元，根据可比公 司给予 25 年 30 倍 PE，对应的目标价为 45.30 元，维持"买入"评级。 风险提示 大客户依赖风险、地缘政治风险、国内市场拓展不及预期风险、下游需求波动风险 等。 公司主要财务信息 | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 471 | 443 | 565 | 691 | 868 | | 同比增长 (%) | -1.3% | -5.9% | 27.5% | 22.4% | 25.6% | | 营业利润(百万元) | 161 | 153 | 206 | 241 | 302 | | 同比增长 (%) | -22.0% | -5.0% ...

业绩环比修复，海内外市场同步拓展 ——海泰新光 2024 年报&2025 年一季报点评 风险提示 大客户依赖风险、地缘政治风险、国内市场拓展不及预期风险、下游需求波动风险 等。 公司主要财务信息 | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 471 | 443 | 565 | 691 | 868 | | 同比增长 (%) | -1.3% | -5.9% | 27.5% | 22.4% | 25.6% | | 营业利润(百万元) | 161 | 153 | 206 | 241 | 302 | | 同比增长 (%) | -22.0% | -5.0% | 34.7% | 17.2% | 25.3% | | 归属母公司净利润(百万元) | 146 | 135 | 183 | 216 | 269 | | 同比增长 (%) | -20.2% | -7.1% | 34.9% | 18.1% | 24.8% | | 每股收益（元） | 1.21 | 1.12 | 1.51 | 1. ...

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 ...

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 首次公开发行股票并上市之保荐总结报告书 | 保荐机构名称： | 国泰海通证券股份有限公司 | | --- | --- | | 保荐机构编号： | Z29131000 | 经中国证券监督管理委员会《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》（证监许可[2021]90 号）批复，青岛海泰新光科技股份有 限公司（以下简称"上市公司"、"公司"或"发行人"）首次公开发行股票 2,178.00 万 股，每股面值人民币 1 元，每股发行价格人民币 35.76 元，募集资金总额为人民币 77,885.28 万元，扣除发行费用后，实际募集资金净额为人民币 69,351.63 万元。本 次发行证券已于 2021 年 2 月 26 日在上海证券交易所科创板上市。原国泰君安证券 股份有限公司担任其持续督导保荐机构，持续督导期间为 2021 年 2 月 26 日至 2024 年 12 月 31 日。鉴于原国泰君安证券股份有限公司换股吸收合并原海通证券股份有 限公司事项已获得中国证券监督管理委员会核准批复，本次合并交易已于 2025 年 3 月 14 ...

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 部分募投项目延期、增加实施主体和实施地点的核查意见 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》《上海证 券交易所上市公司自律监管指引第 11 号——持续督导（2025 年 3 月修订）》《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)》《上海证券交易所科创板上市公司自律监管指引第 1 号——规范运作（2023 年 12 月修订）》《上海证券交易所科创板股票上市规则》等有关规定，对海泰 新光部分募投项目延期、增加实施主体和实施地点的事项进行了核查，核查情况 如下： 二、募投项目基本情况 截至 2025 年 3 月 31 日，公司首次公开发行股票募集资金投资项目及募集资 金使用情况如下： 三、本次部分募投项目延期、增加实施主体和实施地点的具体情况 （一）本次部分募投项目延期、增加实施主体和实施地点的情况 公司结合目前募投项目的实际进展情况，在项目实施 ...