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 2024 年度持续督导跟踪报告 | 保荐机构名称：国泰海通证券股份有限公司 | 被保荐公司简称：海泰新光 | | --- | --- | | 保荐代表人姓名：贺南涛、蒋志豪 | 被保荐公司代码：688677 | 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 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。国泰 海通证券股份有限公司（原名国泰君安证券股份有限公司，以下简称"保荐机构" 或"国泰海通"）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。 在 2024 年 1 月 1 日至 2024 年 ...

Investment Rating - The investment rating for the company is "Accumulate" [6] Core Views - The company reported a revenue of 443 million yuan in 2024, a year-on-year decline of 5.9%, with a net profit attributable to shareholders of 135 million yuan, down 7.1%. However, Q4 2024 showed a revenue of 124 million yuan, up 31.6% year-on-year, and a net profit of 38 million yuan, up 37.9% year-on-year. The Q1 2025 revenue was 147 million yuan, a 24.9% increase year-on-year, with a net profit of 47 million yuan, up 21.5% year-on-year. The recovery in shipments is expected to drive revenue and profit growth in 2025 [1][2][4] Summary by Sections Growth Potential - The recovery in shipments is anticipated to drive revenue growth in 2025, supported by the strong market presence of the company's products. The company has seen significant revenue growth in previous years corresponding to the launch of new products. The introduction of the Stryker 1788 in September 2023 is expected to enhance revenue as customer inventory levels normalize [2] - The company is expanding its product offerings, including the launch of several 4K endoscope systems, which are expected to contribute significantly to revenue in 2024 and beyond. The ongoing collaboration with major clients is expected to further enhance revenue growth [2] Profitability - The gross margin for 2024 is projected to be 64.5%, an increase of 0.8 percentage points year-on-year, while Q1 2025 gross margin is expected to be 65.0%, up 0.5 percentage points year-on-year. The company is expected to maintain a high gross margin due to improved supply volumes and cost reductions [3] - The net margin for 2024 is projected at 30.2%, remaining stable year-on-year, while Q1 2025 net margin is expected to be 31.2%, a slight decline of 1.1 percentage points. Despite potential increases in expenses, the company is expected to maintain a high net margin due to economies of scale [3] Financial Forecast and Valuation - The company is projected to achieve total revenues of 552 million yuan, 662 million yuan, and 800 million yuan for 2025, 2026, and 2027, respectively, representing year-on-year growth rates of 24.64%, 19.99%, and 20.87%. The net profit attributable to shareholders is expected to be 174 million yuan, 212 million yuan, and 259 million yuan for the same years, with corresponding year-on-year growth rates of 28.40%, 22.01%, and 22.20% [4]

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)69海泰新光29.2130.983.1241.94亿行业平均 46.4044.004.49100.23亿行业中值34.8137.612.2645.22亿1硕世生物-1850.69-1850.691.1437.05亿2天益医 疗-1581.08-2708.221.6920.15亿3澳华内镜-525.57263.604.2155. ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to experience a temporary pressure on performance in 2024, with a turning point anticipated in Q4 2024. The revenue for 2024 is projected to be 443 million yuan, a year-on-year decrease of 5.90%, while the net profit attributable to the parent company is expected to be 135 million yuan, down 7.11% year-on-year. In contrast, Q1 2025 shows a positive trend with revenue of 147 million yuan, a year-on-year increase of 24.86%, and a net profit of 47 million yuan, up 21.45% year-on-year [4][5][8]. Summary by Sections Financial Performance - In 2024, the company achieved revenue of 443 million yuan, a decrease of 5.90% year-on-year, and a net profit of 135 million yuan, down 7.11% year-on-year. The first quarter of 2025 saw revenue of 147 million yuan, reflecting a year-on-year increase of 24.86% [4][5][10]. Business Dynamics - The company's revenue in 2024 was impacted by inventory destocking from major clients, particularly in the medical endoscope segment, which generated 345 million yuan, a decrease of 7.04% year-on-year. However, Q4 2024 revenue rebounded to 124 million yuan, a year-on-year increase of 31.59%, indicating a recovery trend [5][6]. - The company has strengthened its collaboration with major clients, successfully passing various certifications for its U.S. subsidiary, which has facilitated order fulfillment. The establishment of production capabilities in Thailand has also enhanced its ability to meet U.S. demand [6]. Market Position and Growth Prospects - The company is making steady progress in its domestic complete machine business, with significant brand-building efforts leading to a notable increase in sales. The 4K camera system was successfully mass-produced in 2024, and a wide range of laparoscopes has been registered and launched in the domestic market [6]. - Revenue projections for 2025-2027 are 560 million yuan, 675 million yuan, and 817 million yuan, respectively, with growth rates of 26.5%, 20.5%, and 21.1%. The net profit for the same period is expected to be 188 million yuan, 232 million yuan, and 286 million yuan, with growth rates of 38.6%, 23.7%, and 23.1% [7][8].

Core Insights - Pension funds have appeared in the top ten circulating shareholders of nine Sci-Tech Innovation Board stocks, with a total holding of 21.90 million shares valued at 862 million yuan at the end of the first quarter [1][2] - The pension funds have newly invested in two stocks, increased holdings in one stock, reduced holdings in two stocks, and maintained their positions in four stocks [1] Summary by Category Holdings Overview - The stock with the highest holding ratio by pension funds is Rongzhi Rixin, accounting for 4.53% of circulating shares, followed by Haitai Xinguang at 4.18% and Laisi Information at 2.71% [1] - The top three stocks by the number of shares held are Haitai Xinguang (5.04 million shares), Yubang Electric (3.74 million shares), and Rongzhi Rixin (3.70 million shares) [1] - The stocks with the highest market value held by pension funds are Rongzhi Rixin (194 million yuan), Haitai Xinguang (189 million yuan), and Laisi Information (150 million yuan) [1] Industry Focus - Pension fund holdings are primarily concentrated in the pharmaceutical and biotechnology, machinery equipment, and electric equipment industries, with two stocks from each sector represented [1] Performance Metrics - Among the stocks held by pension funds, seven reported year-on-year net profit growth in the first quarter, with Yubang Electric showing the highest increase of 168.08% [2] - The average decline of the Sci-Tech Innovation Board stocks held by pension funds since April is 3.52%, with Shihua Technology showing the best performance with a cumulative increase of 10.78% [2]

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]