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[Table_Title] 海泰新光（688677.SH） [Table_Summary] 核心观点： 整体费率增加。根据 wind，公司 23 年研发费率 14%（YOY+1.44pp）, 主要系人员、股份支付费用增加；管理费率 11.32%（YOY+2.43pp）, 主要系股份支付费用及固定资产折旧费用增加；销售费率 3.85%（YO Y+0.59pp），主要系公司积极开拓市场及人员费用增加。 风险提示。产品订单不及预期，销售不及预期，汇率大幅波动 | --- | --- | --- | --- | --- | --- | |----------------------------------------------|-------|--------|-------|-------|-------| | [Table_Finance] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业收入（百万元） | 477 | 471 | 600 | 775 | 1016 | | 增长率（ % ） | 54.0% | -1.3% | 27.6% | 29.1% | 31.1% ...

青岛海泰新光科技股份有限公司 会计师事务所选聘制度 第一章 总则 第一条 为规范青岛海泰新光科技股份有限公司（以下简称"公司"）选聘 （包含续聘、改聘，下同）会计师事务所工作，提高审计工作和财务信息质量， 保护投资者的合法权益，根据《中华人民共和国公司法》《中华人民共和国证券 法》《国有企业、上市公司选聘会计师事务所管理办法》等有关法律法规、规范 性文件以及《青岛海泰新光科技股份有限公司章程》（以下简称"公司章程"） 的规定，并结合公司实际情况，制定本制度。 第二条 本制度所称选聘会计师事务所，是指公司根据相关法律法规要求，根 据中国证券监督管理委员会(以下简称"中国证监会")、证券交易所等相关规定, 聘任会计师事务所对财务会计报告发表审计意见、出具审计报告的行为。聘任会 计师事务所从事除财务会计报告审计之外的其他法定审计义务的,可比照本制度 执行 第三条 公司选聘会计师事务所，应当由董事会审计委员会（以下简称"审 计委员会"）审议同意后，提交董事会审议，并由股东大会决定，董事会不得在 股东大会决定前委任会计师事务所。 第四条 公司控股股东、实际控制人不得向公司指定会计师事务所，不得干 预公司审计委员会、董事 ...

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |---------------------|--------------------------------------------------------------------|------------------------------------|------------------------------------------------------|--------------------|--------------------------------|--------------------|--------------------------------------|------------|--------------------| | [Table_MainInfo] \n | [Table_Title] 海泰新光 (688677) | | | | [Table_industryInfo] | \n[ | 评级： Table_Invest] | 医药 | / 必 ...

华福证券 海泰新光（688677.SH） 23 年报&24 年一季报业绩点评：24Q1 业绩受高 基数扰动，看好环比持续改善 公司发布 2023 年年报及 2024 年一季报。 23年实现毛利率63.7%（略降0.63pct），净利率30.2%（降低7.9pct）。 受股份支付、联营企业国药新光亏损增加（亏损约 2000 万）、厂房设 备折旧增加等影响，净利润出现波动，还原股份支付费用 1800 万元， 归母 1.64 亿元。公司拟向全体股东每 10 股派发现金红利 5.5 元（含税）， 现金分红比例达 45.5%。24Q1 业绩受同期高基数影响出现波动，实现 毛利率 64.5%，净利率 32.3%。 23 年国内内窥镜市场销售亮眼，海外大客户受上新延期影响，持续消 针对美国市场的新型宫腔镜预计 24 年 6 月正式推向市场，合作将 由腹腔镜延展到泌尿、妇科以及开放手术领域。针对国内市场的几十 种规格腹腔镜预计 24 年完成注册，全面覆盖腹腔手术需求。 盈利预测与投资建议 | --- | --- | --- | --- | --- | --- | |--------------------|-------|- ...

绝对收益 -25.9 -16.7 -60.2 镜业务持续放量，光学产品 本报告版权属于国投证券股份有限公司，各项声明请参见报告尾页。 2 公司评级体系 22 年业绩预告符合预期，内 （2）24Q1：公司实现营业收入 1.17 亿元，同比减少 20.7%；归母净 利润 3844 万元，同比减少 20.68%；扣非归母净利润 3646 万元，同 比减少 21.4%；毛利率 64.5%，同比降低 0.04pct；净利率 32.28%， 同比提升 0.14，基本保持稳定。 次，顺应国产化替代趋势，扩大公司在国内市场的竞争优势、市场份 额和影响力。 本报告仅供 Choice 东方财富 使用，请勿传阅。 国投证券研究中心 深圳市 地 址： 深圳市福田区福田街道福华一路 119 号安信金融大厦 33 楼 邮 编： 5 1 8046 上海市 地 址： 上海市虹口区东大名路 638 号国投大厦 3 层 邮 编： 2 0 0080 北京市 地 址： 北京市西城区阜成门北大街 2 号楼国投金融大厦 15 层 邮 编： 1 0 0034 医疗器械 投资评级 买入-A 维持评级 6 个月目标价 56.7 元 股价 (2024-04-2 ...

Financial Performance - The company's operating revenue for 2023 was ¥470,597,324.29, a decrease of 1.31% compared to ¥476,821,312.39 in 2022[21]. - The net profit attributable to shareholders for 2023 was ¥145,712,648.46, down 20.19% from ¥182,569,601.64 in 2022[21]. - The basic earnings per share for 2023 was ¥1.20, a decrease of 20.00% compared to ¥1.50 in 2022[22]. - The company's total assets at the end of 2023 were ¥1,394,843,452.53, a slight increase of 0.09% from ¥1,393,534,642.98 in 2022[21]. - The company's net assets attributable to shareholders at the end of 2023 were ¥1,292,584,352.52, up 6.02% from ¥1,219,243,201.94 in 2022[21]. - The weighted average return on equity for 2023 was 11.60%, down 4.26 percentage points from 15.86% in 2022[22]. - The net cash flow from operating activities for 2023 was ¥158,117,742.52, an increase of 51.49% compared to ¥104,375,771.45 in 2022[21]. - The company achieved operating revenue of CNY 470.60 million in 2023, a slight decrease of 1.31% compared to the previous year[141]. - Net profit attributable to shareholders was CNY 145.71 million, a decline of 20.19% compared to the previous year[141]. - The company reported a net cash flow from operating activities of CNY 158.12 million, an increase of 51.49% year-on-year[142]. Dividend Distribution - The company plans to distribute a cash dividend of RMB 5.50 per 10 shares, totaling approximately RMB 66.34 million (including tax) based on the outstanding shares after buybacks[5]. Audit and Governance - The company has received a standard unqualified audit opinion from Ernst & Young Hua Ming[5]. - The company has not reported any significant risks that could materially affect its operations during the reporting period[4]. - The company has not experienced any non-operating fund occupation by controlling shareholders or related parties[7]. - The company has not violated decision-making procedures for providing guarantees[7]. - The company has not faced any issues with a majority of directors being unable to ensure the accuracy and completeness of the annual report[7]. - The company has confirmed that it has not encountered any special governance arrangements or important matters during the reporting period[7]. - The company emphasizes the importance of investor awareness regarding investment risks related to forward-looking statements[6]. - The company has outlined potential risks associated with forward-looking statements regarding future plans and strategies[6]. Research and Development - Research and development expenses accounted for 14.00% of operating revenue in 2023, an increase of 1.44 percentage points from 12.56% in 2022[22]. - The company's R&D investment in 2023 was CNY 65.89 million, an increase of 10.01% from CNY 59.90 million in the previous year, accounting for 14.00% of operating revenue, up 1.44 percentage points[35]. - The company has established a clear R&D system with a focus on medical imaging technology and has initiated collaborations with hospitals and research institutions for innovative product development[40][43]. - The company has developed a leading fluorescence endoscope that integrates fluorescence technology with endoscopic technology, opening new applications in the medical field[67]. - The company has established a strong international competitive advantage in the high-end medical endoscope industry, with over 10 years of collaboration with top international medical device companies, expanding its business scope and enhancing its global reputation[129]. - The R&D team consists of 136 members, accounting for 17.06% of the company's total workforce, with core personnel having extensive industry experience, driving strong product development capabilities[130]. - The company has applied for 40 new patents and received 28 new patent authorizations during the reporting period[113]. - The company has established a dynamic database and static database integration method to improve the speed and accuracy of biological feature matching[109]. Market Performance - The domestic market for the company's endoscope products grew approximately 83% year-on-year, driven by active market expansion and enhanced brand influence[23]. - The company experienced a significant decline in sales of fluorescence laparoscopes in 2023 due to inventory consumption following the delayed launch of a new endoscope system[21]. - The company has shown continuous business growth over the past three years, excluding the impact of the inventory issue in 2023[21]. - The company is focusing on expanding its domestic market presence and improving brand influence, which is expected to drive future sales growth[144]. - The domestic endoscope industry is experiencing rapid growth, driven by the establishment of a hierarchical diagnosis and treatment system and advancements in minimally invasive surgery[52]. - The company is actively expanding its market presence in both domestic and international markets, enhancing partnerships with established companies to improve product offerings[39]. Product Development - The company launched a new generation of endoscope systems for U.S. clients in September 2023, receiving positive market feedback[33]. - The second-generation complete system began registration completion by the end of 2023 and has been pushed to clinical use[33]. - The company completed domestic registrations for its arthroscope, 3D laparoscope, and thoracoscope in 2023, expanding its product offerings[33]. - The company is set to launch a new 4mm hysteroscope in the U.S. market by June 2024, with ongoing development of other endoscopic products[35]. - The company has developed a pediatric laparoscope with an investment of RMB 8 million, achieving 4K resolution and advanced industry standards[120]. - The company is focusing on advanced optical technology and minimally invasive applications, integrating optical, precision machinery, and digital imaging technologies[127]. - The company is expanding its product offerings to include complementary products for endoscopes, such as gas insufflators and surgical instruments, particularly in gynecology and head and neck surgery[196]. Supply Chain and Procurement - The company plans to enhance its supply chain resilience and has established production lines abroad to mitigate international trade risks[140]. - The company has a significant reliance on a single supplier, with over 50% of purchases coming from one supplier, and changes in the rankings of the top five suppliers were noted[164]. - Total procurement from the top five suppliers was 4,674.11 million CNY, representing 29.99% of total annual procurement[161]. Compliance and Risk Management - The company has implemented a comprehensive internal control system to manage risks associated with expanding business and asset scales, ensuring effective governance and operational efficiency[137]. - The medical device industry is heavily regulated, and changes in national healthcare policies could impact the company's operations; the company is focused on compliance and risk management to navigate these challenges[138]. Future Outlook - The company plans to accelerate the development of medical endoscope series products to expand its existing product line, which is crucial for market share growth[183]. - The company aims to achieve mass production of the 4mm hysteroscope for US clients and develop several new endoscopic products, including a 2.9mm cystoscope and a 3mm pediatric laparoscope[196]. - In 2024, the company will focus on deepening ODM business and promoting its own brand products, with a strong emphasis on brand building and nationwide marketing activities[195].

Financial Performance - The company's operating revenue for Q1 2024 was ¥117,641,916.58, representing a decrease of 20.74% compared to the same period last year[5]. - Net profit attributable to shareholders was ¥38,442,677.55, down 20.68% year-on-year[5]. - The net profit attributable to shareholders after deducting non-recurring gains and losses decreased by 21.40% to ¥36,459,349.26[5]. - Total operating revenue for Q1 2024 was CNY 117,641,916.58, a decrease of 20.77% compared to CNY 148,428,523.74 in Q1 2023[17]. - Net profit for Q1 2024 was CNY 37,975,036.47, down 20.38% from CNY 47,706,648.48 in Q1 2023[18]. - Operating profit for Q1 2024 was CNY 43,669,497.35, a decline of 21.83% from CNY 55,891,155.40 in Q1 2023[18]. - Basic and diluted earnings per share for Q1 2024 were both CNY 0.32, down from CNY 0.40 in Q1 2023[19]. - The company experienced a decrease in total operating costs to CNY 71,244,373.98 in Q1 2024, down from CNY 91,055,804.33 in Q1 2023[17]. Cash Flow and Liquidity - Cash flow from operating activities increased significantly by 119.94% to ¥39,574,829.10, indicating strong cash generation capabilities[5]. - Cash flow from operating activities for Q1 2024 was CNY 39,574,829.10, an increase from CNY 17,993,727.64 in Q1 2023[19]. - The company's cash and cash equivalents decreased to ¥432,460,831.67 from ¥592,319,060.15, representing a decline of approximately 27%[15]. - Cash and cash equivalents at the end of Q1 2024 were CNY 432,460,831.67, down from CNY 568,003,788.42 at the end of Q1 2023[20]. - The company reported a net cash outflow from investing activities of CNY 190,151,805.75 in Q1 2024, compared to a net outflow of CNY 84,405,259.84 in Q1 2023[19]. Assets and Liabilities - Total assets at the end of the reporting period were ¥1,398,284,289.24, a slight increase of 0.25% from the end of the previous year[6]. - As of March 31, 2024, the total assets amounted to ¥1,398,284,289.24, showing a slight increase from ¥1,394,843,452.53 on December 31, 2023[15]. - The total current liabilities decreased to ¥58,188,315.54 from ¥85,407,754.01, indicating a reduction of about 32%[16]. - The company's total liabilities decreased to ¥73,768,339.47 from ¥102,104,200.30, a reduction of about 28%[16]. - The total non-current assets increased to ¥541,443,716.23 from ¥489,920,692.87, reflecting an increase of approximately 10.5%[16]. - The retained earnings increased to ¥556,217,456.25 from ¥517,774,778.70, showing an increase of approximately 7.4%[16]. - The total current assets decreased to ¥856,840,573.01 from ¥904,922,759.66, reflecting a decline of about 5.3%[16]. Shareholder Information - The company reported a total of 4,101 common shareholders at the end of the reporting period[10]. - The top three shareholders held a combined 36.17% of the company's shares, with the largest shareholder owning 12.57%[11]. Research and Development - R&D investment totaled ¥14,945,675.14, accounting for 12.70% of operating revenue, an increase of 1.15 percentage points year-on-year[6]. - Research and development expenses for Q1 2024 were CNY 14,945,675.14, a decrease of 12.83% compared to CNY 17,142,509.37 in Q1 2023[17]. Revenue Decline Factors - The decline in revenue was primarily due to high base effects from the previous year when a major U.S. customer significantly increased inventory in February 2023[9].

国泰君安证券股份有限公司 关于青岛海泰新光科技股份有限公司 2023年度募集资金存放与实际使用情况的专项核查意见 国泰君安证券股份有限公司（以下简称"国泰君安"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）》《上海证券交易所科创板上市公司自律监管指引第 1 号——规范运作》 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 2023 年度 募集资金存放与实际使用情况进行了核查，核查情况如下： 一、募集资金基本情况 经上海证券交易所科创板股票上市委员会 2020 年 9 月 29 日审核同意，并经 中国证券监督管理委员会 2021 年 1 月 12 日《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）核准，同意海 泰新光公开发行人民币普通股 21,780,000 股，发行价格为人民币 35.76 元/股。 募集资金总额为人民币 778,852,8 ...

证券代码：688677 证券简称：海泰新光 公告编号：2024-017 青岛海泰新光科技股份有限公司 关于公司及子公司向金融机构申请综合授信公告 特此公告。 青岛海泰新光科技股份有限公司董事会 一、本次申请综合授信额度的情况 为补充公司生产经营和业务发展需要，储备发展所需资金，提高融资效率和 资金运营能力，结合公司自身情况，公司及子公司 2024 年度拟向合作金融机构 合计申请不超过 3 亿元人民币（含等值外币）的综合授信额度，期限自 2023 年 年度股东大会审议通过之日起至 2024 年度股东大会召开之日止（实际金额、期 限、币种以金融机构的最终审批结果为准）。 上述授信额度及授信产品最终以各家金融机构实际审批的为准，授信形式包 括但不限于流动资金贷款、非流动资金贷款、承兑汇票、保理、保函、信用证、 远期外汇买卖等授信业务，具体融资金额视公司及子公司生产经营中对资金的需 求来确定。授信期限内，授信额度可循环使用，授信额度不等于公司的总融资金 额，实际融资金额应在授信额度内以金融机构与公司及子公司实际发生的融资金 额为准。 为便于公司及子公司向金融机构申请授信额度的工作顺利进行，提请股东大 会自通过本议案之 ...