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 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 ...

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 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].