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].

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 ...

上 市 公 司 报告原因：有业绩公布需要点评 买入（维持） | 市场数据： | 2025 年 04 月 30 日 | | --- | --- | | 收盘价（元） | 34.55 | | 一年内最高/最低（元） | 49.30/25.48 | | 市净率 | 3.1 | | 股息率%（分红/股价） | 1.59 | | 流通 A 股市值（百万元） | 4,167 | | 上证指数/深证成指 | 3,279.03/9,899.82 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 03 月 31 日 | | --- | --- | | 每股净资产（元） | 11.14 | | 资产负债率% | 13.10 | | 总股本/流通 A 股（百万） | 121/121 | | 流通 B 股/H 股（百万） | -/- | 医药生物 2025 年 05 月 05 日 海泰新光 (688677) ——2025Q1 恢复增长，看好公司业绩复苏和产品收获 一年内股价与大盘对比走势： 04-30 05-31 06-30 07-31 08-31 09-30 10-31 11-30 12-3 ...

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]

买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 470.60 | 442.83 | 542.15 | 639.44 | 755.09 | | 同比（%） | (1.31) | (5.90) | 22.43 | 17.95 | 18.09 | | 归母净利润（百万元） | 145.71 | 135.35 | 175.31 | 213.04 | 262.06 | | 同比（%） | (20.19) | (7.11) | 29.52 | 21.53 | 23.01 | | EPS-最新摊薄（元/股） | 1.21 | 1.12 | 1.45 | 1.77 | 2.17 | | P/E（现价&最新摊薄） | 28.60 | 30.79 | 23.77 | 19.56 | 15.90 | 证券研究报告·公司点评报告·医疗器械 海泰新光（688677） 2024 年年报及 2025 年一季报点评：2024 年 业绩短期承压， ...

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 ...