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 ...

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]