中国经济网北京2月6日讯 海泰新光(688677.SH)昨晚发布《股东集中竞价减持股份计划公告》，自公告 发布之日起满15个交易日后的3个月内，股东青岛普奥达企业管理服务有限公司（简称"普奥达"）、青 岛杰莱特企业管理服务合伙企业（有限合伙，简称"杰莱特"）和马敏拟通过集中竞价交易方式合计减持 股份不超过1,206,140股，不超过公司总股本的1%。 其中，普奥达计划减持不超过635,640股，占公司总股本的比例不超过0.5270%；杰莱特计划减持股份不 超过318,500股，占公司总股本的比例不超过0.2641%；马敏计划减持股份不超过252,000股，占公司总 股本的比例不超过0.2089%，减持期间为2025年2月27日至2025年5月26日，在任意连续90日内，上述股 东减持股份的总数不超过公司股份总数的1%。 自公告发布之日起满15个交易日后的3个月内，股东、监事郑今兰计划通过竞价交易方式减持公司股份 不超过21,000股，即不超过公司总股本的0.0174%，减持期间为2025年2月27日至2025年5月26日，且在 任意连续90个自然日内减持股份的总数不超过公司股份总数的1%。 自公告发布之日起满 ...

Investment Rating - Buy (首次覆盖) [5] Core Views - The company is a leading domestic supplier of upstream components for endoscopes, with mature products such as high-definition fluorescence endoscopes, camera adapter lenses, and fluorescence light source modules It has a deep partnership with the global endoscope manufacturer Stryker [6][9] - The company's core business is expected to normalize as overseas inventory issues are gradually resolved, with procurement demand recovering [9][32] - The company is expected to achieve rapid revenue growth driven by the global promotion of Stryker's products [6][29] Financial Forecasts - Revenue for 2024-2026 is projected to be 432 million, 586 million, and 737 million yuan, with year-on-year growth rates of -8 20%, 35 67%, and 25 75% respectively [5][7] - Net profit attributable to the parent company for 2024-2026 is expected to be 115 million, 207 million, and 271 million yuan, with growth rates of -20 83%, 79 50%, and 30 84% respectively [5][7] - The current stock price corresponds to P/E ratios of 40x, 23x, and 17x for 2024-2026 [5][7] Industry Analysis - The global hard endoscope market is projected to grow from 4 6 billion USD in 2015 to 7 2 billion USD in 2024, with a compound annual growth rate (CAGR) of 4 9% during 2019-2024 [26] - The fluorescence endoscope market is growing rapidly, with a CAGR of 24 3% during 2019-2024, and is expected to reach 3 9 billion USD in 2024 [26] - The domestic hard endoscope market is expected to reach 11 billion yuan in 2024, with a CAGR of 11 0% during 2019-2024, and fluorescence endoscopes are in a rapid adoption phase [26] Company Overview - The company was founded in 2003 and focuses on medical endoscope instruments and optical products It has formed four major technology platforms: optical technology, precision mechanical technology, digital imaging technology, and electronic technology [14] - The company has a stable partnership with global leading medical device manufacturers and continues to expand the application of optical components in fields such as industrial, laser, and biometrics [14] - The company's gross margin has steadily increased from 59 03% in 2017 to 65 74% in the first three quarters of 2024, driven by the optimization of product structure and increased sales of high-margin products [21] Key Assumptions - Medical devices: Overseas inventory issues are expected to be resolved, and new products will bring incremental business The revenue growth rates for 2024-2026 are projected to be -8 00%, 40 00%, and 25 00% respectively [8] - Optical devices: The company will continue to expand into new fields such as in vitro diagnostics and biometrics, with revenue growth rates for 2024-2026 projected to be -20 00%, 10 00%, and 10 00% respectively [8]

答：美国子公司已经建立起了内窥镜总装生产线并通过了客户 的体系审核，目前已经开始批量生产。由于关税的原因，客户下到 美国子公司的订单在原价格基础上有不同程度的提升。 来访者类型 特定对象调研 分析师会议 策略会 媒体采访 业绩说明会 新闻发布会 路演活动 公司来访 其他 集体接待日活动 来 访 人 员 姓 名、身份证 号及职务 网络参会投资者 接待时间 11 月 28 日 预约接待地点 / 参会投资者 / 接待人员 副总经理、董事会秘书、 财务总监汪方华 交流问题 1、公司未来的发展预期是怎样的？潜在增长点有哪些呢？ 答：公司将持续深化 ODM 业务，同时加大自主品牌产品的比例。ODM 方面，公司与美国客户深入探讨扩大合作产品的范围，有望在未来 几年为公司带来新的业务增长点；自主品牌方面，公司的重点科室 是妇科和头颈外科，围绕重点科室持续开发具有竞争力的内窥镜核 心产品，同时拓展内窥镜以外的周边配套产品，为临床提供完善的 解决方案。 2、请问若未来美国加征关税，对公司海外业务有怎样影响，公司 应对策略？ 答：公司积极开展海外布局，在美国、泰国都建立工厂，优化海外 市场的供应链，同时也降低关税可能带来的影响。 ...

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 一、本次现场检查的基本情况 （一）保荐机构 国泰君安证券股份有限公司 2024 年度持续督导工作现场检查报告 国泰君安证券股份有限公司（以下简称"保荐机构"、"国泰君安"）作为正 在履行青岛海泰新光科技股份有限公司（以下简称"海泰新光"、"公司"）持续 督导工作的保荐机构，根据《上海证券交易所科创板股票上市规则》等相关规 定，对公司 2024 年度（以下简称"本持续督导期间"）的规范运作情况进行了现 场检查，现就现场检查的有关情况报告如下： 贺南涛、蒋志豪 （三）现场检查时间 2024 年 12 月 4-5 日 （四）现场检查人员 （二）保荐代表人 蒋志豪、韩剑波 （五）现场检查内容 公司治理及内部控制、信息披露、独立性、与关联方的资金往来、募集资 金使用情况、关联交易、对外担保、重大对外投资、公司经营状况以及承诺履 行情况等。 （六）现场检查手段 1 1、查看公司主要生产经营场所； 2、与公司董事、监事、高级管理人员及有关人员访谈； 3、查阅并复印公司持续督导期间召开的历次三会文件； 4、查阅并复印上市公司募集资金台账、募集资金运用凭证、募集资金专 ...

为进一步加强与投资者的互动交流工作，构建和谐投资者关系，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、青岛市上 市公司协会联合举办的"2024 年青岛辖区上市公司投资者网上集体接待日活 动"，现将有关事项公告如下： 本次活动将采用网络远程的方式举行，投资者可登录中国证券报中证网 （https://www.cs.com.cn）参与本次互动交流，活动时间为 2024 年 11 月 28 日（周四） 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、经营成果和财务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：2024-068 特此公告！ 青岛海泰新光科技股份有限公司 关于参加 2024 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。 青岛海泰新光科技股份有限公司董事会 2024 年 11 月 23 日 ...

证券代码：688677 证券简称：海泰新光 公告编号：2024-067 青岛海泰新光科技股份有限公司 2024 年第四次临时股东大会决议公告 本公司董事会及全体董事保证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、准确性和完整性依法承担法律责任。 重要内容提示： （五） 公司董事、监事和董事会秘书的出席情况 1、 公司在任董事 7 人，出席 7 人； 本次会议是否有被否决议案：无 一、 会议召开和出席情况 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： | 1、出席会议的股东和代理人人数 | 54 | | --- | --- | | 普通股股东人数 | 54 | | 2、出席会议的股东所持有的表决权数量 | 57,205,199 | | 普通股股东所持有表决权数量 | 57,205,199 | | 3、出席会议的股东所持有表决权数量占公司表决权数量的比 | 47.7199 | | 例（%） | | | 普通股股东所持有表决权数量占公司表决权数量的比例（%） | 47.7199 | （四） 表决方式是否符合《公司法》及公司章程的规定， ...

青岛海泰新光科技股份有限公司对外投资管理制度 青岛海泰新光科技股份有限公司 对外投资管理制度 第一章 总 则 第一条 为建立规范、有效、科学的投资决策体系和机制，避免投资决策失 误，化解投资风险，提高投资经济效益，实现青岛海泰新光科技股份有限公司（以 下简称"公司"）资产的保值增值，根据法律、法规和相关规定及《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，特制定本制 度。 第二条 本制度所称的对外投资是指公司在境内外进行的下列以赢利或保 值增值为目的的投资行为，对外投资指以下几种情况之一： （一）独资或与他人合资新设企业的股权投资； （二）部分或全部收购其他境内、外与公司业务关联的经济实体； （三）对现有或新增投资企业的增资扩股、股权收购投资； （四）收购其他公司资产； （一）符合国家产业政策，符合公司的经营宗旨； 1 青岛海泰新光科技股份有限公司对外投资管理制度 （二）有利于加快公司持续、协调发展，提高核心竞争力和整体实力，促进 股东价值最大化； （三）有利于促进资源的有效配置，提升资产质量，有利于防范经营风险， 提高投资收益，维护股东权益； 第三条 投资管理应遵循的基本原则： （ ...

Investment Rating - The report maintains a "Buy" rating for the company, with an expected CAGR of 20.7% for 2024-2026 [2][3] Core Views - The company's performance in 24Q1-3 was impacted by customer inventory reduction, with revenue of 319 million yuan (YoY -15.3%) and net profit of 97 million yuan (YoY -17.6%) [1] - In 24Q3, revenue was 98 million yuan (YoY -9.4%), with net profit of 27 million yuan (YoY -7%) and adjusted net profit of 25 million yuan (YoY -2.8%) [1] - The inventory reduction impact is expected to end, and shipments are likely to return to normal levels from 24Q4 [1] - Overseas subsidiaries are accelerating construction, with the US subsidiary starting mass production and the Thailand subsidiary in trial production [1] - The company's self-branded equipment sales are growing, with new 4K fluorescence endoscope systems approved in September 2024, expected to boost sales [2] - The company is expanding its product matrix, with new products like 4mm hysteroscopes and 2.9mm cystoscopes expected to launch in 2025 [2] Financial Summary - Revenue for 2024-2026 is projected to be 463/580/727 million yuan, with net profit of 158/200/256 million yuan [3] - EPS for 2024-2026 is forecasted at 1.31/1.66/2.12 yuan per share [3] - P/E ratios for 2024-2026 are 28.9/22.9/17.8, and P/B ratios are 3.2/3.1/3.0 [3] - Operating cash flow for 2024-2026 is expected to be 237/160/215 million yuan [6][10] Business Development - The company is focusing on key departments like gynecology and head/neck surgery, developing competitive endoscope products and expanding peripheral solutions [2] - ODM business and self-branded products are progressing simultaneously, with new products like 4mm hysteroscopes already shipping over 2,000 units [2] Overseas Expansion - The US subsidiary, Aumek, has completed audits and started mass production [1] - The Thailand subsidiary has obtained BOI certification and production licenses, currently in trial production and engineering change phases [1]

Investment Rating - Buy (Maintained) with a target price of 50.40 yuan (6 months) [1] Core Views - The company's Q3 2024 performance was under short-term pressure, but Q4 shipments are expected to improve [1] - The core product, artificial heart valves, continues to drive growth, with a 42.8% YoY increase in revenue [1] - The company is deepening its cooperation with Stryker, benefiting from the global trend of fluorescence replacing white light in endoscopy [3] - Domestic strategy focuses on multi-category endoscope development and brand building in key medical fields [3] Financial Performance - Q3 2024 revenue was 0.98 billion yuan, down 9.4% YoY, with net profit of 0.27 billion yuan, down 7.0% YoY [3] - Q1-Q3 2024 revenue was 3.2 billion yuan, down 15.3% YoY, with net profit of 0.97 billion yuan, down 17.6% YoY [3] - Gross margin for Q1-Q3 2024 was 89.7%, up 1.5 percentage points YoY, driven by higher-margin products [1] R&D and Product Pipeline - R&D expenses for Q1-Q3 2024 were 446 million yuan, accounting for 20.2% of revenue [2] - Key products in development include the Renato® and Renatus® heart valve systems, with clinical trials progressing as planned [2] - The company is advancing its pipeline in surgical soft tissue repair, including ophthalmic and vascular biological patches [2] Market and Industry Trends - The global trend of fluorescence replacing white light in endoscopy is creating significant industry opportunities [3] - The company's second-generation 4K endoscope system has shipped over 100 units since its launch in early 2024 [3] - The industry is moving towards multi-technology integration, including fluorescence, 4K, and 3D [3] Profit Forecast and Valuation - Forecasted net profit for 2024-2026 is 1.4, 2, and 2.5 billion yuan, respectively [3] - The company is valued at 30x PE for 2025, with a target price of 50.4 yuan [3] Business Segments - Medical devices segment is expected to grow 20%, 32%, and 14% YoY in 2024-2026, with stable pricing [6] - Optical devices segment is expected to decline 16% in 2024 but grow 9.5% in 2025 and 2026 [6] - Endoscope maintenance segment is expected to grow 15% annually from 2024 to 2026 [7]

Investment Rating - The report maintains a "Recommend" rating for Haite High-Tech (688677) with a target price of 43 RMB, compared to the current price of 37.02 RMB [1] Core Views - Revenue decline narrowed in Q3, with continued growth in whole-machine sales [1] - Customer inventory reduction temporarily pressured performance, but shipments are expected to gradually recover as customer inventory reaches lower levels [1] - Increased expenses in the first three quarters led to a larger decline in net profit attributable to parent company compared to revenue decline [1] - Product structure changes improved profitability, with higher gross margin products increasing their shipment proportion [1] - Whole-machine business performed exceptionally well, with second-generation 4K endoscope system sales exceeding 100 units in the domestic market in H1, achieving 200% YoY revenue growth [1] Financial Performance - Q3 revenue: 98 million RMB (-9.39% YoY) [1] - Q3 net profit attributable to parent company: 27 million RMB (-7.00% YoY) [1] - Q1-Q3 revenue: 319 million RMB (-15.30% YoY) [1] - Q1-Q3 net profit attributable to parent company: 97 million RMB (-17.60% YoY) [1] - Q3 gross margin improved to 69.44% (+5.38pct YoY) [1] Future Projections - 2024-2026 revenue forecast: 431 million RMB (-8.4% YoY), 549 million RMB (+27.5% YoY), 685 million RMB (+24.7% YoY) [3] - 2024-2026 net profit attributable to parent company forecast: 137 million RMB (-5.9% YoY), 186 million RMB (+35.7% YoY), 234 million RMB (+25.7% YoY) [3] - 2024-2026 EPS forecast: 1.14 RMB, 1.54 RMB, 1.94 RMB [3] Business Development - The company is actively expanding its domestic market and improving its marketing network [1] - Ongoing R&D investment and acceleration of overseas factory construction [1] - Second-generation 4K endoscope system achieved significant sales growth in the domestic market [1]