Investment Rating - The report maintains a "Buy" rating for the company [5][7] Core Views - The company's revenue and net profit declined in the first three quarters of 2024 due to inventory reduction by its core customer Stryker However the impact is gradually weakening and order volumes are expected to recover [2][3] - The company's third-quarter performance showed a narrowing decline with Q3 revenue of 98 million yuan down 9 39% YoY and net profit of 27 million yuan down 7 00% YoY [3] - The company's overseas factory construction is progressing smoothly with the Thailand factory expected to apply for capacity expansion by the end of the year Domestic promotion of self-branded equipment is also poised for full commercialization in 2025 [4] - The company's gross margin remained stable at 65 74% in Q1-3 2024 while net margin slightly decreased to 30 26% [3] Financial Performance - For Q1-3 2024 the company achieved revenue of 319 million yuan down 15 30% YoY and net profit of 97 million yuan down 17 60% YoY [2] - The company's EPS for Q1-3 2024 was 0 81 yuan [2] - The company's operating efficiency remained stable with a gross margin of 65 74% (+1 64pct) and a net margin of 30 26% (-0 52pct) in Q1-3 2024 [3] - The company's sales expense ratio increased to 4 91% (+1 43pct) while R&D expense ratio rose to 14 80% (+0 39pct) [3] Future Projections - The company is expected to achieve revenue of 442 million yuan 545 million yuan and 676 million yuan in 2024 2025 and 2026 respectively [5] - Net profit is projected to be 138 million yuan 195 million yuan and 245 million yuan for 2024 2025 and 2026 respectively [5] - EPS is forecasted to be 1 14 yuan/share 1 64 yuan/share and 2 08 yuan/share for 2024 2025 and 2026 respectively [5] - The company's PE ratio is expected to be 34x 23x and 18x for 2024 2025 and 2026 respectively [5] Operational Highlights - The company has completed the construction of a light source module production line at its Thailand factory which will help reduce tariff impacts [4] - The domestic distribution system for self-branded equipment has been established with full commercialization expected to begin in 2025 [4] - The company's self-branded equipment sales are expected to significantly improve profitability due to higher gross margins [4]

证券代码：688677 证券简称：海泰新光 公告编号：2024-066 青岛海泰新光科技股份有限公司 关于股份回购实施结果暨股份变动的公告 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。 重要内容提示： | 回购方案首次披露日 | 2024/5/9 | | --- | --- | | 回购方案实施期限 | 待董事会审议通过后 12 个月 | | 预计回购金额 | 万元~5,000 万元 2,600 | | 回购价格上限 | 69 元/股 | | 回购用途 | □减少注册资本 √用于员工持股计划或股权激励 | | | □用于转换公司可转债 | | | □为维护公司价值及股东权益 | | 实际回购股数 | 万股 73.7 | | 实际回购股数占总股本比例 | 0.6110% | | 实际回购金额 | 万元 2,610.96 | | 实际回购价格区间 | 28.89 元/股~40.75 元/股 | 一、 回购审批情况和回购方案内容 2024 年 5 月 8 日，公司召开第三届董事会第二十次会议，审议通过了《关于 以集中竞价交易方式回 ...

Investment Rating - The report maintains a positive outlook on the company, indicating a potential recovery in revenue growth as the inventory reduction by major US customers nears its end [1] Core Views - The company's revenue for the first three quarters of 2024 was RMB 319 million (yoy -15 30%), with net profit attributable to the parent company at RMB 97 40 million (yoy -17 60%) [1] - Revenue in Q3 2024 was RMB 98 25 million (yoy -9 39%), showing a narrowing decline compared to previous quarters, suggesting the inventory reduction cycle is nearing its end [1] - The company's gross profit margin in Q3 2024 improved to 69 44% (yoy +5pp), driven by higher-margin products [1] - The company's second growth driver, the whole machine business, continued to grow significantly in Q3 2024, providing new momentum for future growth [1] Financial Performance Summary - Revenue for 2024E is projected at RMB 436 million (yoy -7 4%), with a recovery expected in 2025E and 2026E to RMB 555 million (yoy +27 3%) and RMB 684 million (yoy +23 3%) respectively [2] - Net profit attributable to the parent company is forecasted to grow from RMB 155 million in 2024E to RMB 254 million in 2026E, with a CAGR of 25 7% [2] - Gross profit margin is expected to remain stable at around 63 9% from 2024E to 2026E [2] - ROE is projected to improve from 11 7% in 2024E to 15 8% in 2026E, reflecting better profitability and efficiency [2] Business Outlook - The company's revenue growth is expected to recover as the inventory reduction by major US customers concludes, with shipments expected to gradually increase [1] - The whole machine business is anticipated to become a significant growth driver, contributing to the company's future revenue expansion [1] - The company's profitability is expected to remain stable, with potential for improvement as revenue scales up and expenses are diluted [1] Valuation Metrics - The company's P/E ratio is projected to decline from 29 84x in 2024E to 18 23x in 2026E, reflecting expected earnings growth [2] - The P/B ratio is forecasted to decrease from 3 48x in 2024E to 2 88x in 2026E, indicating potential undervaluation as the company's book value grows [2]

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会议资料 2024 年 11 月 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会议资料 目录 | 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会议须知 1 | | --- | | 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会议议程 3 | | 议案一、《关于投保董事、监事及高级管理人员等人员责任保险的议案》 ... 4 | | 议案二：《关于修订<青岛海泰新光科技股份有限公司对外投资管理制度>的议 | | 案》 5 | 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会议资料 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 年第四次临时股东大会会议须知 为了维护青岛海泰新光科技股份有限公司全体股东的合法权益，确保股东大 会的正常秩序和议事效率，保证大会的顺利进行，根据《中华人民共和国公司 法》、《中华人民共和国证券法》、中国证监会《上市公司股东大会规则》以及 《公司章程》、《青岛海泰新 ...

7、整机有受到医疗反腐的影响吗？ A：国内医疗市场受反腐影响很大，今年上半年尤其明显，招标数 量很少，从下半年开始有所恢复。 8、以旧换新的推进情况？ | 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 电话会议 |  其他 | | 来 访 人 员 姓 | 详见附件 | | | 名、身份证 | | | | 号及职务 | | | | 接待时间 | 10 月 28 日 预约接待地点 / | | | | 【130】人 接待人员 董事、总经理郑耀，独立 董事王鸣，副总经理、董 | | | 参会投资者 | | | | | 事会秘书、财务总监汪方 | | | | 华 | | | | 1、三季度内窥镜的发货情况？四季度和明年的情况会怎样？ | | | | A：公司今年第三季度内窥镜发货数量是近几年来最少的一个季度， | | | | 主要是受大客户消库存的影响。目前大客户的库存已经降到了一个 | | | | 很低的水平，从第四季度和明年年初的发货需求来看，数量相比第 | | | | 三 ...

Investment Rating - Buy rating maintained for Haitui New Light (688677) [1] Core Views - Performance pressure in 2024Q3, with a potential turning point expected in 2024Q4 [1] - Revenue for the first three quarters of 2024 was RMB 319 million, down 15.30% YoY, with net profit attributable to the parent company at RMB 97 million, down 17.60% YoY [1] - In 2024Q3, revenue was RMB 98 million, down 9.39% YoY, with net profit attributable to the parent company at RMB 27 million, down 7.00% YoY [1] - The decline in revenue is attributed to inventory reduction by a major US customer, but the rate of decline has narrowed compared to previous quarters [1] - Strong collaboration with the major US customer, with joint development of next-generation endoscope systems and plans to add anti-fogging features [1] - Overseas capacity expansion is progressing smoothly, with the US subsidiary in Nevada starting to receive orders and the Thai factory expected to achieve mass production by 2025 [1] Financial Projections - Revenue for 2024-2026 is projected to be RMB 437 million, RMB 542 million, and RMB 650 million, with growth rates of -7.1%, 24.1%, and 19.9% respectively [1] - Net profit attributable to the parent company for 2024-2026 is expected to be RMB 133 million, RMB 187 million, and RMB 226 million, with growth rates of -9.0%, 41.4%, and 20.5% respectively [1] - PE ratios for 2024-2026 are projected at 35x, 25x, and 20x [1] Financial Performance - Gross margin for 2023 was 63.7%, expected to increase to 65.3% in 2024, 66.0% in 2025, and 66.5% in 2026 [3] - ROE for 2023 was 11.3%, expected to be 9.3% in 2024, 11.6% in 2025, and 12.3% in 2026 [3] - EPS for 2024-2026 is projected to be RMB 1.10, RMB 1.55, and RMB 1.87 [3] Operational Highlights - The company's US subsidiary in Nevada passed customer certification in July 2024 and began receiving orders for endoscopes [1] - The 4mm hysteroscope developed for the US customer has entered mass production, with shipments starting in June 2024 [1] - The Thai factory obtained BUI and production licenses in 2024Q3, with plans to apply for customer approval in November and December 2024, aiming for mass production in 2025Q1 [1]

国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 股 票 研 究 公 司 更 新 报 告 ——海泰新光 2024Q3 业绩点评 | --- | --- | --- | --- | |----------|-----------------------------------|-------|--------------------------| | | | | | | | [table_Authors] 丁丹 ( 分析师 ) | | 张拓 ( 分析师 ) | | | 0755-23976735 | | 0755-23976170 | | | dingdan@gtjas.com | | zhangtuo024925@gtjas.com | | 登记编号 | S0880514030001 | | S0880523090003 | 本报告导读： 下游客户去库影响发货节奏，随客户库存量下降至较低水平，镜体和光源发货量有 望逐步回升，维持增持评级。 投资要点： 证 券 研 究 报 告 | --- | --- | --- | |-------- ...

2024 年 10 月 30 日 公司点评 买入/维持 海泰新光(688677) 昨收盘:36.10 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 ◼ 走势比较 (60%) (44%) (28%) (12%) 4% 20% 23/10/3024/1/1124/3/2424/6/524/8/1724/10/29 海泰新光 沪深300 ◼ 股票数据 总股本/流通(亿股) 1.21/1.21 总市值/流通(亿元) 43.54/43.54 12 个月内最高/最低价 (元) 61.99/25.48 相关研究报告 <<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 <<海泰新光点评报告：一季度收入高 增长，多款新产品陆续上市和量产提 供发展动力>>--2023-04-21 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 事件：10 月 25 日，公司发布 2024 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's performance is under short-term pressure due to downstream inventory destocking, but the destocking process is nearing its end [2] - The company's Q3 revenue remains under pressure, with a single-quarter revenue of 98 million yuan (-9.39% YoY) and net profit of 27 million yuan (-7.00% YoY) [2] - The company is actively expanding overseas, with its Thailand subsidiary expected to achieve mass production next year, enhancing its competitiveness [2] - The company's main business is expected to recover steadily next year, supported by stable cooperation with a major US customer and the domestic equipment replacement policy [3] - The report adjusts the company's net profit forecasts for 2024-2026 to 140/204/250 million yuan, with corresponding PE valuations of 31/21/17 times [3] Financial Performance - The company's revenue for the first three quarters of 2024 was 319 million yuan (-15.30% YoY), with net profit of 97 million yuan (-17.60% YoY) [2] - The company's revenue for 2024 is expected to be 395.41 million yuan (-15.98% YoY), with net profit of 139.62 million yuan (-4.18% YoY) [1] - The company's revenue for 2025 is expected to be 523.29 million yuan (+32.34% YoY), with net profit of 203.63 million yuan (+45.85% YoY) [1] - The company's revenue for 2026 is expected to be 631.96 million yuan (+20.77% YoY), with net profit of 250.13 million yuan (+22.83% YoY) [1] Business Segments - The company's medical endoscope products and light source modules saw a decline in revenue due to downstream inventory destocking, while endoscope maintenance and complete equipment sales showed significant growth [2] - The company sold approximately 150 sets of complete equipment in the first three quarters of 2024, with full-year sales expected to grow steadily [2] Overseas Expansion - The company's Thailand factory has obtained BUI and production licenses, with production lines for new endoscope products and light source modules established [2] - The company plans to apply for customer approval in November and December, aiming for mass production in the first quarter of next year [2] Valuation and Metrics - The company's current PE ratio is 31.19 times, with expected PE ratios of 21.38 and 17.41 times for 2025 and 2026, respectively [1] - The company's current PB ratio is 3.40 times, with expected PB ratios of 3.14, 2.74, and 2.37 times for 2024, 2025, and 2026, respectively [10] - The company's ROE for 2024 is expected to be 10.08%, increasing to 12.82% and 13.61% in 2025 and 2026, respectively [10] Market Data - The company's closing price is 36.10 yuan, with a one-year low/high of 25.48/61.99 yuan [5] - The company's market capitalization is 4,354.17 million yuan, with a circulating A-share market capitalization of 4,354.17 million yuan [5] Financial Statements - The company's total assets are expected to increase from 1,395 million yuan in 2023 to 1,962 million yuan in 2026 [9] - The company's net cash flow from operating activities is expected to increase from 158 million yuan in 2023 to 331 million yuan in 2026 [10] - The company's capital expenditures are expected to be 92 million yuan in 2024, 92 million yuan in 2025, and 94 million yuan in 2026 [10]

各位领导 那我们开始尊敬的各位词读者 大家下午好欢迎大家参加身外洪源证券连同23位友商老师一同联合举办的海太星光三季度的电话会我是身外医药组的分析师陈业远今天同事在线的还有我们组首席张静涵老师今天我们的会议也是非常有幸邀请到了公司的董事总经理郑总副总经理财务总监董事会秘书汪总来进行一个交流 我们也看到三季度公司可能因为客户降库存的一个原因吧这个业绩方面还承受了一些压力但是我们也相信库存的快速初心以及新业务的一些拓展也能够帮助公司更快的迎接未来业绩的一个拐点我这边长话短说我们把时间交给公司董事董经理郑总来做一个三季度的情况的介绍有请郑总 各位投资人欢迎大家参加我们海大新光的业绩说明会在这里首先谢谢大家对我们海大新光的一个关注我是海大新光的总经理在这里我代表公司就我们2024年三季度以前三个季度的一个经营情况给大家做一个说明 第一个我们是在前三个季度公司的营收收入是3.2亿比去年的同期就是前三个季度下降了大概15%其中第三季度的销售同比下降9%下降的幅度在收窄 这主要是受到美国大客户将库存的影响 客户放缓了从公司进货的节奏从现在的情况来看的话 第三季度的降幅已经比第二季度有所收窄 而且从客户传递到我们公司的海开的 ...