证券研究报告：机械设备|公司点评报告 股票投资评级 增持 |维持 个股表现 2024-09 2024-11 2025-01 2025-04 2025-06 2025-08 -2% 6% 14% 22% 30% 38% 46% 54% 62% 70% 美亚光电 机械设备 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 20.26 | | --- | --- | | 总股本/流通股本（亿股）8.82 | / 4.34 | | 总市值/流通市值（亿元）179 | / 88 | | 52 周内最高/最低价 | 20.26 / 12.25 | | 资产负债率(%) | 16.5% | | 市盈率 | 27.48 | | 第一大股东 | 田明 | 研究所 分析师:刘卓 SAC 登记编号:S1340522110001 Email:liuzhuo@cnpsec.com 分析师:陈基赟 SAC 登记编号:S1340524070003 Email:chenjiyun@cnpsec.com 美亚光电(002690) 现金流表现亮眼，静待 CBCT 出海+新品放量。2025H1，公司经营 活动产生的现金流量净 ...

Investment Rating - The investment rating for the pharmaceutical and biotechnology industry is "Positive" and the rating has been maintained [1] Core Insights - The pharmaceutical and biotechnology industry index increased by 0.39% during the reporting period, ranking 26th among 31 primary industries, underperforming the CSI 300 index which rose by 7.01% [4][14] - The industry shows resilience despite a slight decline in overall revenue and net profit for A-share pharmaceutical companies in the first half of the year, with stable gross profit margins [6] - The CXO sector has returned to high prosperity with significant growth in performance, while the chemical preparation sector shows a mixed performance [6] - The report highlights the approval of several innovative drugs, including Novartis' "Acrux" for IgA nephropathy and the first oral HER2 inhibitor "Zongertinib" by Boehringer Ingelheim [5][41] Industry Review - The pharmaceutical and biotechnology industry PE (TTM, excluding negative values) is at 31.41x, slightly down from 31.38x in the previous period, indicating a valuation below the average [20] - The top three sub-industries by PE are vaccines (56.18x), hospitals (42.24x), and medical devices (40.66x), while pharmaceutical circulation has the lowest valuation at 14.06x [20] - In the reporting period, 29 listed companies in the pharmaceutical and biotechnology sector experienced a net reduction in shareholder holdings amounting to 1 billion CNY [4] Important Industry News - The CDE released a draft guideline for single-arm clinical trials to support the regular approval of anti-tumor drugs [25] - Novartis' IgA nephropathy drug "Acrux" received NMPA approval, marking it as the first of its kind in China [28] - The approval of the new generation ALK inhibitor "Dirocitinib" by Xuan Bamboo Biotech for treating ALK-positive non-small cell lung cancer [36] - The approval of the ADC "Datopotamab deruxtecan" for treating HR-positive, HER2-negative breast cancer [39] Investment Recommendations - The report suggests focusing on investment opportunities in the chemical preparation sector, particularly innovative drugs, and the CXO sector due to their clear long-term growth logic [6]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the benchmark index [5][8]. Core Insights - The company reported a revenue of 1.023 billion yuan for the first half of 2025, representing a year-on-year increase of 9.92%. The net profit attributable to shareholders was 303 million yuan, up 11.34% year-on-year [1]. - The color sorting machine business showed strong growth, with revenue of 742 million yuan in the first half of 2025, an increase of 15.17% year-on-year [2]. - The company launched several new products and technologies in the color sorting machine and high-end medical imaging equipment sectors, enhancing its market leadership [4]. Financial Performance - The company's gross margin and net profit margin for the first half of 2025 were 52.14% and 29.61%, respectively, both showing improvements compared to the previous year [3]. - The company expects to achieve revenues of 2.596 billion yuan, 2.899 billion yuan, and 3.219 billion yuan for the years 2025, 2026, and 2027, respectively, with net profits projected at 719 million yuan, 816 million yuan, and 924 million yuan [5][7]. Business Segments - The color sorting machine segment is performing well, while the medical equipment and X-ray industrial inspection machine segments experienced slight declines in revenue [2]. - The company has seen a significant increase in contract liabilities, up 116.73% from the beginning of the period, primarily due to growth in advance payments [2]. Innovation and Development - The company introduced the AI-powered sorting model and the new generation AI+ digital color sorting machine, enhancing its product offerings in the market [4].

每经AI快讯，美亚光电（SZ 002690，收盘价：19.76元）发布公告称，2025年8月27日，美亚光电接受 中融基金等投资者调研，公司董事会秘书程晓宏参与接待，并回答了投资者提出的问题。 2025年1至6月份，美亚光电的营业收入构成为：工业占比100.0%。 截至发稿，美亚光电市值为174亿元。 每经头条（nbdtoutiao）——世界首例基因编辑猪肺成功移植人体 对话主要参与者：距离临床应用还有 多远？ （记者 贾运可） ...

编号：T2025-005 答：受客观经济环境和行业发展阶段性等因素的影响，口腔行业近年 来市场竞争激烈，有效需求短期有所收缩，目前正处于发展低谷期， 口腔 CT、口扫等关键影像设备的市场需求也因此受到一定影响。但基 于国内经济的持续发展前景，庞大的人口基数和老龄化发展趋势，以 及老百姓对口腔健康重视程度的进一步提升等因素，公司坚定看好口 腔行业的未来发展，并不断加强产业布局和创新投入。 证券代码：002690 证券简称：美亚光电 合肥美亚光电技术股份有限公司 投资者关系活动记录表 | | ■特定对象调研 □分析师会议 | | --- | --- | | 投资者关 | □媒体采访 □业绩说明会 | | 系活动类别 | □新闻发布会 □路演活动 | | | □现场参观 □电话交流会 | | | 太平资产 陈麒祺、中融基金 吴刚、泰康资管 蔺浩天、海富通基金 吕 | | 活动参与人员 | 越超、华泰资管 万军、平安养老 易杰、华泰柏瑞基金 沈雪峰、长江 | | 养老 | 马克明、招商基金 张西林、申万菱信基金 苗琦、江海证券 刘 | | | 文正、中泰证券 王芳 鲍雅、张坤、葛军、孙景文 | | 接待人员 | 董事 ...

Investment Rating - The investment rating for the company is "Accumulate" [6] Core Views - The company reported a revenue of 1.023 billion yuan for the first half of 2025, representing a year-on-year growth of 9.92%. The net profit attributable to the parent company was 303 million yuan, up 11.34% year-on-year [1][6] - The color sorting machine business accounted for over 70% of total revenue, with a significant increase in gross margin [1] - The company launched the new AI+ intelligent color sorting machine "Meiya Master 4.0," enhancing its market competitiveness [1] - The medical equipment segment stabilized with a revenue of 204 million yuan, maintaining a gross margin of 48.45% [1][5] Financial Performance - The company achieved a net cash flow from operating activities of 393 million yuan, a year-on-year increase of 125.28% [1] - The overall gross margin for the first half of 2025 was 52.14%, an increase of 1.26 percentage points year-on-year [1] - The color sorting machine segment's revenue was 742 million yuan, with a gross margin of 51.87%, up 2.84 percentage points year-on-year [1] - The projected net profits for 2025-2027 are 730 million, 805 million, and 867 million yuan respectively, with corresponding EPS of 0.83, 0.91, and 0.98 yuan per share [6][9] Market Position - The company has established a leading position in the color sorting machine market through continuous innovation and product iteration [1] - The "Meiya Meiya" digital cloud platform for oral health has surpassed 10,000 end users, laying a solid foundation for future growth in the medical business [5]

Group 1 - The core viewpoint of the news is that Meiya Optoelectronics has shown significant stock performance and financial growth in recent months, with a notable increase in share price and revenue [1][2]. - As of August 27, Meiya Optoelectronics' stock price increased by 41.64% year-to-date, with a 13.06% rise in the last five trading days [1]. - The company reported a revenue of 1.023 billion yuan for the first half of 2025, representing a year-on-year growth of 9.92%, and a net profit of 303 million yuan, up 11.34% [2]. Group 2 - Meiya Optoelectronics has a diverse revenue structure, with color sorting machines accounting for 72.61% of its main business income, followed by medical equipment at 19.97% and X-ray industrial inspection machines at 5.25% [1]. - The company has distributed a total of 4.898 billion yuan in dividends since its A-share listing, with 1.852 billion yuan distributed in the last three years [3]. - As of June 30, 2025, the top ten circulating shareholders include Hong Kong Central Clearing Limited, which increased its holdings by 8.1829 million shares [3].

据证券之星公开数据整理，近期美亚光电（002690）发布2025年中报。截至本报告期末，公司营业总收 入10.23亿元，同比上升9.92%，归母净利润3.03亿元，同比上升11.34%。按单季度数据看，第二季度营 业总收入6.3亿元，同比上升5.24%，第二季度归母净利润1.94亿元，同比上升13.62%。本报告期美亚光 电盈利能力上升，毛利率同比增幅2.47%，净利率同比增幅1.29%。 本次财报公布的各项数据指标表现尚佳。其中，毛利率52.14%，同比增2.47%，净利率29.61%，同比增 1.29%，销售费用、管理费用、财务费用总计1.44亿元，三费占营收比14.06%，同比增5.13%，每股净资 产2.84元，同比增5.97%，每股经营性现金流0.45元，同比增125.29%，每股收益0.34元，同比增11.62% | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 9.3亿 | 10.23亿 | 9.92% | | 归母净利润(元) | 2.72亿 | 3.03亿 | 11.34% | | 扣非净利润(元 ...

美亚光电 20250826 摘要 2025 年上半年，美亚光电口腔业务收入与去年同期基本持平，销量提 升但毛利率有所回升，主要受益于产品迭代和销售结构变化。公司通过 市场布局和资源投入，扩大在低谷期国内口腔行业的领先优势，并对未 来发展持乐观态度。 美亚光电在口腔医疗领域的核心策略是提升核心竞争力，灵活营销扩大 销售。2025 年上半年毛利率环比修复，下半年销售体量预计更大，公 司坚持高质量发展，不以牺牲毛利换取市场份额，通过产品力、技术、 品质和服务提升自然竞争。 美亚光电深度应用 AI 和数字化技术，如美亚大师 4.0 和全栈式大米数字 化加工解决方案，提升生产效率和效益。在口腔医疗方面，推出美亚引 擎，将 AI 技术应用于口腔 CBCT，提高医生工作效率，并为患者提供清 晰明了的诊疗信息。 美亚光电的再生资源业务已占色选机整体收入的 20%，且上半年增速较 快。该业务板块与国家政策及全球可再生资源发展导向密切相关，具有 广阔的发展空间和较高的毛利水平。 Q&A 美亚光电 2025 年上半年经营情况如何？有哪些主要业务板块表现突出？ 2025 年上半年，美亚光电整体经营状况稳健，收入增长 10%，净利润增 ...

Core Viewpoint - The company reported a steady growth in revenue and net profit for the first half of 2025, despite facing challenges in the domestic and global economic environment [1][2]. Financial Performance - Revenue for the first half of 2025 reached 1.023 billion yuan, a year-on-year increase of 10% [1] - Net profit amounted to 303 million yuan, reflecting a year-on-year growth of 11.34% [1] - The net cash flow from operating activities significantly increased to 393 million yuan, up 125% year-on-year [1] - The overall product gross margin improved by 1.26 percentage points compared to the previous year [1] Business Segments - The color sorting machine business maintained a strong market demand, particularly in the recycling resources sector, which experienced rapid growth [1][2] - The medical segment faced challenges due to a sluggish oral industry and intense market competition, but it has begun to recover from significant revenue declines seen in 2024 [1][2] Market Dynamics - Export revenue growth slowed due to tariffs and trade fluctuations, but there remains significant market potential in developing countries for color sorting machines [3] - The company is actively expanding its overseas marketing efforts and aims to stabilize export growth in the future [3][5] Technological Advancements - The company launched the new AI-powered color sorting machine, Meiya Master 4.0, and an integrated intelligent diagnosis system for oral CT, enhancing its product offerings [4] - The integration of AI technology into products and services is a key focus for future development [4] Future Outlook - The company remains optimistic about the future of the oral industry, despite current challenges, and is increasing investments in digital transformation and market strategies [2][4] - The company plans to continue its stable dividend policy, reflecting its solid cash flow and profitability [5]