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 编号：T2025-003 | | ■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 □其他 （请文字说明其他活动内容） | | | 平安养老 朱丽丽、邵瑾良 华泰自营 李锋 中泰证券 郑雅梦 中金公司 张杰敏、严佳 运舟资本 廖浚哲 易米基金 黄晓峰 | | 活动参与人员 | | | | 大朴资产 王彦栋 方正证券 徐凡、赵璐 国联安基金 李阳东 | | | 鹏华基金 梁超 中泰资管 王路遥 | | 接待人员 | 董事会秘书 程晓宏 | | 时间 | 年 月 日 2025 4 11 | | 地点 | 合肥美亚光电技术股份有限公司 | | 形式 | 现场调研 1、公司色选机业务发展较为成熟，为何还能保持近双位数的增长？ | | | 答：国内色选机市场发展相对较为成熟，进入稳定发展期。随着国内 粮食产量的稳步增长及市场多样化需求的不断涌现，色选机需求也呈 | | | 稳步增长态势；海外市场尤 ...

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 编号：T2025-002 投资者关 系活动类别 □特定对象调研 □分析师会议 □媒体采访 ■业绩说明会 □新闻发布会 □路演活动 □现场参观 □其他（请文字说明其他活动内容） 活动参与人员 线上参与公司 2024 年度网上业绩说明会的投资者 接待人员 副董事长兼总经理：沈海斌女士 董事会秘书：程晓宏先生 财务总监：陈凯先生 独立董事：潘立生先生 时间 2025 年 4 月 10 日下午 15:00-17:00 地点 "约调研"微信小程序 形式 线上交流 交流内容及具体 问答记录 1、从年报看，2024 年公司整体营收下降 4.73%，归母净利润下降 12.84%，请问公司认为导致业绩下滑的最主要因素有哪些？针对这些 不利因素，在 2025 年有怎样具体的应对策略来扭转业绩颓势？ 答：受客观经济环境和口腔行业发展竞争加剧等多重因素影响，公司 2024 年度经营业绩有所下滑。2025 年，公司将继续深入践行中长期发 展战略，深度聚焦主营业务，积极加大研发、市场营销等投入力度， 推动公司持续高质量发展，努力以良好的经营成 ...

Summary of Meyer Optoelectronic Tech (002690.SZ) Conference Call Company Overview - **Company**: Meyer Optoelectronic Technology - **Ticker**: 002690.SZ - **Industry**: Dental imaging and optoelectronic detection equipment Key Points Industry and Market Dynamics - **Demand Recovery**: Management indicated signs of improvement in dental CBCT demand since Q4 2024, with a 6.8% YoY growth in the number of dental clinics in China in 2024, compared to 3.7% in 2023 [2][11] - **Competitive Landscape**: The dental clinic industry is highly competitive, with a significant number of closures in 2023/24, suggesting that demand for dental CBCT may come from price-sensitive areas [2][12] - **Price Competition**: Ongoing price competition is expected to persist in a lukewarm demand environment, particularly after the implementation of bulk purchasing policies for dental implants [1][27] Financial Performance and Forecasts - **Earnings Forecasts**: Earnings forecasts for 2025 and 2026 have been trimmed by 7% and 8% respectively, reflecting a challenging outlook for dental CBCT revenue [1][9] - **Revenue Growth**: Actual revenue and earnings growth have historically only met or exceeded financial budget targets one or two times from 2015 to 2024 [2][19] - **2025 Projections**: Forecasted revenue and earnings growth for 2025E is 9% and 8% YoY, respectively, with expectations of continued sales decline and gross profit margin (GPM) contraction [2][27] Valuation and Target Price - **Target Price Adjustment**: The target price has been raised by approximately 17% to Rmb16.6, based on a new P/E ratio of ~21 for 2025E, reflecting positive YoY earnings growth expectations [3][28] - **Market Capitalization**: The current market cap is Rmb15,131 million (approximately US$2,083 million) [5][8] Financial Metrics - **Earnings Summary**: - 2023A: Net Profit Rmb745 million, Diluted EPS Rmb0.846, P/E 20.3x - 2024A: Net Profit Rmb649 million, Diluted EPS Rmb0.737, P/E 23.3x - 2025E: Net Profit Rmb702 million, Diluted EPS Rmb0.795, P/E 21.6x - 2026E: Net Profit Rmb787 million, Diluted EPS Rmb0.892, P/E 19.2x - 2027E: Net Profit Rmb893 million, Diluted EPS Rmb1.011, P/E 17.0x [4][8] Risks and Concerns - **Upside Risks**: Potential for better-than-expected GPM and faster revenue growth due to demand recovery [29] - **Downside Risks**: Risks include worse-than-expected GPM, slower revenue growth, and potential dividend payout cuts due to cash flow pressures [29] Conclusion - **Investment Rating**: The company maintains a Neutral rating due to concerns over weaker dental CBCT demand and intensifying price competition in the industry [1][27]

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company's core business remains stable, with expectations for recovery in the medical sector [2][4] - In 2024, the company reported revenue of 2.31 billion yuan, a year-over-year decrease of 4.7%, and a net profit attributable to shareholders of 650 million yuan, down 12.8% year-over-year [1][4] Performance Summary - Revenue in Q4 2024 was 730 million yuan, a year-over-year decrease of 4.6%, while net profit attributable to shareholders was 200 million yuan, up 9.6% year-over-year [1] - The company’s color sorting machine business generated revenue of 1.62 billion yuan in 2024, reflecting a year-over-year increase of 9.9% [2] - The medical equipment segment, particularly the CBCT, saw revenue decline to 500 million yuan, down 33.4% year-over-year [3] Growth Potential - The color sorting machine market is expected to continue stable growth, with new product launches enhancing competitiveness [2] - The recovery in the medical sector is anticipated to be driven by economic recovery and increased demand for dental implants and orthodontics [3] Profitability Analysis - The company's gross margin for 2024 was 50.4%, a decrease of 1.1 percentage points year-over-year, while the net profit margin was 28.1%, down 2.6 percentage points [4] - Operating cash flow for 2024 was 880 million yuan, a year-over-year increase of 30.0% [4] Earnings Forecast and Valuation - Earnings per share (EPS) are projected to be 0.80 yuan in 2025, 0.88 yuan in 2026, and 0.98 yuan in 2027 [4] - The current closing price corresponds to a price-to-earnings (P/E) ratio of 21.8 times for 2025 [4]

Group 1 - The core viewpoint of the article highlights that Meiya Optoelectronics is experiencing growth in its color sorting machine business due to increased domestic and international market demand and enhanced product competitiveness [1] - Despite a projected decline in the oral business for 2024, the company remains optimistic about the future of the oral industry and plans to increase resource investment [1] - The company maintains stable gross margins in the oral CBCT market through non-price competition, R&D investment, and cost-effectiveness [1] - The increase in overseas export gross margins is attributed to improved product competitiveness, overseas expansion, and changes in the USD exchange rate [1] - The growth in Q4 performance is primarily driven by exchange gains, bad debt recovery, and reduced expenses [1] - The medical product exports have achieved market access in multiple countries, leading to rapid growth in exports [1] - The revenue decline in industrial testing equipment is influenced by the economic environment and a slowdown in market demand [1] - The domestic oral CBCT price system is currently low, and a significant decline is unlikely [1] - The financial budget for 2025 is set as an internal management control indicator, which carries uncertainties [1] - The company emphasizes investor returns and will continue its dividend policy [1] Group 2 - Hongshang Asset, established in October 2013, is a well-known private equity firm in China, created by a team from public funds and Sequoia Capital [2] - The firm focuses on absolute return goals in equity investments, driven by fundamental research as its core competitive advantage [2] - The investment research team includes senior professionals from large fund companies, foreign investment research heads, and award-winning fund managers [2] - Non-research sector leaders come from public funds, ensuring the company's sustainable and stable development [2] - Hongshang Asset is a member of the China Fund Industry Association and holds investment advisory qualifications [2]

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative performance increase of over 15% against the benchmark index in the next 6 to 12 months [11] Core Views - The company has shown a good growth trend in its color sorting machine business, while its medical segment has faced pressure due to market conditions [3][7] - The company achieved a revenue of 2.311 billion yuan in 2024, a year-on-year decrease of 4.73%, and a net profit of 649 million yuan, down 12.84% year-on-year [3] - The color sorting machine business continues to grow, with a revenue increase of 9.87% to 1.622 billion yuan, while the medical business saw a significant decline of 33.43% in revenue [7][8] Summary by Sections Financial Performance - In 2024, the company reported a total revenue of 2.311 billion yuan, with a year-on-year growth rate of -4.73% and a net profit of 649 million yuan, reflecting a -12.84% change [3] - The fourth quarter of 2024 saw a revenue of 733 million yuan, down 4.61% year-on-year but up 13.13% quarter-on-quarter [5] - The gross profit margin for 2024 was 50.43%, a decrease of 1.06 percentage points year-on-year, while the net profit margin was 28.09%, down 2.62 percentage points [5] Business Segments - The color sorting machine segment achieved a revenue of 1.622 billion yuan, with a gross margin of 49.64%, showing a year-on-year increase [7] - The medical segment's revenue fell to 503 million yuan, with a gross margin of 48.44%, reflecting a decline due to increased competition and sluggish demand [8] Market Outlook - The report indicates that the color sorting machine market is expected to continue its stable growth due to increasing digitalization and automation trends [7] - Despite the current challenges in the medical segment, the long-term potential remains strong, particularly in the dental CBCT market, which is expected to recover as the economy improves [8] Research and Development - The company invested 160 million yuan in R&D in 2024, representing 6.90% of its revenue, with a year-on-year increase of 7.29% [6] - The company holds 158 valid invention patents, enhancing its competitive edge in the market [6]

Core Viewpoint - The company reported a slight decline in revenue and net profit for 2024, but there are positive signs for recovery in the domestic dental medical consumption and potential improvement in the CBCT business in 2025 [1][4]. Group 1: Financial Performance - In 2024, the company achieved revenue of 2.311 billion yuan (down 4.73% year-on-year) and a net profit of 649 million yuan (down 12.84% year-on-year) [1]. - The fourth quarter saw revenue of 733 million yuan (down 4.61% year-on-year, up 13.13% quarter-on-quarter) and a net profit of 199 million yuan (up 9.62% year-on-year, up 11.81% quarter-on-quarter) [1]. - The company slightly adjusted its 2025 profit forecast upwards, expecting net profits of 700 million yuan, 740 million yuan, and 790 million yuan for 2025-2027 [4]. Group 2: Business Segments - The medical equipment segment reported revenues of 1.62 billion yuan for color sorting machines (up 10% year-on-year), 500 million yuan for medical devices (down 33% year-on-year), and 150 million yuan for X-ray industrial inspection machines (down 5% year-on-year) [2]. - The company launched a new mobile CT product, which has received regulatory approval and is expected to contribute to future revenues [2]. Group 3: Profitability and Cost Structure - The company reported a gross margin of 50.43% and a net margin of 28.09%, with declines of 1.06 and 2.62 percentage points year-on-year, respectively [3]. - The gross margin for the color sorting machine business improved by 1.10 percentage points, while the overall gross margin decreased due to intense competition in the CBCT market [3]. - The company’s sales, management, R&D, and financial expense ratios increased year-on-year, primarily due to rising personnel costs and a decrease in revenue [3]. Group 4: Dividend and Valuation - The company plans to distribute a cash dividend of 7.0 yuan per 10 shares, totaling 620 million yuan, which represents 95% of the net profit for the period [4]. - The target price for the company is set at 20.00 yuan, based on a 25 times PE ratio for 2025, reflecting a slight increase from the previous target of 19.25 yuan [4].

Core Viewpoint - The legal opinion letter from Anhui Tianhe Law Firm confirms the compliance and legality of Hefei Meiya Optoelectronics Technology Co., Ltd.'s plan to repurchase and cancel part of the restricted stock from the 2021 incentive plan, which is necessary due to the departure of certain incentive targets [1][14][17] Summary by Sections 1. Implementation of the Incentive Plan - The company has conducted necessary procedures for the implementation of the 2021 restricted stock incentive plan, including approval from the board and independent directors [5][6][7] - The plan involved the issuance of restricted stocks to specific targets, with public disclosure and verification by the supervisory board [6][7] 2. Reasons for Repurchase and Cancellation - The repurchase is due to the departure of 6 incentive targets, which disqualifies them from holding the restricted stocks that have not yet been released from restrictions [15] - The total number of restricted stocks to be repurchased is 22,400 shares, representing 0.0025% of the company's total share capital [15] 3. Repurchase Price and Funding - The repurchase price for the first grant of restricted stocks is set at 13.66154 CNY per share, while the price for the reserved grant is 10.48 CNY per share [16] - The total funds allocated for this repurchase amount to 260,432 CNY, with adjustments possible based on future equity distributions [16] 4. Impact on Share Capital - Following the repurchase and cancellation, the company's total shares will decrease by 22,400 shares, but this will not affect the control of the company or its compliance with listing requirements [16][17]

Core Viewpoint - The company has approved the repurchase and cancellation of 22,400 restricted shares from former incentive recipients who have left the company, as part of its 2021 restricted stock incentive plan [1][9][12] Summary by Sections Company Background - Hefei Meiya Optoelectronics Technology Co., Ltd. has conducted a series of meetings to review and approve the repurchase of restricted shares as per its incentive plan [1][2] Incentive Plan Details - The 2021 restricted stock incentive plan was approved by the board and shareholders, allowing the company to grant restricted shares to eligible recipients [2][3] - The plan includes provisions for handling changes in the status of incentive recipients, such as resignations [9][11] Repurchase and Cancellation Process - The company will repurchase 22,400 shares from 6 former incentive recipients who no longer qualify due to their departure [9][12] - The repurchase price for the first grant of restricted shares is set at 12.96 yuan per share, while the price for the reserved grant is 9.78 yuan per share [11] Financial Implications - The total funds allocated for this repurchase amount to 276,112 yuan, sourced from the company's own funds [11] - The repurchase will not affect the company's financial status or the ongoing implementation of the incentive plan [12] Governance and Compliance - The supervisory board has confirmed that the repurchase complies with relevant regulations and has been approved through proper decision-making processes [12][13] - Legal opinions affirm that the repurchase is in accordance with applicable laws and regulations [12][13]

Meeting Information - The company will hold its 2024 Annual General Meeting on April 22, 2025, at 14:30 [1] - Shareholders can participate through on-site attendance or online voting via the Shenzhen Stock Exchange [1][4] - The online voting will be available from 9:15 to 15:00 on the same day [1] Shareholder Eligibility - All ordinary shareholders registered by the close of trading on the record date are eligible to attend and vote [1] - Shareholders can appoint proxies to attend the meeting and vote on their behalf [1][3] Voting Procedures - Voting will include both on-site and online options, with specific time slots for each [1][4] - Non-cumulative voting proposals will require shareholders to indicate their voting preferences: agree, oppose, or abstain [4] Agenda and Proposals - The agenda includes proposals that have been approved by the board and supervisory committee [2] - Certain proposals require a special resolution, needing more than two-thirds approval from attending shareholders [2] Documentation and Registration - Shareholders must provide identification and proof of shareholding for registration [3] - The company has provided a template for proxy voting authorization [5]