合肥美亚光电技术股份有限公司 章程 二〇二四年九月 目 录 第一章 总则 第二章 经营宗旨和范围 第三章 股份 第一节 股份发行 第二节 股份增减和回购 第三节 股份转让 第四章 股东和股东大会 第一节 股东 第二节 股东大会的一般规定 第三节 股东大会的召集 第四节 股东大会的提案与通知 第五节 股东大会的召开 第六节 股东大会的表决和决议 第五章 董事会 第一节 董事 第二节 董事会 第六章 总经理及其他高级管理人员 第七章 监事会 第一节 监事 第二节 监事会 第八章 财务会计制度、利润分配和审计 第一节 财务会计制度 第二节 内部审计 第三节 会计师事务所的聘任 第九章 通知与公告 第一节 通知 第二节 公告 第十章 合并、分立、增资、减资、解散和清算 第一节 合并、分立、增资和减资 第二节 解散和清算 第十一章 修改章程 第十二章 附则 第一章 总则 第一条 为维护合肥美亚光电技术股份有限公司（以下简称"公司"）、股东 和债权人的合法权益，规范公司的组织和行为，根据《中华人民共和国公司法》 （以下简称《公司法》）、《中华人民共和国证券法》（以下简称《证券法》）和 其他有关规定，制订本章程。 第二条 ...

证券代码：002690 证券简称：美亚光电 公告编号：2024-024 合肥美亚光电技术股份有限公司 2024年第一次临时股东大会决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 特别提示： 1、本次股东大会未出现否决议案的情形； 2、本次股东大会不涉及变更以往股东大会已通过的决议。 一、会议召开和出席情况 合肥美亚光电技术股份有限公司（以下简称"公司"）董事会于2024年8月 22日在《证券时报》、巨潮资讯网（http://www.cninfo.com.cn）上刊登了《关 于召开2024年第一次临时股东大会的通知》。 （2）现场会议召开地点：合肥市高新技术产业开发区望江西路668号公司会 议室 （3）股权登记日：2024年9月3日 （4）会议召开方式：本次股东大会采用现场表决与网络投票相结合的方式召 开。 1 （5）会议召集人：公司董事会 1、会议召开情况 （1）会议召开时间 现场会议时间：2024 年 9 月 10 日下午 14:30 网络投票时间： 通过深圳证券交易所交易系统进行网络投票的具体时间为 2024 年 9 月 10 日上 午 9:15 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of 5% to 15% relative to the benchmark index [2][8] Core Views - The company's short-term performance is under pressure, with H1 2024 revenue declining 3.83% YoY to RMB 930 million and net profit attributable to shareholders dropping 21.48% YoY to RMB 272 million [2] - Q2 2024 showed marginal improvement with revenue growing 6.87% YoY to RMB 599 million, though net profit still declined 22.71% YoY [2] - The company continues to iterate new products and technologies, particularly in color sorters and high-end medical imaging equipment, which could open up new growth opportunities [2] Financial Performance Revenue and Profit - H1 2024 revenue breakdown: color sorter business grew 14.40% YoY to RMB 645 million, while medical equipment, X-ray industrial inspection machines, and parts businesses declined 32.27%, 21.77%, and 13.92% respectively [2] - Gross margin and net margin declined to 50.88% and 29.23% respectively in H1 2024, down 1.62 and 6.57 percentage points YoY [2] Expenses - H1 2024 expense ratios: sales expenses increased 3.03 percentage points to 12.08%, management expenses rose 0.52 percentage points to 5.02%, and R&D expenses grew 1.28 percentage points to 6.31% [2] Future Projections - Revenue is projected to grow from RMB 2.51 billion in 2024E to RMB 3.18 billion in 2026E, with net profit attributable to shareholders expected to increase from RMB 682 million to RMB 864 million over the same period [2][3] - EPS is forecasted to grow from RMB 0.77 in 2024E to RMB 0.98 in 2026E, with P/E ratios declining from 16.41x to 12.96x [2][3] Product Development - The company launched several new products and technologies in H1 2024, including the UHD2.0 high-definition deep learning system and PD-MAR "truth-preserving" imaging technology [2] - These innovations address long-standing industry challenges and could significantly enhance the company's competitive position in both color sorting and medical imaging markets [2] Market Position - The company is a leading provider of photoelectric identification products in China, with its product development and commercialization efforts showing promising results [2] - Contract liabilities increased 93.87% compared to the end of the previous year, indicating strong pre-sales growth [2]

2024 年 08 月 23 日 公司研究 评级：增持(首次覆盖) 研究所： 证券分析师： 姚健 S0350522030001 yaoj@ghzq.com.cn 联系人 ： 梅朔 S0350123070010 meis@ghzq.com.cn [Table_Title] Q2 收入增速回正，关注齿科需求恢复节奏 ——美亚光电（002690）2024 半年报点评 事件: 最近一年走势 美亚光电 8 月 21 日发布 2024 半年报：2024H1 公司实现营业收入 9.30 亿元，同比-3.83%；实现归母净利润 2.72 亿元，同比-21.48%；实现扣 非归母净利润 2.65 亿元，同比-22.25%。 投资要点: Q2 收入同比增速环比回正，业绩受汇兑拖累 Q2 单季度，公司 实现营业收入 5.99 亿元，同比+6.87%；实现归母净利润 1.71 亿元， 同比-22.71%。Q2 收入同比增速环比转正；业绩调整幅度较大主要 系 Q2 汇兑收益减少导致财务费用同比提升 3982 万元，若剔除该影 响，公司 Q2 归母净利润同比下降约 4.7%。 相对沪深 300 表现 2024/08/23 表现 1M 3 ...

Group 1: Financial Performance - In the first half of 2024, the company achieved a revenue of 930 million yuan, a year-on-year decline of 3.8%, with a nearly 7% growth in the second quarter [2] - The net profit for the first half of 2024 was 272 million yuan, down 21.5% year-on-year, primarily due to reduced exchange gains and increased expenses [2] - The color sorting machine and export businesses experienced approximately 15% growth in the second quarter [2] Group 2: Business Strategy and Market Position - The company is focusing on its core business and actively investing in market opportunities despite a challenging economic environment [2] - Increased investments in sales and R&D expenses were noted, which are expected to support future market competitiveness [2][3] - The company has obtained product registrations in about 50 countries and regions, with small-scale exports of medical products starting in 2024 [3] Group 3: Product Development and Market Trends - The mobile head CT device is suitable for various applications and has significant market potential, currently in the early stages of market application [4] - The company is optimistic about the future of the dental industry, despite current challenges in the dental service sector [2][3] - The company plans to continue promoting new medical products, including spinal surgery navigation devices and mobile head CTs, to achieve market sales [3] Group 4: Financial Management and Future Outlook - The company reduced its cash reserves by 200 million yuan due to cash dividends paid in the first half of 2024 [4] - There are no major capital expenditure plans for 2024, and the company intends to maintain its profit distribution policy [4] - The company aims to deepen its focus on advantageous industries and expand its business scale to achieve better operational results in an uncertain environment [5]

机械设备 证 券 研 究 报 告 2024 年 08 月 23 日 美亚光电 (002690) ——Q2 收入同比转正，医疗新品未来可期 | --- | --- | |------------------------------------|-------------------------------| | 市场数据： | 2024 年 08 月 22 日 | | 收盘价（元） | 13.60 | | 一年内最高 / 最低（元） | 23.80/13.45 | | 市净率 | 5.1 | | 息率（分红/股价） | 5.15 | | 流通 A 股市值（百万元） | 5,881 | | 上证指数/深证成指 | 2,848.77/8,162.18 | | 注："息率"以最近一年已公布分红计算 | | | --- | --- | |-------------------------------|------------------------| | | | | | | | 基础数据 : 2024 | 年 06 月 30 日 | | 每股净资产（元） | 2.68 | | 资产负债率 % | 20.19 | | 总 ...

Investment Rating - The report maintains an "Overweight" rating for the company [1][5] Core Views - The company's revenue for the first half of 2024 was RMB 930 million, a year-on-year decrease of 3.83% [1] - Net profit attributable to the parent company was RMB 272 million, a year-on-year decrease of 21.48% [1] - The color sorter segment remained stable, contributing 69.30% of total revenue, while the medical equipment segment faced pressure, with revenue declining by 32.27% [1][3] Business Segment Analysis Color Sorter Segment - Revenue from the color sorter segment reached RMB 645 million, a year-on-year increase of 14.40% [3] - Gross margin for this segment was 49.03%, a slight decrease of 1.41 percentage points compared to the previous year [3] - The company launched several innovative products, including the UHD2.0 high-definition deep learning system and the new KR color sorter with intelligent panoramic imaging technology [3] Medical Equipment Segment - Revenue from the medical equipment segment was RMB 205 million, a year-on-year decrease of 32.27% [3] - Gross margin for this segment was 51.04%, a decrease of 4.23 percentage points compared to the previous year [3] - The company is actively expanding into non-dental medical imaging fields, with products such as spinal surgical navigation equipment and mobile head CTs [3] Industrial Inspection Segment - Revenue from the industrial inspection segment was RMB 63.66 million, a year-on-year decrease of 21.77% [4] - The company continues to optimize its product line, focusing on engineering design and intelligent production to enhance product reliability [4] Financial Forecast - The report revised down the company's net profit forecast for 2024-2026 to RMB 744 million, RMB 849 million, and RMB 937 million, respectively [5] - EPS for 2024-2026 is expected to be RMB 0.84, RMB 0.96, and RMB 1.06, respectively [5] - The current stock price corresponds to a PE ratio of 16x, 14x, and 13x for 2024-2026 [5] Key Financial Data - Revenue growth for 2024-2026 is projected at 2.75%, 13.72%, and 10.32%, respectively [6] - Net profit growth for 2024-2026 is expected to be -0.16%, 14.20%, and 10.28%, respectively [6] - The company's ROE is forecasted to increase from 27.00% in 2023 to 38.79% in 2026 [9]

Investment Rating - The investment rating for the company is "Buy" [3] Core Views - The company's performance in H1 2024 showed a revenue of 930 million yuan, a year-over-year decrease of 3.8%, and a net profit attributable to shareholders of 270 million yuan, down 21.5% year-over-year. However, Q2 2024 saw a revenue increase to 600 million yuan, up 6.9% year-over-year, indicating a positive trend [2][3] - The company is experiencing a recovery in its operational status since Q2 2024, with revenue growth driven by its color sorting machine and export businesses, while the medical-related business is gradually recovering despite facing challenges [2][3] - The color sorting machine segment generated 640 million yuan in revenue in H1 2024, reflecting a year-over-year growth of 14.4%. The company has launched several innovative products, enhancing its competitive edge in both domestic and international markets [2][3] - The medical equipment segment, particularly the CBCT, reported a revenue of 210 million yuan in H1 2024, down 32.3% year-over-year. However, new product launches and market recovery are expected to drive growth in this segment [2][3] Summary by Sections Performance Analysis - H1 2024 revenue was 930 million yuan, with a net profit of 270 million yuan, showing a decline compared to the previous year. Q2 2024 revenue was 600 million yuan, indicating a positive trend [2] - The company’s gross margin for H1 2024 was 50.9%, a decrease of 1.6 percentage points year-over-year, while the net profit margin was 29.2%, down 6.6 percentage points year-over-year [2] Growth Potential - The color sorting machine business is expected to continue its stable growth, supported by new technologies and products. The medical equipment segment is anticipated to recover as market conditions improve [2][3] Profitability Forecast - EPS for 2024-2026 is projected to be 0.83, 0.95, and 1.09 yuan respectively, with a current PE ratio of 17.1 times for 2024. The company is expected to maintain stable growth in its core businesses [2][3]

Investment Rating - The investment rating for the company is maintained at "Buy" with a target price of RMB 15.40 [1]. Core Views - The company reported a revenue of RMB 930 million for the first half of the year, a year-on-year decrease of 4%, and a net profit attributable to shareholders of RMB 272 million, down 21% year-on-year. However, Q2 showed a revenue increase of 7% year-on-year, reaching RMB 600 million, with a net profit of RMB 170 million, down 23% year-on-year. After adjusting for a foreign exchange loss of RMB 40 million, the decline was approximately 6% [1][2]. - Due to the overall pressure on the domestic dental medical industry, the demand for CBCT (Cone Beam Computed Tomography) is below expectations, leading to a downward revision of revenue and gross margin forecasts for 2024-2026. The profit forecasts for these years have been adjusted to RMB 680 million, 750 million, and 820 million, representing reductions of 18%, 20%, and 18% respectively [1][3]. Summary by Sections Financial Performance - The company achieved a gross margin of 50.88% and a net margin of 29.23% in the first half of the year, down 1.6 and 6.6 percentage points year-on-year respectively. The gross margins for the color sorting machine and medical CBCT were down 1.4 and 4.2 percentage points respectively, primarily due to intensified competition in the industry [3]. - The company’s revenue from color sorting machines, medical CBCT, and X-ray industrial inspection machines saw year-on-year changes of +14%, -32%, and -22% respectively. The overseas revenue for color sorting machines increased by 15% year-on-year [2][3]. Product Development - The company actively responded to the decline in CBCT demand by upgrading its products. New technologies such as the PD-MAR imaging technology and the "Meiya Meiya" digital dental health cloud platform were introduced, enhancing capabilities in image processing and diagnosis [2]. - A new mobile CT product received regulatory approval and is expected to perform well in the market [2]. Market Position and Valuation - The company’s PE ratios for 2024, 2025, and 2026 are projected at 18, 17, and 15 respectively, compared to an average PE of approximately 28 for comparable companies in 2024. Given the lower compound profit growth rate compared to peers, a PE of 20 times is assigned for 2024, leading to a target price of RMB 15.40, down from a previous estimate of RMB 21.40 [1][3].

[Table_Finance] 公司盈利预测及估值 ble_Title] 评级：买入(维持) 市场价格：14.15 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 2,117 2,425 2,561 2,896 3,311 增长率 yoy% 17% 15% 6% 13% 14% 净利润（百万元） 730 745 742 825 969 增长率 yoy% 43% 2% 0% 11% 18% 每股收益（元） 0.83 0.84 0.84 0.93 1.10 每股现金流量 0.36 0.77 0.69 0.84 1.01 净资产收益率 28% 27% 28% 30% 32% P/E 17.1 16.8 16.8 15.1 12.9 P/B 4.7 4.5 4.7 4.5 4.1 备注：股价取自 2024 年 08 月 21 日 [Table_Profit] 基本状况 总股本(百万股) 882 流通股本(百万股) 432 市价(元) 14.15 市值(百万元) 12,484 流通市值(百万元) 6,119 美亚光电（002690.SZ） /机械设备 证券研究报告/公司点评 202 ...