证券研究报告 | 年报点评报告 gszqdatemark 2025 04 29 年 月 日 风险提示：商誉减值风险、PPP 项目减值风险、国产品牌渗透力度不及预 期风险、核心零部件进口风险、应收账款减值风险。 | 财务指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 3,182 | 3,614 | 4,118 | 4,715 | 5,423 | | 增长率 yoy（%） | -7.8 | 13.6 | 14.0 | 14.5 | 15.0 | | 归母净利润（百万元） | -323 | 207 | 341 | 478 | 673 | | 增长率 yoy（%） | 13.9 | 164.1 | 65.0 | 40.1 | 40.8 | | EPS 最新摊薄（元/股） | -0.72 | 0.46 | 0.76 | 1.07 | 1.50 | | 净资产收益率（%） | -12.2 | 6.7 | 10.8 | 13.1 | 15.5 | | P/E（倍） | -30.5 ...

聚光科技（300203.SZ） 科学仪器国产替代龙头，业绩大幅提升 战略调整卓有成效，公司 24 年业绩大幅提升。公司 2024 实现营收 36.1 亿元（yoy+13.6%），归母净利润 2.1 亿元（yoy+164.1%）。公司业绩大 幅提升主因业务结构、产品结构优化以及合同质量提升，调整、收缩部分 业务布局以及提高人均效率，加强费用优化。2025Q1 公司实现营收 5.5 亿元，同比+1.4%；归母净利润-0.2 亿元（yoy+18.8%)，亏损有所收窄。 证券研究报告 | 年报点评报告 gszqdatemark 2025 04 29 年 月 日 公司盈利能力大幅提高，经营性现金流改善明显。公司 2024 实现毛利率 44.4 %，同比+3.2pct，分业务看，仪器、相关软件及耗材毛利率 48.5%， 同比+2.8pct；运营服务、检测服务及咨询服务毛利率 38.0%，同比 +6.7pct；环境治理装备及工程毛利率 27.3%，同比+4.5pct。2025Q1 公 司毛利率 43.5%，同比-4.0pct。公司 2024 年销售费用率 16.7%（yoy- 4.4pct），管理费用率 8.6%（（yoy ...

重要内容提示： 1.董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、误导性陈述或重 大遗漏，并承担个别和连带的法律责任。 聚光科技（杭州）股份有限公司 2025 年第一季度报告 证券代码：300203 证券简称：聚光科技 公告编号：2025-016 聚光科技（杭州）股份有限公司 2025 年第一季度报告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 □是 否 | | 本报告期 | 上年同期 | 本报告期比上年同期增减 | | | --- | --- | --- | --- | --- | | | | | （%） | | | 营业收入（元） | 547,288,925.64 | 539,861,545.13 | | 1.38% | | 归属于上市公司股东的净利 | -20,528,411.73 | -25,270,589.85 | | 18.77% | | 润（元） | | | | | | 归属于上市公司股东的扣除 非经常性损益的净利润 | -31,070,395.72 | -36,671,269.06 | | 15.27 ...

Investment Rating - The investment rating for the company is not explicitly stated in the report [1]. Core Viewpoints - The company achieved significant growth in 2024, with total revenue reaching 3.614 billion yuan, a year-on-year increase of 13.58%. The net profit attributable to shareholders was 207 million yuan, up 164.11% year-on-year, and the basic earnings per share were 0.46 yuan, reflecting a growth of 163.89% [1][3]. - The company is focusing on enhancing its high-end analytical instrument capabilities through a "4+X" strategy, which aims to establish itself as a leading domestic manufacturer in this sector [1][3]. - The company has made substantial improvements in its gross margin, which increased to 44.43%, up 3.17 percentage points year-on-year, due to effective cost control and efficiency enhancements [3][5]. Financial Performance Summary - In 2024, the company reported total revenue of 3.614 billion yuan, with a year-on-year growth rate of 13.6%. The net profit attributable to the parent company was 207 million yuan, marking a significant recovery from a loss in 2023 [5]. - The company’s gross margin improved to 44.4% in 2024, compared to 41.1% in 2023, indicating better cost management and operational efficiency [5][6]. - The forecast for 2025 anticipates revenue of 4.134 billion yuan, with a growth rate of 14.4%, and a net profit of 352 million yuan, reflecting a growth rate of 70.2% [5][6]. Business Segment Performance - The company’s revenue from its main business segments in 2024 included 2.56 billion yuan from instruments, 519 million yuan from related software and consumables, and 426 million yuan from environmental equipment and engineering services, showing respective year-on-year growth rates of 15.36%, 18.54%, and 7.14% [3]. - The gross margins for these segments were 48.5%, 37.99%, and 27.28%, respectively, indicating improvements across the board [3]. Strategic Initiatives - The company is actively expanding its high-end analytical instrument technology platforms, focusing on mass spectrometry, chromatography, and spectroscopy, which are crucial for domestic market needs [3][4]. - The establishment of several business units targeting clinical research and diagnostics, such as clinical mass spectrometry and nucleic acid analysis, demonstrates the company's commitment to diversifying its application scenarios [4].

Group 1: Impact of Tariff Policies - Changes in tariff policies present both opportunities and challenges for the scientific instrument industry, leading to increased procurement costs for imported instruments and related consumables [2] - The high dependence on imports in the scientific instrument sector creates uncertainty and insecurity among domestic users, which can be strategically advantageous for local manufacturers [2] - The company plans to increase R&D investment in 2025 to capitalize on these strategic opportunities and enhance product offerings tailored to domestic customer needs [2] Group 2: Business Structure Adjustments - Recent adjustments in the company's business structure have resulted in improved gross margins and a recovery in net profit margins [3] - The company aims to further invest in its advantageous business segments to promote growth while maintaining a stable recovery in net profit margins [3] Group 3: Carbon Monitoring Equipment - The subsidiary Lingxi Optoelectronics has developed high-precision greenhouse gas analysis instruments, with significant contract growth expected in 2024 due to favorable domestic carbon monitoring policies [3] - The company anticipates a positive outlook for its carbon monitoring segment as market policies are implemented [3] Group 4: Market Demand and Product Development - The laboratory instrument sector is projected to maintain good growth, particularly in mass spectrometry, which has strong technical advantages and customer recognition [3] - The environmental monitoring segment achieved approximately 10% growth last year, with stable market conditions and a focus on increasing market share [3] Group 5: Future of Intelligent Instruments - The company envisions a future where analytical instruments evolve into "analysis robots," integrating AI capabilities for enhanced decision-making and operational efficiency [4] - Current developments include a modern environmental management model that leverages AI and new intelligent monitoring equipment such as drones and robotic dogs [4] Group 6: Goodwill Impairment - The company's current goodwill is approximately 200 million, primarily related to specific subsidiaries, with future impairment assessments dependent on individual company performance [4]

Investment Rating - The investment rating for the company is not explicitly stated in the report [1] Core Views - The company achieved significant growth in 2024, with total revenue reaching 3.614 billion yuan, a year-on-year increase of 13.58%, and a net profit attributable to shareholders of 207 million yuan, up 164.11% year-on-year [1][3] - The company is focusing on high-end analytical instruments and has established a "4+X" layout to become a leading domestic manufacturer in this field [1][3] - The company has made substantial improvements in gross margin and cost efficiency, with a comprehensive gross margin of 44.43%, an increase of 3.17 percentage points year-on-year [3][5] Financial Performance - In 2024, the company reported revenues from various segments: instruments (2.56 billion yuan, +15.36%), software and consumables (519 million yuan, +18.54%), testing services (426 million yuan, +7.14%) [3] - The company’s net profit is projected to grow significantly, with estimates of 352 million yuan in 2025, 507 million yuan in 2026, and 690 million yuan in 2027, reflecting growth rates of 70.2%, 44.0%, and 36.0% respectively [5][6] - The company has a stable cash dividend policy, distributing 2.50 yuan per 10 shares, totaling 112.18 million yuan [6] Business Strategy - The company is enhancing its high-end analytical instrument technology platforms, focusing on mass spectrometry, chromatography, and spectroscopy, with several products achieving international advanced or domestic leading levels [3][4] - The company is actively expanding into life sciences, establishing multiple business units to address clinical research and early disease diagnosis needs [4] - The company is optimizing its product performance and deepening collaborations with industry partners to explore practical applications of mass spectrometry technology in precision medicine [4]

Core Insights - The report indicates that as of April 21, 2025, a total of 170 institutional investors hold shares in 聚光科技, amounting to 239 million shares, which represents 53.20% of the company's total equity [1] - The top ten institutional investors collectively hold 41.25% of the shares, showing a decrease of 1.49 percentage points compared to the previous quarter [1] Institutional Holdings - The top ten institutional investors include notable entities such as 浙江睿洋科技有限公司, 中国建设银行股份有限公司, and 香港中央结算有限公司 [1] - The report highlights that there are five public funds that increased their holdings, accounting for a 2.53% increase, while twelve public funds reduced their holdings, representing a 0.52% decrease [2] - A total of 148 new public funds have disclosed their holdings this period, indicating active market participation [2] Foreign Investment - Only one foreign fund, 香港中央结算有限公司, increased its holdings, reflecting a 0.31% increase [2]

聚光科技（杭州）股份有限公司 审 计 报 告 众环审字（2025）0300224号 目 录 | | 起始页码 | | --- | --- | | 审计报告 | 1 | | 财务报表 | | | 合并资产负债表 | 1 | | 合并利润表 | 3 | | 合并现金流量表 | 4 | | 合并股东权益变动表 | 5 | | 资产负债表 | 7 | | 利润表 | 9 | | 现金流量表 | 10 | | 股东权益变动表 | 11 | | 财务报表附注 | 13 | 审计报告 众环审字（2025）0300224 号 聚光科技（杭州）股份有限公司全体股东： 一、 审计意见 我们审计了聚光科技（杭州）股份有限公司（以下简称：聚光科技公司）财务报表， 包括 2024 年 12 月 31 日的合并及公司资产负债表，2024 年度的合并及公司利润表、合并及 公司现金流量表、合并及公司股东权益变动表以及相关财务报表附注。 我们认为，后附的财务报表在所有重大方面按照企业会计准则的规定编制，公允反映 了聚光科技公司 2024 年 12 月 31 日合并及公司的财务状况以及 2024 年度合并及公司的经 营成果和现金流量。 二、 形 ...

聚光科技（杭州）股份有限公司 内部控制审计报告 众环审字（2025）0300225号 内部控制审计报告 众环审字（2025）0300225 号 聚光科技（杭州）股份有限公司全体股东： 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求，我们审计了聚 光科技（杭州）股份有限公司（以下简称"聚光科技公司"）2024 年 12 月 31 日的财务报告 内部控制的有效性。 我们的责任是在实施审计工作的基础上，对财务报告内部控制的有效性发表审计意见， 并对注意到的非财务报告内部控制的重大缺陷进行披露。 三、内部控制的固有局限性 内部控制具有固有局限性，存在不能防止和发现错报的可能性。此外，由于情况的变化 可能导致内部控制变得不恰当，或对控制政策和程序遵循的程度降低，根据内部控制审计结 果推测未来内部控制的有效性具有一定风险。 四、财务报告内部控制审计意见 我们认为，聚光科技（杭州）股份有限公司于 2024 年 12 月 31 日按照《企业内部控制 基本规范》和相关规定在所有重大方面保持了有效的财务报告内部控制。 审计报告第 1页共 2 页 （此页无正文） 中审众环会计师事务所（特殊普通合伙） 中国注册会计师 ...

关于聚光科技(杭州)股份有限公司 非经营性资金占用及 其他关联资金往来情况 汇总表的专项审核报告 众环专字(2025)0300046号 目 录 起始页码 专项审核报告 1-2 汇总表 非经营性资金占用及其他关联资金往来的情况汇总表 1 我们接受委托，在审计了聚光科技(杭州)股份有限公司（以下简称"聚光科技公司"） 2024 年 12 月 31 日合并及公司的资产负债表，2024 年度合并及公司的利润表、合并及公司 的现金流量表和合并及公司的股东权益变动表以及财务报表附注的基础上，对后附的《上市 公司 2024 年度非经营性资金占用及其他关联资金往来的情况汇总表》（以下简称"汇总表"） 进行了专项审核。按照中国证券监督管理委员会印发的《上市公司监管指引第 8 号——上市 公司资金往来、对外担保的监管要求》的规定，编制和披露汇总表、提供真实、合法、完整 的审核证据是聚光科技公司管理层的责任，我们的责任是在执行审核工作的基础上对汇总表 发表专项审核意见。 我们按照中国注册会计师审计准则的相关规定执行了审核工作。中国注册会计师审计准 则要求我们遵守中国注册会计师职业道德守则，计划和执行审核工作以对汇总表是否不存在 重 ...