Summary of the Conference Call for 聚光科技 Company Overview - 聚光科技, established in 2002 and headquartered in Hangzhou, focuses on high-end instrument technology as its core business. The company has adopted a "4+X" multi-business layout strategy, which includes four main revenue segments: smart industry, smart environment, smart laboratory, and life sciences [3]. Financial Performance - In 2024, 聚光科技 achieved a revenue of 3.61 billion yuan, representing a year-on-year growth of 10%. The net profit reached 207 million yuan, a significant increase of 164%, successfully turning losses into profits, indicating a strong growth momentum [2][3]. - Future revenue projections for 2025, 2026, and 2027 are expected to be 4.19 billion yuan, 4.8 billion yuan, and 5.4 billion yuan, respectively. Corresponding net profits are forecasted to be 325 million yuan, 450 million yuan, and 560 million yuan, with price-to-earnings (PE) ratios of 32.91, 23.34, and 18.94 [2][8]. Industry Dynamics - The global analytical instrument market is projected to grow at a compound annual growth rate (CAGR) of 6.5%, reaching over 110 billion USD by 2034. The domestic market is expected to grow even faster, providing significant market opportunities for 聚光科技 [2][4]. - The U.S. ban on high-end scientific instruments from China has accelerated the demand for domestic alternatives, particularly in high-end mass spectrometry, chromatography, and spectroscopy, where import dependency remains high [2][5]. Policy Environment - China's R&D expenditure as a percentage of GDP is expected to be 2.68% in 2024, indicating substantial room for growth compared to developed countries like the U.S. and Japan. Recent policies promoting equipment upgrades and listing high-end instruments as encouraged categories are favorable for domestic companies like 聚光科技 [6]. Competitive Position - 聚光科技 is one of the earliest listed high-end instrument companies in China and has undertaken multiple national scientific instrument projects. It is recognized as a leading company in the field, with a comprehensive technology and application platform that is difficult to replicate, resulting in a strong competitive advantage [7]. Investment Recommendation - Given the positive financial outlook and favorable market conditions, it is recommended to buy shares in 聚光科技, as it represents a good investment opportunity at this time [2][8].

Group 1: Market Dynamics and Opportunities - The shift towards domestic alternatives in the instrument industry is driven by increased safety awareness and government policies promoting the acceptance of domestic scientific instruments [2] - The industry is experiencing rapid development, leading to the entry of new competitors; however, the market is highly segmented, making it challenging for new entrants to gain a foothold [2] - The domestic scientific instrument sector is expected to evolve quickly due to the involvement of high-end clients, enhancing the iteration of products and broadening application scenarios [2] Group 2: Competitive Advantages and Strategies - The company has accumulated extensive experience in product variety, application scenarios, and solutions, which helps maintain a competitive edge against foreign leaders [2] - The focus on long-term product refinement and quality improvement is essential for sustaining competitiveness in a technology-intensive industry [2][3] - The company plans to emphasize its core business and implement a premium strategy to develop star products and brands while expanding its marketing network [3] Group 3: Operational Adjustments and Workforce Management - The company experienced a significant reduction in employee numbers last year due to structural adjustments; however, the workforce is now stabilizing [3] - Future hiring will be based on the growth potential of specific business segments, with a focus on maintaining stability and efficiency in operations [3] - Cost management will continue to be refined to enhance efficiency and control expenses [3] Group 4: Localization and Supply Chain Development - The localization rate of core components is difficult to quantify, but larger product volumes tend to have higher localization rates [3] - The development of industry supply chains is crucial, with the need for leading companies to drive growth in the analysis instrument sector, characterized by diverse and small-batch production [3]

Investment Rating - The report assigns a "Buy" rating to the company, projecting significant revenue and profit growth in the coming years [88]. Core Insights - The company, 聚光科技, is positioned as a leading domestic high-end instrument manufacturer, with a strong foundation and a turning point in its operations [3][5]. - The global analytical instrument market is expected to grow from $60 billion in 2025 to $111.4 billion by 2034, with a CAGR of 6.5%, indicating substantial growth potential for the industry [3][39]. - The company has successfully turned around its financial performance, achieving a revenue of 3.61 billion yuan in 2024, a 13.58% increase year-on-year, and a net profit of 207 million yuan, marking a 164.11% increase [24][88]. Summary by Sections Company Overview - 聚光科技 was established in 2002 and focuses on high-end analytical instruments, maintaining a "4+X" multi-business layout across various sectors [3][12]. - The company has undergone strategic adjustments, including the divestment of PPP projects, to enhance operational efficiency and focus on core instrument business [9][85]. Market Environment - The global analytical instrument market is dominated by North America, Europe, and China, with significant growth expected in the Asian market due to increasing R&D expenditures [3][39]. - Domestic demand for high-end analytical instruments is rising, driven by the need for local alternatives to imported products, as the import rate for high-end instruments remains high [43][47]. Financial Analysis - The company has experienced historical revenue and profit fluctuations but has shown signs of recovery, with a focus on cash flow and contract quality since 2023 [24][85]. - In 2024, the company achieved a revenue of 3.61 billion yuan and a net profit of 207 million yuan, indicating a successful turnaround [24][88]. Growth Projections - The company is projected to achieve revenues of 4.19 billion yuan in 2025, 4.80 billion yuan in 2026, and 5.41 billion yuan in 2027, with corresponding net profits of 320 million yuan, 451 million yuan, and 556 million yuan [88].

Core Viewpoint - The company, 聚光科技, has recently turned a profit after a series of losses, while its major shareholder, 浙江睿洋科技有限公司, has been continuously selling off its shares due to judicial rulings and financial needs [1][5]. Shareholder Changes - 浙江睿洋科技's shareholding in 聚光科技 has decreased from 16.45% to 12.85%, with a total of 57.65 million shares held [2][5]. - A significant portion of 浙江睿洋科技's shares, 46.35 million, has been frozen, representing 80.40% of its holdings and 10.33% of the total shares of 聚光科技 [5][8]. - The shareholder has been forced to sell shares through various judicial processes, including a recent auction of 2.3 million shares [4][5]. Financial Performance - 聚光科技 reported net losses of 232 million, 375 million, and 323 million yuan from 2021 to 2023, with a notable improvement in 2024, achieving a net profit of 207 million yuan [2][8]. - The company's revenue has been declining for three consecutive years, with figures of 3.751 billion, 3.451 billion, and 3.182 billion yuan from 2021 to 2023 [8]. - In the first quarter of 2025, 聚光科技 recorded a revenue of 547 million yuan, a year-on-year increase of 1.38%, but still reported a net loss of 20.52 million yuan [10]. Debt Situation - The company's debt ratio has been increasing, reaching 67.47% in 2023, but improved to 63.91% by the end of 2024 [8][10]. - As of the end of the first quarter of 2025, the debt ratio stood at 63.64% [3][10]. Strategic Adjustments - 聚光科技 has implemented measures to optimize its business structure, focusing on improving contract quality and cash flow management, while reducing non-profitable business lines [9]. - The company aims to strengthen its core business in high-end analytical instruments and is adjusting its product lines to focus on areas with significant growth opportunities [9].

Core Insights - The total margin financing balance for the ChiNext market reached 344.136 billion yuan, marking a continuous increase for six trading days, with a cumulative increase of 5.784 billion yuan during this period [1][2]. Margin Financing Balance Overview - As of June 10, 2025, the total margin financing balance was 345.070 billion yuan, with an increase of 0.321 billion yuan from the previous trading day [2]. - The margin financing balance specifically was 344.136 billion yuan, which increased by 0.342 billion yuan from the previous day [2]. Individual Stock Performance - During the period of increasing margin financing, 559 stocks saw an increase in their financing balances, with 56 stocks experiencing an increase of over 20% [2]. - The stock with the highest increase in financing balance was Dahongli, which saw an increase of 111.16%, bringing its latest financing balance to 56.0291 million yuan [3]. - Conversely, 374 stocks experienced a decrease in their financing balances, with 42 stocks declining by over 10%. The largest decrease was seen in Lulian Technology, which dropped by 38.36% [3]. Sector Performance - Stocks with financing balance increases of over 20% were primarily concentrated in the pharmaceutical, machinery, and basic chemical industries, with 14, 7, and 7 stocks respectively [5]. Market Performance - Stocks with financing balance increases of over 20% averaged a rise of 12.00%, outperforming the ChiNext index. Notable gainers included Kangli Source, Changshan Pharmaceutical, and Xice Testing, with increases of 64.82%, 34.93%, and 33.42% respectively [5]. - The largest increases in financing balances by amount were recorded by Sifang Jingchuang (1.305 billion yuan), followed by Juguang Technology (300 million yuan) and Lepu Medical (252 million yuan) [5].

聚光科技（300203）公告，控股股东睿洋科技和普渡科技及实际控制人王健、姚纳新在2023年2月17日 至2025年6月5日期间通过证券交易所交易和司法拍卖等方式减持公司股份，持股比例从28.00%降至 24.43%。其中，睿洋科技减持1601.72万股，普渡科技未减持，姚纳新增持17万股。减持方式包括集中 竞价交易、大宗交易和司法拍卖。权益变动后，睿洋科技持股5765.07万股，普渡科技持股5182.16万 股，姚纳新持股17万股。 ...

证券代码：300203 证券简称：聚光科技 公告编号：2025-026 聚光科技（杭州）股份有限公司 关于控股股东权益变动的提示性公告 公司控股股东浙江睿洋科技有限公司、浙江普渡科技有限公司及 实际控制人王健、姚纳新保证向本公司提供的信息内容真实、准确、 完整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供 的信息一致。 聚光科技（杭州）股份有限公司（以下简称"公司"）于近日收到公司控股 股东浙江睿洋科技有限公司（以下简称"睿洋科技"）、浙江普渡科技有限公司 （以下简称"普渡科技"），实际控制人王健先生、姚纳新先生出具的《简式权 益变动报告书》，现将相关情况公告如下： 一、信息披露义务人及其一致行动人基本情况 （一）信息披露义务人 类型：有限责任公司（自然人投资或控股） 法定代表人：王健 统一社会信用代码：91330108694551279M 注册资本：壹亿伍仟万元整 成立日期：2009年8月27日 营业期限：2009年8月27日至2029年8月26日 住所：浙江省杭州市滨江区滨安路760号中楼三楼 经营范围：研发、销售：计算机软件、硬件，机电控制设备，电力设备， ...

聚光科技（杭州）股份有限公司 简式权益变动报告书 上市公司名称：聚光科技（杭州）股份有限公司 上市地点：深圳证券交易所 股票代码：300203 信息披露义务人：浙江睿洋科技有限公司 住所/通讯地址：浙江省杭州市滨江区滨安路760号中楼三楼 股权变动性质：股份减少 信息披露义务人（一致行动人）：王健 住所/通讯地址：杭州市滨江区*** 股权变动性质：股份不变 信息披露义务人：姚纳新 住所/通讯地址：杭州市滨江区*** 股权变动性质：股份增加 信息披露义务人（一致行动人）：浙江普渡科技有限公司 住所/通讯地址：浙江省杭州市滨江区江南大道3850号创新大厦7楼706室 股权变动性质：股份不变 签署日期：2025年6月10日 1 信息披露义务人声明 一、信息披露义务人依据《中华人民共和国证券法》、《上市公司收购管理办法》、 《公开发行证券的公司信息披露内容与格式准则第15号——权益变动报告书》及相关的法 律、法规编写本报告书。 二、信息披露义务人签署本报告书已获得必要的授权和批准。 三、依据《中华人民共和国证券法》、《上市公司收购管理办法》的规定，本报告书 已全面披露了信息披露义务人在聚光科技中拥有权益的股份变动情况 ...

Core Viewpoint - The company, as a leader in the domestic scientific instrument industry, is facing significant development opportunities under the national push for self-control and domestic substitution. With the deepening of relevant support policies and the gradual release of equipment renewal demand in downstream industries, the company is expected to achieve rapid growth in order acquisition and revenue conversion in the scientific instrument field by 2025 [1][5][10] Financial Performance - In 2024, the company achieved revenue of 3.614 billion yuan, a year-on-year increase of 13.58%, and a net profit attributable to shareholders of 207 million yuan, a year-on-year increase of 164.11%. The non-recurring net profit attributable to shareholders was 127 million yuan, a year-on-year increase of 132.82% [1][3] - For Q1 2025, the company reported revenue of 547 million yuan, a year-on-year increase of 1.38%, and a net profit attributable to shareholders of -21 million yuan, a year-on-year increase of 18.77% [1][4] Business Strategy - The company is focusing on core businesses such as scientific instruments, life science instruments, and industrial analysis instruments, while appropriately reducing long-term R&D layouts and non-high-end analysis instrument businesses. This strategy has led to a significant turnaround in profitability [3][10] - The company has established four business units targeting clinical research and early disease diagnosis, indicating a proactive approach to expanding into the life sciences sector [7] Operational Efficiency - The overall gross margin for 2024 was 44.43%, an increase of 3.17 percentage points year-on-year. The company has effectively controlled expenses, with a sales expense ratio of approximately 16.67%, a decrease of about 4.21 percentage points [8][9] - The net cash flow from operating activities for 2024 was 688 million yuan, a year-on-year increase of 152.34%, reflecting improved operational quality [8] Future Outlook - The company is expected to benefit from the acceleration of local government debt reduction and the gradual alleviation of the negative impact of PPP projects on overall performance. This is anticipated to support the company's performance recovery [5][6][10] - Projections for 2025-2027 indicate expected revenues of 4.066 billion, 4.538 billion, and 5.039 billion yuan, with corresponding net profits of 320 million, 439 million, and 589 million yuan, reflecting a strong growth trajectory [11]

Investment Rating - The report maintains an "Outperform" rating for the public utility sector [1][5][7] Core Views - The report highlights the ongoing pilot projects for the new power system initiated by the National Energy Administration, focusing on innovative technologies and models [2][14] - It emphasizes the growth in exports of industrial-grade mixed oil (UCO) in April 2025, with a year-on-year increase of 7.46% in volume and a 21.01% increase in average price [3][15] - The report suggests that coal and electricity prices are declining simultaneously, which may help maintain reasonable profitability for thermal power [3][18] Summary by Sections Market Review - The Shanghai Composite Index rose by 0.88%, while the public utility index fell by 0.13% and the environmental index increased by 0.46% [1][19] - Within the electricity sector, thermal power decreased by 0.97%, hydropower by 1.47%, and new energy generation by 0.45% [1][19] Important Events - The National Energy Administration is conducting pilot projects for a new power system, focusing on advanced technologies and models [2][14] Special Research - In April 2025, China exported 228,148 tons of industrial-grade mixed oil (UCO), with an average export price of $1,069.34 per ton [3][15] Investment Strategy - Recommendations include major thermal power companies like Huadian International and Shanghai Electric, as well as leading new energy firms such as Longyuan Power and Three Gorges Energy [3][18] - The report also suggests focusing on water and waste incineration sectors, which are entering a mature phase with improved cash flow [3][18] Key Company Earnings Forecasts and Investment Ratings - Several companies are rated "Outperform," including Huadian International, Shanghai Electric, Longyuan Power, and China Nuclear Power [7][18] Industry Dynamics - The report notes that the overall electricity generation in April 2025 was 711.1 billion kWh, with a year-on-year growth of 0.9% [45] - The total installed power generation capacity reached 3.49 billion kW, a year-on-year increase of 15.9% [76]