2025年05月07日，聚光科技2024年度网上业绩说明会在全景网顺利举行。出席本次业绩说明会的人员有 董事长顾海涛、总经理韩双来、财务负责人虞辉、董秘田昆仑、独立董事刘菁。 根据全景数据后台统计，在今天的交流过程中，来自全国多个省、市地区的投资者共向上市公司提问95 个，公司嘉宾共回答问题95个，答复率100.00%，充分实现了上市公司与投资者的良好互动。 2、问：领导，您好！我来自四川大决策公司在高端科学仪器国产化领域持续发力，针对当前国产仪器 在高端市场渗透率较低的现状，公司如何通过技术突破或合作模式提升市场竞争力？【征集问题】 回答：感谢您的关注！公司在现有技术路线的基础上，通过面向高端、自主可控方向开发产品，同时， 提升公司产品的各项性能，提升客户的满意度。通过差异化、智能化、自动化解决客户的痛点。谢谢！ 3、问：聚光科技在财务方面，如何进一步优化资产负债结构，降低资产负债率（目前为 63.64） ？例 如，在偿还债务、优化应收账款管理（应收账款达 8.38 亿元）等方面有哪些具体举措，以增强投资者 对公司财务健康状况的信心，稳定和推动股价上行？【征集问题】 回答：感谢您的关注！公司将持续优化资产负 ...

证券代码：300203 证券简称：聚光科技 聚光科技（杭州）股份有限公司投资者关系活动记录表 编号：2025-003 | 投资者关系活 | □特定对象调研 □分析师会议 | | --- | --- | | 动类别 | □媒体采访 □业绩说明会 | | | □新闻发布会 □路演活动 | | | □现场参观 □一对一沟通 | | | ■其他（电话会议调研） | | 参与单位名称 | 信达证券、天使基金、苏州一典、磐行资本、大朴资产、东方证 | | 及人员姓名 | 券自营、华西证券、星石投资、华宝信托、朴道投资、长生人寿、 | | | 美港资本、仁桥投资、上海理臻投资、上海信托、泓宁亨泰、数 | | | 慧望外科技、肇万资产、长江证券、金元证券、智诚海威、中邮 | | | 证券、溪牛投资、华泰证券、HHF、江苏第五公理投资、西部证 | | | 券、健顺投资、国盛证券、三商资产、长城基金、弘康人寿、兴 | | | 银基金、兴证资管、农银理财、趋势投资、上证资管、汇添富基 | | | 金、中信保诚资管、天弘基金、星石投资、财通基金、华夏基金、 | | | 东吴证券、趋势投资、江海证券、燊茂基金、银华基金、国盛证 | | ...

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 ...

一、主要会计数据和财务指标 | 报告期指标 | 2025年一季报 | 2024年一季报 | 本年比上年增减(%) | 2023年一季报 | | --- | --- | --- | --- | --- | | 基本每股收益（元） | -0.0500 | -0.0600 | 16.67 | -0.1950 | | 每股净资产（元） | 6.9 | 6.42 | 7.48 | 6.94 | | 每股公积金(元) | 1.87 | 1.87 | 0 | 1.96 | | 每股未分配利润(元) | 3.46 | 2.99 | 15.72 | 3.54 | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 5.47 | 5.4 | 1.3 | 5.19 | | 净利润(亿元) | -0.21 | -0.25 | 16 | -0.87 | | 净资产收益率(%) | -0.66 | -0.87 | 24.14 | -2.74 | 数据四舍五入，查看更多财务数据>> 二、前10名无限售条件股东持股情况 前十大流通股东累计持有： 18728.99万股，累计占流通股比： 41.76%，较上期 ...

Revenue and Profitability - The company's revenue for Q1 2025 was ¥547,288,925.64, representing a 1.38% increase compared to ¥539,861,545.13 in the same period last year[4] - The net loss attributable to shareholders decreased to ¥20,528,411.73, an improvement of 18.77% from a loss of ¥25,270,589.85 in the previous year[4] - The net profit for the current period is -¥32,939,389.17, an improvement from -¥49,583,723.27 in the previous period, indicating a reduction in losses of approximately 33.6%[21] - The company reported a total comprehensive loss of -¥32,170,688.71, compared to -¥50,225,768.65 in the previous period, reflecting a decrease in comprehensive losses of about 36%[21] - The basic and diluted earnings per share improved slightly to -¥0.05 from -¥0.06 in the previous period[21] Cash Flow and Financial Position - The net cash flow from operating activities improved by 43.04%, amounting to -¥76,038,952.89 compared to -¥133,498,067.50 in Q1 2024[11] - The cash flow from operating activities shows a net outflow of -¥76,038,952.89, an improvement compared to -¥133,498,067.50 in the previous period[23] - Cash and cash equivalents at the end of the period stand at ¥1,139,178,604.94, up from ¥823,098,128.92 in the previous period[24] - The net cash flow from financing activities was -¥47,780,847.33, worsening from -¥40,158,309.36 in the previous period[24] Assets and Liabilities - Total assets at the end of Q1 2025 were ¥9,253,277,264.45, down 1.67% from ¥9,410,568,735.27 at the end of the previous year[4] - Current assets totaled RMB 4.01 billion, down from RMB 4.10 billion at the beginning of the period[17] - The company's cash and cash equivalents decreased to RMB 1.32 billion from RMB 1.41 billion[17] - Total liabilities were RMB 5.89 billion, a decrease from RMB 6.01 billion at the beginning of the period[19] - The company's total equity attributable to shareholders was RMB 3.10 billion, down from RMB 3.12 billion[19] Research and Development - Research and development expenses decreased by 20.47% to ¥103,930,823.32 from ¥130,678,278.07 in the same quarter last year[10] - Research and development expenses decreased to ¥103,930,823.32 from ¥130,678,278.07, a decline of approximately 20.5%[20] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 18,390[12] - The largest shareholder, Zhejiang Ruiyang Technology Co., Ltd., holds 14.16% of the shares, with 63,520,733 shares, of which 52,220,733 are frozen[12] Investment Income - Investment income decreased significantly by 70.79% to ¥5,888,168.59 from ¥20,155,474.83 in Q1 2024[10] - The company generated ¥8,950,000.00 in investment income during the current period, compared to no investment income in the previous period[23] Operating Costs - Total operating costs decreased to ¥623,630,482.70 from ¥649,743,039.67, a reduction of about 4.02%[20] Subsidiary Performance - The company's subsidiary, Puyou Technology Development Co., Ltd., achieved revenue of RMB 207 million, with a net profit loss of RMB 2.88 million, significantly reducing losses compared to the same period last year[15]

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]