近日，聚光科技（杭州）股份有限公司（简称聚光科技）公布2 0 2 4年年度报告 ，本报告期内，聚光科技营业收入约3 6 . 1亿元，比上年同期增长 1 3 . 5 8%；归属于上市公司股东的净利润约2 . 0 7亿，比上年同期增长增长1 6 4 . 11%；归属于上市公司股东的扣除非经常性损益的净利润为1 . 2 7 亿元，亏损比上年同期增长1 3 2 . 8 2%。 | | 2024 年 | 2023 年 | 本年比上年增减 | 2022 年 | | --- | --- | --- | --- | --- | | 营业收入(元) | 3, 613, 587, 983. 95 | 3,181,605,089.02 | 13.58% | 3.450.620, 276. 09 | | 归属于上市公司股东 | 206, 861, 837, 72 | -322,649,870.67 | 164. 11% | -374,816,820.15 | | 的净利润(元) | | | | | | 归属于上市公司股东 的扣除非经常性损益 | 127, 434, 954. 32 | -388, 280, 918. 08 | 132 ...

Group 1: BOE Technology Group Co., Ltd. (京东方A) - BOE Technology indicated that the prices of mainstream LCD TV panels will rise starting January 2025 and continue until March 2025 [1] - The average operating rate of the LCD industry is expected to increase from November 2024, maintaining above 80% in Q1 2025 [1] - The company aims to ship approximately 140 million flexible MOLED panels in 2024, with a target of 170 million in 2025 [1] - Depreciation is projected to be around 38 billion in 2024, with minimal fluctuations in 2025 and 2026 [1] - Capital expenditures will focus on semiconductor display business and IoT innovations [1] - In 2024, the revenue breakdown for display devices will be 26% from TV, 34% from IT, and 40% from mobile and other products, with OLED business revenue accounting for 27% [1] - The company plans to repurchase minority shareholder equity based on operational performance and cash flow [1] Group 2: Guangguang Technology (聚光科技) - Changes in tariff policies have increased procurement costs for scientific instruments but present strategic opportunities for domestic manufacturers [2] - The company's business restructuring has improved gross margins and reduced costs, with plans to increase investment in advantageous business areas [2] - The subsidiary, Lingxi Optoelectronics, has a high-precision greenhouse gas analyzer, with a rapidly growing contract amount expected in 2024 [2] - Laboratory instruments are experiencing good growth, and the environmental monitoring market is steadily increasing, focusing on high-end instruments centered around mass spectrometers [2] - The company aims to establish a modern environmental management model based on "intelligent perception - precise decision-making - closed-loop management" [2] - Goodwill is approximately 200 million, with impairment testing required based on the operational status of each company [2] Group 3: Shanghai Mingcun Investment Management Co., Ltd. (明汯投资) - Shanghai Mingcun Investment was established in 2014 with a registered capital of 10 million, focusing on quantitative investment [3] - The company utilizes strong data mining, statistical analysis, and software development capabilities to create a systematic trading and asset management platform [3] - Investment strategies include quantitative stock selection, CTA, and arbitrage, with a diverse strategy development team [3] - The firm has a deep understanding of the financial securities market, covering market analysis, strategy development, asset allocation, risk management, and system development [3] - Mingcun Investment is recognized as a leading quantitative investment institution in China, integrating international experience with local market conditions [3]

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]

Summary of Key Points from the Conference Call Industry Overview - The global mass spectrometry market is dominated by major players such as Thermo Fisher and Danaher, holding over 98% market share, with a market size of $7.7 billion in 2021 and a projected CAGR of over 7% from 2018 to 2026 [1][5] - In China, the mass spectrometry market was approximately 14 billion RMB in 2020, with a CAGR of nearly 20% from 2015 to 2020, and a decreasing reliance on imports [1][5] Core Insights and Arguments - The import value of mass spectrometers in China reached $1.5 billion in 2020, with over 30% sourced from the U.S. The main types dominating the market are LC-MS/MS and MALDI-TOF, each accounting for over 30% of the market share [1][6] - Significant progress has been made in domestic alternatives for MALDI-TOF, with 33 domestic devices approved by July 2024. The U.S. export restrictions on high-end LC-MS/MS starting January 2025 will impact China's biopharmaceutical research and development [1][8][7] - The Chinese government has implemented various policies to support domestic mass spectrometry alternatives, including promoting equipment upgrades and integrating mass spectrometers into county-level hospital standards [1][9] Market Dynamics - Domestic companies have made advancements in core components for MALDI-TOF and ICP-MS, but high-end general components still rely on imports [1][10][11] - The penetration rate of clinical mass spectrometry in China is significantly lower than in the U.S., indicating substantial growth potential. The market demand is expected to grow at a CAGR of nearly 20% from 2021 to 2030, driven by domestic needs [1][12] Company-Specific Developments - Focus on the performance of Ginkgo Technology, which reported over 3.6 billion RMB in revenue for 2024, a year-on-year increase of over 13%, and a net profit turnaround exceeding 160% due to strategic adjustments and robust growth in core business areas [1][13] - Ginkgo Technology's subsidiary, Puyou Technology, achieved over 1.4 billion RMB in revenue, contributing significantly to the parent company's performance. The company is actively involved in the clinical mass spectrometry and semiconductor detection sectors [1][14] Additional Important Insights - The ongoing U.S.-China geopolitical tensions are creating opportunities for domestic companies in the clinical mass spectrometry sector, as tariffs on U.S. imports exceed 100% [1][8] - The overall industry is expected to benefit from the dual dividends of domestic substitution and government support, with Ginkgo Technology positioned to capitalize on these trends [1][14]

Core Insights - The company achieved significant financial recovery in 2024, reporting total revenue of 3.614 billion yuan, a year-on-year increase of 13.58%, and a net profit of 207 million yuan, marking a substantial turnaround from a loss of 323 million yuan in 2023 [1][4] - Despite the impressive performance, the company's R&D investment decreased by 25.75% to 413 million yuan, raising concerns about its future innovation capabilities [1][7] Financial Performance - Total revenue reached 3.614 billion yuan, up 13.58% year-on-year, indicating a recovery in market demand [4] - Net profit surged by 164.11% from a loss of 323 million yuan in 2023 to 207 million yuan in 2024 [1][4] - The net cash flow from operating activities improved significantly to 688 million yuan, a 152.34% increase year-on-year [4] - The weighted average return on net assets rose to 6.87%, an increase of 17.38 percentage points compared to the previous year [7] Business Segments - The company continued to focus on its core business segments of smart environment and smart industry, launching innovative products in environmental monitoring and carbon monitoring solutions [5][6] - In the smart environment sector, the company introduced a series of products, including atmospheric monitoring networks and real-time water quality monitoring systems, solidifying its market leadership [5] - In the smart industry segment, the company launched high-end analytical instruments, such as laser gas analyzers and industrial online chromatographs, achieving domestic substitution and breaking foreign technology monopolies [6] R&D Investment Concerns - The company's R&D investment decreased significantly to 413 million yuan, with the proportion of R&D spending relative to revenue dropping from 17.47% in 2023 to 11.42% in 2024 [7] - This decline in R&D spending raises concerns about the company's future technological innovation and market competitiveness [7] - The company's current ratio stands at 1.17 and the quick ratio at 0.8, indicating that short-term solvency remains a challenge [7]

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 ...

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 ...