【私募调研记录】弘尚资产调研美亚光电

Group 1 - The core viewpoint of the article highlights that Meiya Optoelectronics is experiencing growth in its color sorting machine business due to increased domestic and international market demand and enhanced product competitiveness [1] - Despite a projected decline in the oral business for 2024, the company remains optimistic about the future of the oral industry and plans to increase resource investment [1] - The company maintains stable gross margins in the oral CBCT market through non-price competition, R&D investment, and cost-effectiveness [1] - The increase in overseas export gross margins is attributed to improved product competitiveness, overseas expansion, and changes in the USD exchange rate [1] - The growth in Q4 performance is primarily driven by exchange gains, bad debt recovery, and reduced expenses [1] - The medical product exports have achieved market access in multiple countries, leading to rapid growth in exports [1] - The revenue decline in industrial testing equipment is influenced by the economic environment and a slowdown in market demand [1] - The domestic oral CBCT price system is currently low, and a significant decline is unlikely [1] - The financial budget for 2025 is set as an internal management control indicator, which carries uncertainties [1] - The company emphasizes investor returns and will continue its dividend policy [1] Group 2 - Hongshang Asset, established in October 2013, is a well-known private equity firm in China, created by a team from public funds and Sequoia Capital [2] - The firm focuses on absolute return goals in equity investments, driven by fundamental research as its core competitive advantage [2] - The investment research team includes senior professionals from large fund companies, foreign investment research heads, and award-winning fund managers [2] - Non-research sector leaders come from public funds, ensuring the company's sustainable and stable development [2] - Hongshang Asset is a member of the China Fund Industry Association and holds investment advisory qualifications [2]