永新光学：公司点评：国内显微镜龙头，持续突破高端产品

Investment Rating - The report maintains a "Buy" rating for Yongxin Optical, expecting a price increase of over 15% in the next 6-12 months [7]. Core Views - Yongxin Optical is a leading domestic microscope manufacturer, with 2023 microscope revenue reaching 400 million RMB, a year-on-year increase of 16%. The high-end NEXCOPE series has seen revenue growth from 4 million RMB in 2018 to nearly 140 million RMB, with a compound annual growth rate exceeding 100% [1][3]. - The company is benefiting from the equipment renewal cycle as outlined in the State Council's action plan, which is expected to enhance its market position [1]. - Yongxin Optical has received significant recognition, including the first prize in the Science and Technology Progress Award from the Chinese Instrument and Meter Society, highlighting its capabilities in high-end imaging technology and addressing critical technology challenges [1][3]. Summary by Sections Business Analysis - In 2023, Yongxin Optical's microscope revenue was 400 million RMB, up 16% year-on-year. The NEXCOPE series has grown significantly, with revenue increasing from 4 million RMB in 2018 to nearly 140 million RMB [1]. - The company has strengthened its overseas market efforts, achieving notable success in Europe, Japan, and Singapore, leading to a significant increase in the proportion of high-end microscopes sold abroad [1]. - Yongxin Optical has undertaken four major national science and technology projects, with progress reported in the "14th Five-Year" national key research and development plan for ophthalmic surgical navigation microscopes [1]. Financial Forecast and Valuation - The forecasted net profits for Yongxin Optical from 2024 to 2026 are 260 million RMB, 360 million RMB, and 440 million RMB, representing year-on-year growth rates of 10%, 39%, and 23% respectively [1][3]. - The current stock price corresponds to a price-to-earnings (P/E) ratio of 24, 17, and 14 for the years 2024, 2025, and 2026 [1].