海泰新光（688677）：2024年报以及2025年一季报点评报告：Q1业绩高增，2025收入有望恢复

Investment Rating - The investment rating for the company is "Accumulate" [6] Core Views - The company reported a revenue of 443 million yuan in 2024, a year-on-year decline of 5.9%, with a net profit attributable to shareholders of 135 million yuan, down 7.1%. However, Q4 2024 showed a revenue of 124 million yuan, up 31.6% year-on-year, and a net profit of 38 million yuan, up 37.9% year-on-year. The Q1 2025 revenue was 147 million yuan, a 24.9% increase year-on-year, with a net profit of 47 million yuan, up 21.5% year-on-year. The recovery in shipments is expected to drive revenue and profit growth in 2025 [1][2][4] Summary by Sections Growth Potential - The recovery in shipments is anticipated to drive revenue growth in 2025, supported by the strong market presence of the company's products. The company has seen significant revenue growth in previous years corresponding to the launch of new products. The introduction of the Stryker 1788 in September 2023 is expected to enhance revenue as customer inventory levels normalize [2] - The company is expanding its product offerings, including the launch of several 4K endoscope systems, which are expected to contribute significantly to revenue in 2024 and beyond. The ongoing collaboration with major clients is expected to further enhance revenue growth [2] Profitability - The gross margin for 2024 is projected to be 64.5%, an increase of 0.8 percentage points year-on-year, while Q1 2025 gross margin is expected to be 65.0%, up 0.5 percentage points year-on-year. The company is expected to maintain a high gross margin due to improved supply volumes and cost reductions [3] - The net margin for 2024 is projected at 30.2%, remaining stable year-on-year, while Q1 2025 net margin is expected to be 31.2%, a slight decline of 1.1 percentage points. Despite potential increases in expenses, the company is expected to maintain a high net margin due to economies of scale [3] Financial Forecast and Valuation - The company is projected to achieve total revenues of 552 million yuan, 662 million yuan, and 800 million yuan for 2025, 2026, and 2027, respectively, representing year-on-year growth rates of 24.64%, 19.99%, and 20.87%. The net profit attributable to shareholders is expected to be 174 million yuan, 212 million yuan, and 259 million yuan for the same years, with corresponding year-on-year growth rates of 28.40%, 22.01%, and 22.20% [4]