海泰新光（688677）：Q3业绩快速增长，海外产能逐步落地

Investment Rating - The report maintains an "Outperform" rating for the company [4][9]. Core Insights - The company experienced rapid growth in Q3 2025, with revenue reaching RMB 448 million and net profit attributable to shareholders at RMB 136 million. The endoscope and light source module businesses are growing quickly, with a forecasted EPS of RMB 1.51, 1.86, and 2.30 for 2025-2027, respectively. The target price is set at RMB 57.33, with a PE of 38X for 2025 [4][9]. - Overseas order demand is steadily recovering, particularly from U.S. clients, with significant growth in the endoscope business, which saw a 100% year-on-year increase in Q3 2025. The company has unexecuted orders from U.S. clients totaling RMB 300 million [4][9]. - The company is expanding its collaboration with U.S. clients across multiple product categories, including hysteroscopes and cystoscopes, with production expected to ramp up in 2024. The development of next-generation endoscope systems is progressing well [4][9]. Financial Summary - For the fiscal years 2023A to 2027E, the company’s total revenue is projected to grow from RMB 471 million in 2023 to RMB 847 million in 2027, reflecting a compound annual growth rate (CAGR) of approximately 19.3%. Net profit attributable to shareholders is expected to increase from RMB 146 million in 2023 to RMB 276 million in 2027 [3][4]. - The company’s net profit margin is projected to remain stable, with a net profit margin of approximately 30.2% in 2025, and the return on equity (ROE) is expected to improve from 11.3% in 2023 to 17.5% in 2027 [3][4]. Production and Capacity Expansion - The company is actively reducing tariff risks by relocating production to Thailand, with most products sold to the U.S. now being produced there. The second phase of the Thailand factory is set to expand production capabilities and is expected to be completed in the first half of 2026 [4][9]. - The U.S. factory has established an endoscope assembly line and is expanding its production area to accommodate repair services, which is currently under construction [4][9].