[ T able_StockInfo] 2025 年 05 月 08 日 证券研究报告•2024年年报&2025 年一季报点评 聚光科技（300203）环保 目标价：25.90 元（6 个月） 买入 （首次） 当前价：20.95 元 业绩扭亏为盈，国产替代打开空间 [Table_QuotePic] 相对指数表现 -23% -1% 21% 43% 65% 87% 24/5 24/7 24/9 24/11 25/1 25/3 25/5 聚光科技 沪深300 数据来源：聚源数据 | 基础数据 | | | --- | --- | | [Table_BaseData] 总股本(亿股) | 4.49 | | 流通 A 股(亿股) | 4.48 | | 52 周内股价区间(元) | 9.84-23.99 | | 总市值(亿元) | 94.01 | | 总资产(亿元) | 92.53 | | 每股净资产(元) | 6.90 | 相关研究 请务必阅读正文后的重要声明部分 1 | [Table_MainProfit] 指标/年度 | 2024A | 2025E | 2026E | 2027E | | --- | --- | -- ...

证券代码：430476 证券简称：海能技术 公告编号：2025-059 海能未来技术集团股份有限公司 投资者关系活动记录表 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假 记载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承 担个别及连带法律责任。 一、 投资者关系活动类别 □特定对象调研 □业绩说明会 □媒体采访 □现场参观 □新闻发布会 □分析师会议 □路演活动 √其他 （线上会议） 二、 投资者关系活动情况 参会单位及人员：华源证券、汇添富基金、南方基金、工银瑞信基金、鹏华 基金、天弘基金、中信建投基金、农银汇理基金、西部利得基金、东海基金、同 泰基金、开源证券、长江证券、民生证券、兴业证券、中泰证券、红塔证券、联 储证券、华鑫证券、溪牛投资管理（北京）有限公司、深圳市国晖投资有限公司、 上海益和源资产管理有限公司、上海灏象资产管理有限公司、仁桥（北京）资产 管理有限公司、西安玖润投资管理有限公司、中意资产、上海艾叶私募基金管理 有限公司、深圳市长承私募证券基金管理有限公司、海南贝盈私募基金管理有限 公司、上海道合私募基金管理有限公司、杭州俊腾私募基金管理有限公司、上海 滦 ...

Investment Rating - The investment rating for the company is maintained at "Buy" with a target price of RMB 328.30 [7][8]. Core Views - The company reported a revenue of RMB 367.26 billion and a net profit attributable to the parent company of RMB 116.68 billion for 2024, reflecting a year-on-year growth of 5.1% and 0.7% respectively. The profit was below market expectations due to delays in domestic equipment upgrade policies [1]. - The company is expected to achieve steady growth in 2025, driven by the acceleration of domestic equipment upgrade policies and ongoing efforts in product promotion both domestically and internationally [1]. - The company’s three core business segments are projected to perform well in 2025: 1. IVD segment revenue reached RMB 137.65 billion in 2024, with a year-on-year increase of 10.8% and strong overseas growth [2]. 2. Medical imaging segment revenue was RMB 74.98 billion, up 6.6% year-on-year, supported by the launch of high-end products [2]. 3. Life information and support segment revenue was RMB 135.57 billion, down 11.1% year-on-year, but expected to rebound in 2025 due to improving domestic policies [2]. Summary by Sections Financial Performance - The company’s revenue for 1Q25 was RMB 82.37 billion, with a net profit of RMB 26.29 billion, showing a year-on-year decline of 12.1% and 16.8% respectively, but a quarter-on-quarter increase of 13.8% and 154.9% [1]. - The company’s revenue forecast for 2025 is RMB 40.545 billion, with a projected net profit of RMB 12.84 billion, reflecting a growth of 10.04% [6]. Market Expansion - The company’s overseas revenue reached RMB 164.34 billion in 2024, growing by 21.3%, with significant contributions from the Asia-Pacific and European regions [3]. - Domestic revenue was RMB 202.92 billion, down 5.1% year-on-year, but expected to improve in 2025 due to the release of medical infrastructure orders and enhanced competitiveness [3]. Profitability and Valuation - The EPS forecast for 2025 is adjusted to RMB 10.59, with a PE ratio of 31x for 2025, leading to a target price of RMB 328.30 [4]. - The company is recognized as a leading domestic medical device manufacturer with strong brand influence and a continuously improving global sales network [4].

Group 1: Company Performance Overview - In 2024, the total procurement amount for medical devices in China significantly decreased due to domestic industry policy factors and the company's strategic investments, leading to a decline in revenue from ultrasound and endoscope businesses [2][3]. - In Q1 2025, the company experienced a noticeable recovery in hospital procurement, with a marked increase in successful bids, although revenue still declined due to a lag between market bids and reported income [2][3]. - The company added over 400 employees in 2024, resulting in increased R&D and sales expenses, which contributed to a significant drop in net profit in Q1 2025 [2][3]. Group 2: Revenue and Product Development Outlook - The company anticipates that the procurement from terminal hospitals in 2025 will exceed that of the previous year, with a return to revenue growth expected [2][3]. - 2025 is projected to be a significant year for new product launches, including the ultrasound 80 platform and HD-580 series endoscopes, which will support stable revenue growth [2][3]. Group 3: Gross Margin Challenges and Strategies - The decline in gross margin is attributed to several factors, including the reclassification of warranty fees to operating costs and a decrease in domestic business revenue proportion [4]. - Increased market competition and concentrated procurement projects have led to a continuous decline in terminal bid prices for ultrasound and endoscope products, impacting overall gross margins [4]. - The company aims to maintain market share while investing heavily in R&D to launch advanced products, which will help sustain higher gross margins [4]. Group 4: Impact of Tariffs and Market Trends - The company’s cost structure shows that raw materials constitute a low percentage, and recent tariff increases are not expected to significantly impact product costs [5]. - The rollout of large-scale procurement plans for medical device updates is anticipated to occur in 2025, potentially increasing market demand [6]. - The concentration of procurement projects may signal a downward trend in overall industry gross margins, prompting the company to adapt its strategy by focusing on high-end products and diversifying its product lines [6]. Group 5: New Product Lines and Growth Potential - The minimally invasive surgery product line achieved a 30% revenue growth in 2024, with expectations for over 100% growth in Q1 2025, indicating a strong upward trend [6][7]. - The cardiovascular intervention product line is still in the strategic investment phase, with plans to introduce a broader product range to improve profitability in the future [7].

时隔7个月，全国规上工业累计利润重回正增长。4月27日，国家统计局发布最新数据，1—3月份，全国规模以上工业企业实现利润总额15093.6亿元，同比 增长0.8%。3月份，规模以上工业企业利润由1—2月份下降0.3%转为增长2.6%，企业当月利润也有所改善。 国家统计局工业司统计师于卫宁表示，一季度，各地区各部门认真贯彻落实党中央、国务院决策部署，着力打好宏观政策"组合拳"，政策效应持续释放，带 动工业企业利润由降转增，装备制造业、高技术制造业利润支撑作用明显，工业经济发展质效持续提升。一季度，全国规模以上工业企业利润由上年全年同 比下降3.3%转为增长0.8%，扭转了自上年三季度以来企业累计利润持续下降的态势。工业企业营收累计增速也自上年12月份以来持续加快，为企业盈利恢 复创造有利条件。 分三大门类看，1—3月份，采矿业实现利润总额2204.4亿元，同比下降25.5%；制造业实现利润总额10826.4亿元，增长7.6%；电力、热力、燃气及水生产和 供应业实现利润总额2062.8亿元，增长5.4%。 从具体的行业情况看，一季度，在41个工业大类行业中，有24个行业利润同比增长，增长面近六成；有24个行业利润 ...

联系人： 陆银波（15210860866） 核心观点 对于 3 月及一季度经济数据，我们重点讨论政策效果以及应对外需不确定性可能的加码方向。 文 ： 华创证券研究所副所长 、首席宏观分析师 张瑜（执业证号：S0360518090001） 1 、内需中回暖的几个方向来看，政策效果略超预期。 一是社零， 3 月增速上行至 5.9% ，比较 3 月与 2 月的社零结构，回升主要来自限额以上的耐用品，从 2 月的 3.4% 回升至 12.8% 。二是固投， 1 季度累计 增速为 4.2% ，其中受"两重"以及设备更新影响较大的设备工器具购置投资同比增长 19% ，对全部投资增 长贡献率是 64.6% 。三是地产，一线城市房价自去年 9 月以来，已经有 5 个月二手住宅房价上涨，同比降 幅大幅收窄。 2 、考虑到 1 季度外需的不确定性尚未体现出来，后续对冲外需影响，或需内需进一步加力。 目前内需中 有待政策加码的或有3个方向 ：农民工收入增速偏低，消费端体现的限额以下社零增速偏弱，居民消费倾向 偏弱。财政支出增速 1-2 月尚低于 GDP 增速，支出增速有待进一步提升。地产已竣工待出售库存偏高，或 需进一步通过城中村 ...