Group 1: Company Performance and Market Conditions - The chemical industry is currently in a deep adjustment period, facing challenges such as macroeconomic slowdown, weak downstream demand, and fluctuating raw material prices, leading to significant uncertainty in achieving substantial growth in 2025 [1][2]. - The company's overall performance is expected to be impacted by the low profitability of its products, with a projected low gross margin in 2024 due to weakened demand and intensified competition [6][7]. - The production line for high-purity germanium at the wholly-owned subsidiary Hunan Hengguang Chemical has been fully suspended, which is not expected to significantly affect the company's overall performance due to its low proportion in the main business [5]. Group 2: Strategic Initiatives and Future Plans - The company plans to focus on three main directions for extending its industrial chain: optimizing basic chemical platforms, upgrading to high-tech differentiated products, and expanding into downstream applications [2]. - The first overseas production base in Laos has achieved good results, with a production capacity of 60,000 tons of ion membrane caustic soda expected to double upon completion of the second phase [3]. - The company has decided to terminate the investment in a green chemical materials project due to unmet key conditions and to mitigate investment risks, which is not expected to have a major impact on existing operations [8]. Group 3: Market Challenges and Responses - The company is facing increased pressure from international market competition, particularly in product pricing and brand promotion, and is taking measures to enhance its competitive edge through technology and product innovation [6][8]. - The recent imposition of a 48% tariff by the U.S. on products from Laos is anticipated to affect the company's exports, prompting the company to seek cost reduction and improved product competitiveness to mitigate the impact [9].

Group 1: Company Performance - In 2024, the company achieved a historical high in revenue of 1.081 billion CNY, representing a year-on-year growth of 14.09% [3] - The net profit attributable to shareholders remained stable at 66.07 million CNY, consistent with the previous year [3] - Total assets reached 2.356 billion CNY, reflecting a year-on-year increase of 9.54% [3] Group 2: Business Strategy and Outlook - The company focuses on the pharmaceutical packaging and heat-resistant glass sectors, aiming to strengthen its position as a market leader [2] - There is an ongoing expansion of production capacity for borosilicate products, with expectations for continued growth in the future [3] - The company plans to enhance its market share in the pharmaceutical packaging sector by leveraging its technical reserves and customer resources [3] Group 3: Share Buyback and Financial Management - As of May 13, the company has repurchased 2,325,800 shares, accounting for 1.00% of the total share capital [4] - The buyback plan will continue based on market conditions [4] Group 4: International Expansion - The company has prioritized global development, with significant progress in Latin America and the Middle East [5] - In January 2024, the company signed an investment framework agreement to acquire 51% of The European Ampoules Company in Egypt [5] - A cooperation investment agreement was signed with SANTISA ABORATORIO FARMACEUTICO S/A in March 2025 to further expand market reach [6]

Group 1: Financial Performance - The company's revenue for 2024 is projected to grow by 14.09% compared to 2023, driven by strong market demand and strategic focus on pharmaceutical packaging [2] - Research and development (R&D) investment for 2024 is set at 33.79 million RMB, reflecting a 12.16% increase from 2023 [3] Group 2: Business Strategy - The company aims to expand its production capacity and enhance market development efforts, particularly in pharmaceutical packaging [2][7] - Plans to accelerate the transformation of high borosilicate glass business and focus on new product development and channel expansion [4][7] Group 3: International Expansion - The company is prioritizing global development, with a focus on Latin America and the Middle East, having signed investment agreements in Egypt and Brazil [5][6] Group 4: Internal Management and Risk Mitigation - Continuous improvement in internal management is a key focus, including the introduction of high-level talent and enhancement of digital and automated processes to reduce production costs [8] - The company plans to establish independent subsidiaries for brand promotion and sales, enhancing its market presence [4][8] Group 5: Share Buyback Plan - The company has approved a share buyback plan, intending to repurchase between 50 million and 100 million RMB worth of its A-shares [9][10]

Core Viewpoint - The company is expected to maintain steady growth in 2025, following a return to growth in 2024 after reforms, with revenue growth projected at +9.5% for 2024 and +8.1% for Q1 2025 [1] Group 1: Revenue Growth - The company operates in a resilient sector with essential demand for condiments, allowing for sustained growth [1] - There is potential for further penetration in lower-tier markets [1] - Core product categories such as soy sauce, oyster sauce, and seasoning sauces are expected to continue stable growth, with new products like cooking wine, vinegar, and compound seasonings also showing significant growth potential, projected at +16.8% for 2024 and +20.8% for Q1 2025 [1] Group 2: International Expansion - The company is advancing its overseas strategy steadily, which is expected to contribute to performance growth in the medium to long term [1] - The company is implementing a localized operational strategy to explore and seize growth opportunities in overseas markets [1] Group 3: Profitability - Cost advantages and improved supply chain efficiency are expected to lead to a continued increase in gross margin, with gross margins projected to rise by +2.3 and +2.7 percentage points for 2024 and Q1 2025, respectively [2] - The company has maintained good expense control, with net profit margins increasing by +0.7 and +1.5 percentage points for 2024 and Q1 2025, respectively [2] - Profit growth is anticipated to outpace revenue growth in 2025 [2] Group 4: Earnings Forecast - Revenue projections for 2025-2027 are estimated at 29.79 billion, 32.71 billion, and 35.76 billion yuan, representing year-on-year growth of +10.7%, +9.8%, and +9.3%, respectively [2] - Net profit forecasts for the same period are 7.28 billion, 8.06 billion, and 8.87 billion yuan, with year-on-year growth of +14.7%, +10.7%, and +10.1%, respectively [2]

Investment Rating - The investment rating for the company is "Accumulate-A" with a target price of 6.42 CNY, while the current stock price is 4.77 CNY [4]. Core Views - The company maintains a strong position as a leader in the metal packaging industry, with gradual improvements in overseas expansion efforts [2][8]. - The company has optimized its product structure and overseas business layout, enhancing its core competitiveness and operational efficiency [2][8]. - The company is expected to achieve steady revenue growth, with projected revenues of 88.21 billion CNY, 94.76 billion CNY, and 101.71 billion CNY for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 6.05%, 7.42%, and 7.34% [8]. Financial Performance Summary - In 2024, the company achieved operating revenue of 8.318 billion CNY, a year-on-year increase of 7.19%, while net profit attributable to shareholders was 172 million CNY, a decrease of 21.13% [1]. - For Q4 2024, the company reported operating revenue of 2.158 billion CNY, a year-on-year increase of 11.00%, with a net profit of 15 million CNY, down 6.04% year-on-year [1]. - In Q1 2025, the company achieved operating revenue of 2.002 billion CNY, a year-on-year increase of 1.02%, with a net profit of 57 million CNY, up 2.67% year-on-year [1]. Product and Market Analysis - The company’s revenue from metal beverage cans and printed iron packaging in 2024 was 7.858 billion CNY and 447 million CNY respectively, with year-on-year growth rates of 8.22% and a decline of 7.36% [2]. - The company’s overseas revenue reached 2.377 billion CNY in 2024, reflecting a year-on-year growth of 25.78%, while domestic revenue was 5.928 billion CNY, with a growth of 1.27% [2]. - The company’s metal beverage can sales volume increased by 13.82% to 16.813 billion cans in 2024, although the average price per can decreased by 5.0% to 0.47 CNY [2]. Profitability and Cost Structure - The company's gross margin for 2024 was 8.10%, a decrease of 0.92 percentage points year-on-year, while the net margin was 2.30%, down 0.83 percentage points year-on-year [3][8]. - In Q1 2025, the company’s gross margin was 7.06%, a decline of 1.32 percentage points year-on-year, but the net margin improved to 3.21%, an increase of 0.10 percentage points year-on-year [3][8]. - The company’s operating expenses ratio for 2024 was 4.00%, a decrease of 0.23 percentage points year-on-year, indicating improved cost management [3].

Financial Performance - In 2024, the company achieved a revenue of CNY 154,139.97 million, with a net profit attributable to shareholders of CNY -35,631.30 million, primarily due to strategic contraction and customer structure optimization in a complex market environment [2] - In Q1 2025, the company reported a revenue of CNY 25,172.11 million, with a net profit of CNY -11,096.75 million, attributed to the seasonal nature of the business [3] Strategic Measures - The company implemented strategic contraction by reducing less profitable business segments such as construction materials and non-destructive testing, while integrating food, environment, and medical laboratory capacities [4] - Strengthened accounts receivable management and optimized customer structure, conducting impairment tests on long-term assets showing signs of impairment [4] Business Development - In 2024, the Shanghai biopharmaceutical division received the GLP certification from the NMPA, enhancing the group's drug innovation and research capabilities [5] - The Suzhou automotive laboratory improved testing capabilities for automotive seats and expanded its testing capacity for airbags and other components, gaining recognition from major automotive manufacturers [6][7] Future Plans - The company plans to cautiously reduce capital expenditures while optimizing internal resource allocation and improving capacity utilization [7] - Future strategies include deepening customer demand exploration in sectors like biopharmaceuticals, medical devices, and new energy vehicles, while maintaining strict operational budgets [7]

5月5日，采纳股份发布2024年年报，公司全年实现营业收入3.88亿元，同比下降5.50%；归属净利润 0.53亿元，同比大幅下滑52.83%；扣非净利润3207.56万元，同比下降62.20%。财报显示，公司业绩大 幅下滑主要受美国FDA进口警示影响，部分产品销售不及预期，同时公司对相关存货和应收款项计提了 减值准备。尽管在动物器械和实验室耗材板块表现亮眼，但医疗器械板块收入同比下降23.56%，成为 拖累整体业绩的主要因素。 动物器械板块的增长得益于国内畜牧养殖业规模化程度的提升以及宠物诊疗市场的快速发展。随着国内 养殖业逐步走向科学化管理，动物用注射穿刺器械的市场需求持续增长。实验室耗材板块的快速增长则 与全球科研投入增加和实验室设备更新换代密切相关。 然而，这两大板块的收入占比相对较低，未能对整体业绩形成有力支撑。相比之下，医疗器械板块的显 著下滑成为公司业绩的主要拖累。这表明，公司在核心业务领域的竞争力正在减弱，亟需通过创新和优 化产品结构来提升市场表现。 海外布局与研发投入成未来关键 业绩大幅下滑，FDA警示成"罪魁祸首" 采纳股份2024年业绩表现不佳，净利润同比腰斩，扣非净利润更是下滑超六成。 ...

2025 年 04 月 29 日 公司点评 买入/维持 海泰新光(688677) 昨收盘:34.70 海泰新光点评报告：海外布局稳步推进，客户订单有望恢复 ◼ 走势比较 (50%) (36%) (22%) (8%) 6% 20% 24/4/29 24/7/11 24/9/22 24/12/4 25/2/15 25/4/29 ◼ 股票数据 | 总股本/流通(亿股) | 1.21/1.21 | | --- | --- | | 总市值/流通(亿元) | 41.85/41.85 | | 12 个月内最高/最低价 | 49.3/25.48 | | (元) | | 相关研究报告 <<海泰新光点评报告：短期受客户订 单周期影响，业绩恢复可期>>-- 2024-10-31 <<海泰新光点评报告：史赛克产品迭 代影响公司 23 年收入，24 年有望迎 来反转>>--2023-10-29 <<海泰新光点评报告：第二季度订单 波动，未来增长依然可期>>--2023- 09-03 证券分析师：谭紫媚 电话：0755-83688830 E-MAIL：tanzm@tpyzq.com 分析师登记编号：S1190520090001 研究助理 ...

Group 1: Financial Performance - In Q1 2025, the company achieved revenue of 2.065 billion yuan, a year-on-year decrease of 0.47% and a quarter-on-quarter increase of 1.27% [1] - The net profit attributable to shareholders was 276 million yuan, representing a year-on-year increase of 24.71% and a quarter-on-quarter decrease of 3.46% [1] - The gross profit margin for Q1 2025 was 26.82%, an increase of 4.17 percentage points year-on-year, but a decrease of 4.22 percentage points quarter-on-quarter [2] Group 2: Business Segments and Market Trends - The decline in total revenue was primarily due to a decrease of 237 million yuan in other income; excluding this, the main business revenue increased by 227 million yuan, a year-on-year growth of 12.48% [1] - The passenger car market in China saw wholesale sales of 6.283 million units in Q1 2025, a year-on-year increase of 10.6%, with new energy vehicles (NEVs) accounting for 2.847 million units, a year-on-year increase of 42.8% [1] - The company’s main business includes gears for NEVs, fuel passenger cars, and commercial vehicles, with stable growth in the NEV market providing significant growth potential [1] Group 3: Cost Control and Efficiency - The company demonstrated effective cost control, with only a slight increase in sales, management, and financial expense ratios compared to the previous year, supporting profit margin growth [2] - The profit margin for Q1 2025 was 14.03%, reflecting a year-on-year increase of 2.93 percentage points [2] Group 4: Strategic Initiatives and Future Outlook - The company is accelerating its overseas expansion, particularly in Hungary, to enhance its influence in the European market and connect with major European automakers [2] - The company’s intelligent execution and robotics business is expected to see significant growth, focusing on products like smart car locks and electric tailgate modules [2] - Revenue projections for 2025-2027 are estimated at 10.489 billion, 12.573 billion, and 14.329 billion yuan, with net profits of 1.294 billion, 1.479 billion, and 1.543 billion yuan respectively [3]

Core Viewpoint - The company reported a decline in revenue and net profit for 2024, with a slight recovery in Q1 2025, indicating a mixed performance trend [1][2]. Financial Performance - In 2024, the company achieved revenue of 322.116 billion yuan, a year-on-year decrease of 6.60% - The net profit attributable to shareholders was 7.362 billion yuan, down 38.36% year-on-year - In Q4 2024, revenue was 79.26 billion yuan, a decrease of 11.43% year-on-year and 0.43% quarter-on-quarter - For Q1 2025, revenue was 72.88 billion yuan, down 9.82% year-on-year and 8.05% quarter-on-quarter, while net profit increased to 2.434 billion yuan, up 26.37% year-on-year and 64.49% quarter-on-quarter [1]. Sales and Margins - Steel sales in 2024 were 51.59 million tons, a slight decline of 0.6% year-on-year - The average product price in 2024 was 4,507 yuan/ton, down 6.89% year-on-year - The gross margin for 2024 was 5.45%, a decrease of 0.85 percentage points year-on-year, while Q1 2025 gross margin improved to 7.22%, an increase of 2.09 percentage points year-on-year and 1.18 percentage points quarter-on-quarter [2]. Dividend Policy - The company plans to distribute a cash dividend of 0.10 yuan per share, totaling approximately 2.15 billion yuan, with an annual total of 4.516 billion yuan, resulting in a dividend payout ratio of 61.34% - A new minimum dividend clause has been introduced, ensuring a minimum payout of 0.20 yuan per share while maintaining upward flexibility [2]. Future Outlook - The company is focusing on optimizing its product structure, with a 9.6% year-on-year increase in "1+1+N" product sales to 30.59 million tons in 2024 - Key projects are progressing, including various high-end steel production initiatives - The company is expanding its international presence, with a 3.9% year-on-year increase in export sales to 6.067 million tons in 2024 and a historic breakthrough with the establishment of its first overseas full-process steel plant in Saudi Arabia [3]. Profit Forecast - The company is expected to achieve net profits of 9.83 billion yuan, 11.12 billion yuan, and 12.43 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 15, 13, and 12 [4].