证券研究报告：医药生物 | 公司点评报告 发布时间：2026-01-07 股票投资评级 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 45.30 | | --- | --- | | 总股本/流通股本（亿股）1.20 | / 1.20 | | 总市值/流通市值（亿元）54 | / 54 | | 52 周内最高/最低价 | 54.75 / 29.25 | | 资产负债率(%) | 10.6% | | 市盈率 | 40.45 | | 第一大股东 | 青岛普奥达企业管理服 | | 务有限公司 | | 研究所 分析师:盛丽华 SAC 登记编号:S1340525060001 Email:shenglihua@cnpsec.com 分析师:陈峻 SAC 登记编号:S1340525110002 Email:chenjun@cnpsec.com 海泰新光(688677) 公司内窥镜业务和光学业务持续高增长 l 业绩简评 2025 年前三季度公司实现营业收入 4.48 亿元，同比增长 40.47%；实现归属于母公司所有者的净利润 1.36 亿元，同比增长 40.03%；归属于母公司所有者的扣除非经常性损 ...

Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but the analysis suggests a positive outlook for future growth based on revenue recovery and product development [1][2]. Core Views - The company experienced a revenue decline in 2024 due to inventory destocking by major clients, but has shown signs of recovery with revenue growth in Q4 2024 and Q1 2025 [2]. - The company’s medical endoscope product line is expected to recover rapidly as new products are launched and market demand increases [2]. - The company is enhancing its overseas production capabilities to mitigate risks associated with trade policies, which is anticipated to improve supply capacity [2]. - Revenue forecasts for 2025-2027 indicate significant growth, with expected revenues of 5.69 billion, 7.12 billion, and 8.74 billion respectively, reflecting year-on-year growth rates of 28.6%, 25.0%, and 22.8% [2][3]. Summary by Sections Financial Performance - In 2024, the company reported total revenue of 4.43 billion (down 5.90% YoY) and a net profit of 1.35 billion (down 7.11% YoY) [1][3]. - The gross margin for 2024 was 64.51%, showing a slight increase from the previous year [2]. - The company’s net profit margin was stable at 30.20% [2]. Revenue and Profit Forecast - Projected revenues for 2025, 2026, and 2027 are 5.69 billion, 7.12 billion, and 8.74 billion respectively, with corresponding net profits of 1.82 billion, 2.31 billion, and 2.86 billion [2][3]. - The expected earnings per share (EPS) for 2025, 2026, and 2027 are 1.51, 1.91, and 2.37 respectively [3]. Market and Product Development - The company has launched new products in the U.S. market, including a new 4mm hysteroscope and has made progress in developing other endoscopic products [2]. - The company is expanding its marketing efforts and sales team to enhance brand influence and market penetration [2].