证券研究报告 | 公司深度报告 2025 年 08 月 25 日 美迪凯（688079.SH） 光学半导体领军企业，产品矩阵进入收获期 | 财务指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 321 | 486 | 641 | 1,000 | 1,400 | | 增长率 yoy（%） | -22.5 | 51.4 | 32.0 | 56.0 | 40.0 | | 归母净利润（百万元） | -84 | -102 | -81 | 150 | 266 | | 增长率 yoy（%） | -482.3 | -20.6 | 20.4 | 285.6 | 76.6 | | ROE（%） | -5.8 | -7.6 | -6.1 | 10.3 | 15.6 | | EPS 最新摊薄（元） | -0.21 | -0.25 | -0.20 | 0.37 | 0.65 | | P/E（倍） | -65.8 | -54.6 | -68.6 | 37.0 | 20.9 | | P/B（倍） ...

Group 1: Semiconductor Optical Business - The company's semiconductor optical business revenue for 2024 is approximately 17.7 million yuan, with ongoing efforts to expand customer cooperation and enhance technical exchanges [1][2] - The semiconductor optical business includes applications in lithography, packaging testing, and measurement, focusing on both mature and advanced processes [2] Group 2: Precision Processing Equipment - The company has invested in advanced processing equipment such as ion beam and magnetorheological polishing to meet high precision requirements in semiconductor and aerospace applications [3] - The advanced manufacturing process center has been established to enhance precision processing capabilities, although current utilization rates of these advanced machines are low due to product size differences [3] Group 3: Talent Development - As of the end of 2024, the company has over 700 employees, with 151 technical personnel, accounting for 21.09% of the total workforce [4] - The company plans to continue building a talent pipeline to enhance personnel quality and develop a high-caliber talent team [4] Group 4: Micro-Nano Optical Laboratory - The micro-nano optical laboratory has completed its main construction and is focusing on developing sub-wavelength optical components for various applications, including semiconductor optics and AR/VR [5] - The laboratory aims to collaborate with external universities and research institutions to enhance its R&D capabilities [5] Group 5: International Business and Trade Impact - In 2024, the company's overseas business generated revenue of 12,750.37 million yuan, accounting for 30.66% of total revenue, primarily from its wholly-owned subsidiary in Singapore [6] - The company is monitoring international trade environments and tariff policy changes to mitigate potential impacts on its business [6] Group 6: Profit Margin Outlook - The company's gross margin has declined due to lower margins on infrared optical products influenced by raw material supply issues [7][8] - The company continues to focus on high-value-added products in the industrial sector to maintain relative stability in gross margins [8]