根据市场公开信息及8月28日披露的机构调研信息，知名私募中欧瑞博近期对3家上市公司进行了调研， 相关名单如下： 3）海泰新光 （深圳市中欧瑞博投资管理股份有限公司参与公司业绩说明会&业绩发布会） 调研纪要：海泰新光在机构调研中表示，绝大部分产品已转产至泰国并实现批量生产，预计三季度基本 完成所有产品转产批准。海外客户的需求强劲，销售不受关税影响，下半年海外发货预计持续增长。上 半年费用增加主要是销售费用、管理费用和研发费用的增加，为公司扩展业务的铺垫。上半年内窥镜新 品对美国客户发货九千支左右，光源模组发货量同比几乎翻倍，预计下半年发货将继续保持增长。国内 市场销售6700万元，占总销售的30%，公司持续强化海外市场，启动海外新兴市场拓展，国内以品牌建 设为主。公司与美国客户正式启动下一代内窥镜系统的合作开发，合作从普外科扩展到头颈外科和骨 科，有望带来较高业务增长。公司有信心保持较高毛利率水平，综合毛利率在60%以上。预计全年销售 额将比去年有所增长，尤其是自主销售的整机产品将实现明显增长。国内市场膀胱镜、宫腔镜及配套器 械已陆续提交注册，预计三季度到年底妇科所有产品将获得注册并形成完整方案。光学业务增长较 ...

Core Viewpoint - The company reported a decline in annual revenue and net profit for 2024, but showed significant quarter-on-quarter recovery in Q4 2024 and Q1 2025, driven by recovering customer demand and overseas orders [1][2]. Financial Performance - In 2024, the company achieved revenue of 443 million yuan (YoY -5.90%) and a net profit of 135 million yuan (YoY -7.11%), with a non-net profit of 129 million yuan (YoY -5.26%) [1]. - For Q4 2024, revenue was 124 million yuan (YoY +31.59%), net profit was 38 million yuan (YoY +37.92%), and non-net profit was 40 million yuan (YoY +57.44%) [1]. - In Q1 2025, revenue reached 147 million yuan (YoY +24.86%), net profit was 47 million yuan (YoY +21.45%), and non-net profit was 46 million yuan (YoY +26.89%) [1]. Business Segments - The medical endoscope business in 2024 generated revenue of 345 million yuan (YoY -7%), influenced by customer order demand and product structure adjustments [2]. - The optical products segment reported revenue of 95 million yuan (YoY -1.8%) [2]. - The company is launching new products, including a 4mm hysteroscope and various endoscopes, which are expected to enhance overseas business growth [2]. Strategic Initiatives - The company is enhancing its overseas production capabilities, with successful certifications for its U.S. subsidiary and the establishment of production capacity in Thailand [3]. - Collaboration with U.S. clients on next-generation systems is expanding the product range into various medical fields [3]. Profit Forecast - Revenue projections for 2025-2027 are 552 million yuan, 676 million yuan, and 812 million yuan, with respective growth rates of 24.64%, 22.54%, and 20.00% [3]. - Net profit forecasts for the same period are 187 million yuan, 234 million yuan, and 283 million yuan, with growth rates of 38.00%, 25.50%, and 20.92% [3].