格隆汇8月27日｜国盛证券研报指出，聚光科技上半年实现归母净利润-5050.1万元（yoy-210.9%）。单 季度来看，25年Q2实现归母净利润-2997.3万元（yoy-142.3%）。在主动深化业务优化与聚焦高价值领 域的转型过程中，公司经营成果阶段性承压，营收与利润较上年同期有所回调。上半年，公司集中资源 发展高端分析仪器、科学仪器业务。公司高端质谱产品在食品、农业安全和公安司法等领域的应用并取 得了重点突破，全自动AI实验室应用进一步得到推广，在临床质谱方面，公司已有3款三重四极杆液质 联用仪、2款微量元素质谱仪获得二类医疗器械注册证，发布了全自动临床质谱解决方案。根据历史经 验，科学仪器客户采购在三四季度较多，公司积极抓住市场机遇，下半年业务有望突破。此外，公司出 台大规模回购方案，彰显发展信心。公司产品实力行业领先，看好公司产品市占率提升和高端分析仪器 国产化提速，维持"买入"评级。 ...

出台大规模回购方案，彰显发展信心。8 月 20 日，公司发布公告，拟以自 有资金/自筹资金 1-1.5 亿元回购公司股份，回购价格上限为 29.50 元/股， 自公司董事会审议通过本次回购方案之日起 12 个月内实施，彰显对未来 发展的信心。 证券研究报告 | 半年报点评 gszqdatemark 2025 08 27 年 月 日 聚光科技（300203.SZ） 业绩短期承压，高端科学仪器发力在即 公司 2025H1 业绩短期承压。公司发布 2025 年半年度报告，实现营收 12.9 亿元（yoy-8.2%）；归母净利润-5050.1 万元（yoy-210.9%）。单季度 来看，25 年 Q2 实现营收 7.5 亿元（yoy-14.2%），归母净利润-2997.3 万 元（yoy-142.3%）。在主动深化业务优化与聚焦高价值领域的转型过程中， 公司经营成果阶段性承压，营收与利润较上年同期有所回调。 运营服务、检测服务及咨询服务下降较为明显。仪器、相关软件及耗材实 现营收 9.0 亿元（yoy-7.4%），占比 69.2%；运营服务、检测服务及咨询 服务实现营收 2.1 亿元（yoy-11.8%），占比 16 ...

Core Viewpoint - The company, as a leader in the domestic scientific instrument industry, is facing significant development opportunities under the national push for self-control and domestic substitution. With the deepening of relevant support policies and the gradual release of equipment renewal demand in downstream industries, the company is expected to achieve rapid growth in order acquisition and revenue conversion in the scientific instrument field by 2025 [1][5][10] Financial Performance - In 2024, the company achieved revenue of 3.614 billion yuan, a year-on-year increase of 13.58%, and a net profit attributable to shareholders of 207 million yuan, a year-on-year increase of 164.11%. The non-recurring net profit attributable to shareholders was 127 million yuan, a year-on-year increase of 132.82% [1][3] - For Q1 2025, the company reported revenue of 547 million yuan, a year-on-year increase of 1.38%, and a net profit attributable to shareholders of -21 million yuan, a year-on-year increase of 18.77% [1][4] Business Strategy - The company is focusing on core businesses such as scientific instruments, life science instruments, and industrial analysis instruments, while appropriately reducing long-term R&D layouts and non-high-end analysis instrument businesses. This strategy has led to a significant turnaround in profitability [3][10] - The company has established four business units targeting clinical research and early disease diagnosis, indicating a proactive approach to expanding into the life sciences sector [7] Operational Efficiency - The overall gross margin for 2024 was 44.43%, an increase of 3.17 percentage points year-on-year. The company has effectively controlled expenses, with a sales expense ratio of approximately 16.67%, a decrease of about 4.21 percentage points [8][9] - The net cash flow from operating activities for 2024 was 688 million yuan, a year-on-year increase of 152.34%, reflecting improved operational quality [8] Future Outlook - The company is expected to benefit from the acceleration of local government debt reduction and the gradual alleviation of the negative impact of PPP projects on overall performance. This is anticipated to support the company's performance recovery [5][6][10] - Projections for 2025-2027 indicate expected revenues of 4.066 billion, 4.538 billion, and 5.039 billion yuan, with corresponding net profits of 320 million, 439 million, and 589 million yuan, reflecting a strong growth trajectory [11]