显微镜需求底部复苏，国产替代迎战略契机。2024 年行业需求承压，导致公司显微镜收入同比下滑 14%至3.56 亿元，但随着需求复苏以及设备更新政策资金逐步落地，4Q24 显微镜销售环比增长8.5%， 我们预计2025 年显微镜收入有望恢复同比增长。长期来看，我们认为近期外部宏观环境变化或使得技 术壁垒高、进口依赖强的高端科学仪器迎来战略契机，而公司持续在高端显微镜领域投入研发并取得技 术突破，例如公司于2024 年再次牵头国家重大仪器专项"多模态纳米分辨率显微镜"，长期国产替代空 间广阔。 光学元件多元布局，扫描模组、激光雷达、医疗贡献增量。条码扫描方面，得益于客户去库及海外需求 修复，24 年公司条码业务大幅增长，并与Zebra、Honeywell 等客户推进了复杂模组业务，我们预计模 组放量或为贡献可观增量。激光雷达方面，公司与禾赛、图达通、法雷奥等头部客户紧密合作，24 年 收入突破"亿元"，我们认为智驾平权背景下激光雷达渗透率有望快速提升，带动公司收入延续高增态 势，同时规模效应或有助于盈利能力改善。医疗光学方面，公司内窥镜光学元组件收入快速增长、手术 显微镜光学部组件取得技术突破，我们看好公司不断 ...

Core Viewpoint - Yongxin Optical has announced a record-high cash dividend distribution for 2024, reflecting strong confidence in future operations and a commitment to shareholder value [1] Financial Performance - In 2024, Yongxin Optical achieved a revenue of 892 million RMB, marking a year-on-year increase of 4.41%, setting a new historical high for revenue [4] - The net profit attributable to shareholders was 209 million RMB, a decrease of 11.37% year-on-year, while the net profit excluding non-recurring items increased by 14.25% to 185 million RMB [4] - In Q1 2025, the company reported a revenue growth of 1.77% and a net profit increase of 22.16% year-on-year, indicating a positive trend in performance [4] Dividend Distribution - The total proposed cash dividend for 2024 is 94.2962 million RMB (including tax), which accounts for 45.21% of the net profit attributable to shareholders, the highest dividend payout ratio since the company went public [1] Business Segments - The core business includes scientific instruments and optical components, with a focus on high-end microscopes and LiDAR optical components as key growth areas [1] - Sales revenue from optical microscopes reached 356 million RMB, a year-on-year decline of 13.92%, primarily due to weak industry demand; however, the sales proportion of high-end microscopes increased to 40% [1] - The LiDAR optical components business surpassed 100 million RMB in revenue, becoming a new growth driver for the company [1] R&D and Innovation - In 2024, R&D investment reached 98.5 million RMB, a year-on-year increase of 7.34%, accounting for 11.33% of main business revenue [2] - The company is leading multiple national-level technology projects, including a major project on multi-modal nano-resolution microscope equipment [2] - Collaborations with prestigious universities have been established to create a closed-loop ecosystem for research, talent cultivation, and market feedback [2] Strategic Focus - For 2025, the company aims to enhance its position in the optical perception field through a strategy focused on precision manufacturing and innovation [3] - The company plans to accelerate domestic high-end replacement and improve operational efficiency through enhanced information technology in sales, supply chain, and production processes [3]