证券研究报告：医药生物 | 公司深度报告 发布时间：2025-06-27 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） | 38.50 | | --- | --- | | 总股本/流通股本（亿股）1.20 | / 1.20 | | 总市值/流通市值（亿元）46 | / 46 | | 52 周内最高/最低价 | 43.47 / 25.73 | | 资产负债率(%) | 10.6% | | 市盈率 | 34.38 | | 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 研究助理:陈峻 SAC 登记编号:S1340123110013 Email:chenjun@cnpsec.com 海泰新光(688677) 海外库存消化拐点已至，未雨绸缪化解关税风险 l 公司致力于探索光学技术与医学、工业及激光、生物识 别等多领域的融合创新 海泰新光主要从事医用内窥镜器械和光学产品的研发、生产和销 售。公司致力于探索光学技术与医学、工业及激光、生物识别 ...

公司研究 证 券 研 究 报 告 开立医疗（300633）2024 年报及 2025 年一季报点评 推荐（维持） 24 年国内招投标承压，25 年有望明显好转 目标价：38 元 事项： ❖ 公司发布 24 年年报，全年营收 20.14 亿元（-5.02%），归母净利润 1.42 亿元（- 68.67%），扣非归母净利润 1.10 亿元（-75.07%）。单 Q4，营收 6.16 亿元（- 5.63%），归母净利润0.33亿元（-75.03%），扣非归母净利润0.24亿元（-80.00%）。 25Q1 营收 4.30 亿元（-10.29%），归母净利润 0.08 亿元（-91.94%），扣非归母 净利润 0.06 亿元（-93.49%）。 评论： [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 2,014 | 2,387 | 2,855 | 3,431 | | 同比增速(%) | -5.0% | 18.5% | 19.6% | 20.2% ...

上 市 公 司 报告原因：有业绩公布需要点评 买入（维持） | 市场数据： | 2025 年 04 月 30 日 | | --- | --- | | 收盘价（元） | 34.55 | | 一年内最高/最低（元） | 49.30/25.48 | | 市净率 | 3.1 | | 股息率%（分红/股价） | 1.59 | | 流通 A 股市值（百万元） | 4,167 | | 上证指数/深证成指 | 3,279.03/9,899.82 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 03 月 31 日 | | --- | --- | | 每股净资产（元） | 11.14 | | 资产负债率% | 13.10 | | 总股本/流通 A 股（百万） | 121/121 | | 流通 B 股/H 股（百万） | -/- | 医药生物 2025 年 05 月 05 日 海泰新光 (688677) ——2025Q1 恢复增长，看好公司业绩复苏和产品收获 一年内股价与大盘对比走势： 04-30 05-31 06-30 07-31 08-31 09-30 10-31 11-30 12-3 ...

买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 470.60 | 442.83 | 542.15 | 639.44 | 755.09 | | 同比（%） | (1.31) | (5.90) | 22.43 | 17.95 | 18.09 | | 归母净利润（百万元） | 145.71 | 135.35 | 175.31 | 213.04 | 262.06 | | 同比（%） | (20.19) | (7.11) | 29.52 | 21.53 | 23.01 | | EPS-最新摊薄（元/股） | 1.21 | 1.12 | 1.45 | 1.77 | 2.17 | | P/E（现价&最新摊薄） | 28.60 | 30.79 | 23.77 | 19.56 | 15.90 | 证券研究报告·公司点评报告·医疗器械 海泰新光（688677） 2024 年年报及 2025 年一季报点评：2024 年 业绩短期承压， ...

证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 海泰新光(688677) 投资评级 [Table_Author] 唐爱金 医药行业首席分析师 执业编号：S1500523080002 邮 箱：tangaijin@cindasc.com 曹佳琳 医药行业分析师 执业编号：S1500523080011 邮 箱：caojialin@cindasc.com 相关研究 [Table_OtherReport] 业绩短期承压，大客户去库尾声，拐点 将至 整机放量增长，受降库影响，业绩阶段 性承压 收入增长短期承压，静待整机放量 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦B 座 邮编：100031 [Table_Title] 去库结束收入恢复增长，未来增长值得期待 [Table_ReportDate] 2025 年 04 月 30 日 [Table_S 事件：公司发布 ummary]2024 年年报和 2025 年一季报，2024 年实现营业收入 4.43 亿元（yoy-5.90%），归 ...

一家公司的股东回报政策往往是衡量其价值的第一道标尺，迈瑞医疗这份刚刚发布的2024年报，再次刷 新了市场对"高分红"的认知，同时公司也表达出用AI加速转型的决心。 2025年4月28日晚间，迈瑞医疗公布2024年年报及2025年一季报，公司在2024年营收净利同比正增长，但 在宏观环境出现巨大变化之下，25Q1出现同比出现负增长。然而相较于24Q4，Q1公司业绩环比已大幅改 善，经营质量持续提升。 截至一季报期末，公司现金余额超过159亿元；公司2024年全年累计派发现金红利总额达到76.02亿元，分 红比例为65.15% ；此外公司拟以25Q1末股本基数，实施25年第一次中期分红，金额17.10亿元。公司在行 业面临更多挑战的当下，延续了高分红传统，并计划在2025年新增中期分红，进一步提升资金回馈的灵 活性与频率。 值得关注的是，在延续高分红传统的同时，迈瑞正加速推进AI战略布局。2024年12月，公司发布全球首 个临床落地的重症医疗大模型——"启元"，标志着从传统设备供应商向智能医疗解决方案提供商的战略 转型迈出关键一步。 这种在保持高分红传统的同时积极拥抱技术创新的模式，正在重塑医疗器械企业的价值体系 ...

业绩环比修复，海内外市场同步拓展 ——海泰新光 2024 年报&2025 年一季报点评 核心观点 盈利预测与投资建议 ⚫ 根据 2024 年报及 2025 年一季报，我们下调收入、毛利率假设，调整 2025-27 年每 股收益预测分别为 1.51/1.79/2.23（原预测 25-26 年为 2.09/2.58）元，根据可比公 司给予 25 年 30 倍 PE，对应的目标价为 45.30 元，维持"买入"评级。 风险提示 大客户依赖风险、地缘政治风险、国内市场拓展不及预期风险、下游需求波动风险 等。 公司主要财务信息 | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 471 | 443 | 565 | 691 | 868 | | 同比增长 (%) | -1.3% | -5.9% | 27.5% | 22.4% | 25.6% | | 营业利润(百万元) | 161 | 153 | 206 | 241 | 302 | | 同比增长 (%) | -22.0% | -5.0% ...

业绩环比修复，海内外市场同步拓展 ——海泰新光 2024 年报&2025 年一季报点评 风险提示 大客户依赖风险、地缘政治风险、国内市场拓展不及预期风险、下游需求波动风险 等。 公司主要财务信息 | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 471 | 443 | 565 | 691 | 868 | | 同比增长 (%) | -1.3% | -5.9% | 27.5% | 22.4% | 25.6% | | 营业利润(百万元) | 161 | 153 | 206 | 241 | 302 | | 同比增长 (%) | -22.0% | -5.0% | 34.7% | 17.2% | 25.3% | | 归属母公司净利润(百万元) | 146 | 135 | 183 | 216 | 269 | | 同比增长 (%) | -20.2% | -7.1% | 34.9% | 18.1% | 24.8% | | 每股收益（元） | 1.21 | 1.12 | 1.51 | 1. ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is experiencing short-term pressure but is expected to improve gradually quarter by quarter [1] - In 2024, the company achieved total revenue of 36.726 billion yuan, a year-on-year increase of 5.14%, and a net profit attributable to shareholders of 11.668 billion yuan, a year-on-year increase of 0.74% [7] - The company anticipates a turning point in 2025, despite short-term challenges in the domestic market [7] Financial Performance Summary - Total revenue projections for the company are as follows: 39.369 billion yuan in 2025, 45.061 billion yuan in 2026, and 52.403 billion yuan in 2027, with respective year-on-year growth rates of 7.20%, 14.46%, and 16.29% [1] - Net profit attributable to shareholders is projected to be 11.960 billion yuan in 2025, 13.131 billion yuan in 2026, and 15.280 billion yuan in 2027, with year-on-year growth rates of 2.50%, 9.79%, and 16.37% [1] - The latest diluted EPS is expected to be 9.86 yuan in 2025, 10.83 yuan in 2026, and 12.60 yuan in 2027 [1] Business Segment Performance - The Life Information and Support business generated revenue of 13.557 billion yuan in 2024, a decrease of 11.11% year-on-year, while the International Life Information and Support business saw double-digit growth [7] - The In Vitro Diagnostics (IVD) business achieved revenue of 13.765 billion yuan, a year-on-year increase of 10.82%, marking its first time exceeding the Life Information and Support business in revenue [7] - The Medical Imaging segment generated revenue of 7.498 billion yuan, with international business growth exceeding 15% [7] - The Electrophysiology and Vascular Intervention segment generated revenue of 1.439 billion yuan, with the acquisition of control over Huitai Medical to enhance cardiovascular segment capabilities [7] Innovation and Growth Drivers - The company launched several innovative products in 2024, including advanced medical systems and AI-driven solutions to improve patient care and operational efficiency [7] - The company maintains a strong competitive position due to its diverse product lines and continuous innovation [7]

Financial Performance - In 2024, the company achieved total revenue of 36.726 billion CNY, a year-on-year increase of 5.14% [2] - The net profit attributable to shareholders was 11.668 billion CNY, up 0.74% year-on-year; excluding financial expenses, the net profit growth was 4.36% [2] - Operating cash flow reached 12.432 billion CNY, reflecting a year-on-year increase of 12.38% [2] - For Q1 2025, total revenue was 8.237 billion CNY, a decline of 12.12% compared to the same period last year, with net profit down 16.81% [9] Dividend Distribution - The company plans to distribute 679 million CNY (including tax) as dividends for 2024, with a cumulative cash dividend of 7.602 billion CNY, representing a payout ratio of 65.15% [3] - A proposal for a mid-year dividend of 1.71 billion CNY (including tax) for 2025 is also in place, pending shareholder approval [3] Market Performance International Market - The international market grew by 21.28% in 2024, with the Asia-Pacific region seeing nearly 40% growth driven by countries like Australia, Thailand, and India [4] - International revenue accounted for approximately 45% of total revenue, with high-potential segments like minimally invasive surgery and cardiovascular care nearing 10% of international income [4] Domestic Market - The domestic market experienced a decline of 5.10% due to sluggish hospital equipment procurement and the impact of DRG 2.0 [4] - A recovery is anticipated in Q3 2025 as local fiscal pressures ease and medical equipment projects are initiated [4] Product Line Performance In Vitro Diagnostics (IVD) - The IVD segment grew by 10.82% in 2024, with international IVD growth exceeding 30% [5] - IVD revenue now constitutes 37.48% of total company revenue, surpassing the life information and support segment [5] Medical Imaging - The medical imaging segment grew by 6.60%, with international growth over 15% [7] - The launch of the high-end Resona A20 ultrasound is expected to enhance market presence [7] Life Information and Support - This segment saw a decline of 11.11%, although international growth was in double digits [8] - The company maintains a leading market share in domestic monitoring and respiratory devices despite challenges [8] Research and Development - R&D investment for 2024 was 4.008 billion CNY, accounting for 10.91% of revenue, while Q1 2025 saw 847 million CNY in R&D, representing 10.28% of revenue [11] - New product launches include advanced systems in life information and support, IVD, and medical imaging [12][13] Sustainability Efforts - The company received an AA rating from MSCI ESG and was included in the S&P Global Sustainable Development Yearbook [14] - Carbon emissions intensity decreased by 11.6% compared to 2021, with ongoing projects contributing to sustainability goals [15] Future Outlook - The company anticipates a significant recovery in domestic revenue starting Q3 2025, driven by the resumption of medical equipment projects [10] - Long-term growth strategies focus on digitalization, internationalization, and enhancing the supply chain to adapt to changing market conditions [24][25]