Group 1 - The event "Science and Innovation Zhengzhou · Co-creating the Future" aims to build a collaborative innovation platform between government, enterprises, and research institutions to accelerate the transformation of scientific research achievements and support the high-quality development of private enterprises in Zhengzhou [1][2] - Eleven private enterprises visited the Harbin Institute of Technology Zhengzhou Research Institute to learn about technological breakthroughs in fields such as medical health, optoelectronics, and intelligent manufacturing [1] - The North Beijing University Zhengzhou Research Institute showcased key projects in new materials and mixed reality digital technology, highlighting the industrialization potential of these research outcomes [1][2] Group 2 - The Shangjie District is actively exploring the integration of technological and industrial innovation, establishing a mechanism for continuous enterprise-research institution collaboration to facilitate project incubation and policy support [2] - The Harbin Institute of Technology Zhengzhou Research Institute and North Beijing University Zhengzhou Research Institute are deeply integrated into the innovation-driven development strategy of Henan Province, providing strong support for regional industrial transformation [2] - The Harbin Institute of Technology Zhengzhou Research Institute has successfully incubated companies like Henan Carbon True Core Material Technology, promoting advanced technologies in superhard materials and extending the industrial chain [2] Group 3 - The Zhengzhou Science and Technology Bureau plans to continue organizing diverse enterprise-research institution matching activities to support the establishment of joint innovation centers and accelerate the industrialization of scientific research achievements [3]

Core Viewpoint - Auhua Endoscopy (688212.SH) announced a significant change in shareholder equity, with a reduction in shares held by major shareholders, which may indicate a shift in investment strategy or liquidity needs [1][3]. Shareholder Equity Changes - As of June 16, 2025, Xiaozhou Optoelectronics reduced its holdings by 414,950 shares, decreasing its total shares from 41,822,800 to 41,407,850, representing a drop from 31.06% to 30.75% of the total share capital [1][2]. - The reduction in shares was executed through centralized bidding, with a total transaction value of approximately 20.8554 million yuan based on the weighted average price of 50.26 yuan per share on June 16 [1][2]. Financial Performance - In 2024, Auhua Endoscopy reported total revenue of 750 million yuan, reflecting a year-on-year growth of 10.54%. However, the net profit attributable to shareholders decreased by 63.68% to 21.0122 million yuan [4]. - The first quarter of 2025 showed a decline in revenue to 124 million yuan, down 26.92% year-on-year, with a net loss of 28.7915 million yuan compared to a profit of 2.7595 million yuan in the same period last year [5].

Investment Rating - The report maintains a "Recommendation" rating for the company, with a target price of 42 yuan [2][9]. Core Views - The company reported a revenue of 443 million yuan for 2024, a decrease of 5.90% year-on-year, and a net profit attributable to shareholders of 135 million yuan, down 7.11% [2][4]. - In Q4 2024, the company experienced a revenue increase of 31.59% to 124 million yuan and a net profit increase of 37.92% to 38 million yuan, indicating a potential upward turning point in performance [2][4]. - The company plans to distribute a cash dividend of 0.6 yuan per share (before tax) to all shareholders [2]. Financial Summary - Total revenue is projected to grow from 443 million yuan in 2024 to 828 million yuan by 2027, with a compound annual growth rate (CAGR) of 21.3% [4]. - Net profit is expected to increase from 136 million yuan in 2024 to 281 million yuan in 2027, reflecting a CAGR of 23.1% [4]. - Earnings per share (EPS) are forecasted to rise from 1.12 yuan in 2024 to 2.34 yuan in 2027, with corresponding price-to-earnings (P/E) ratios decreasing from 31 to 15 [4][9]. Business Performance Insights - The company's medical endoscope business generated 345 million yuan in revenue for 2024, down 7.04%, while optical revenue was 95 million yuan, down 1.80% [9]. - International revenue for 2024 was 306 million yuan, a decrease of 6.5%, while domestic revenue was 135 million yuan, down 4.70% [9]. - The company has a backlog of 360 million yuan in orders from major clients as of the end of 2024, indicating strong future demand [9]. Product Development and Market Expansion - The company has successfully completed certifications for its overseas subsidiaries, reducing trade friction risks and enabling smoother order fulfillment in the U.S. market [9]. - New product registrations for various endoscope products targeting domestic markets have been completed, and new models for the U.S. market are set to enter mass production [9].

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， ...