长沙晚报全媒体记者 张洋子 "我们在非洲大有可为。"三诺生物国际销售副总监胡晓介绍，如今三诺公司系列血糖监测产品以过硬的 产品质量和可负担的价格"圈粉"非洲友人，产品和服务已覆盖埃及、尼日利亚、肯尼亚、坦桑尼亚等40 多个非洲国家，在非销售额预计2026年达到1.6亿元。三诺还计划通过"离线存储+定时上传"技术破解非 洲网络难题，在当地合资建厂，实现"非洲制造"。 越来越多长沙企业，以"产品力" 叩开非洲医药市场大门：在长沙培育的上市企业圣湘生物，合作身影 遍及加纳、加蓬等非洲近50个国家和地区，其产品深度嵌入当地公共卫生体系；三诺生物血糖仪误差率 低于国际标准，阿尔及利亚卫生部的检测报告成为"通行证"；安邦制药的银黄清肺胶囊作为湖南首个在 非注册中成药，在津巴布韦上市即获认可；万脉医疗的呼吸机针对非洲气候改良散热设计，成为南非急 诊室的标配。 在长沙高新区的三诺生物生产车间，机械臂正以每月4万台的速度分装血糖仪，这些印 有"SINOCARE"标识的白色设备，正穿越万里奔赴非洲40余国。 从1973年湖南首支援非医疗队踏上塞拉利昂的土地，到如今长沙医药生产基地陆续在非洲拔地而起，半 个世纪的时光里，长沙对非医 ...

Core Viewpoint - The company reported a decline in revenue and net profit for 2024, but showed signs of recovery in Q4 2024 and Q1 2025, with a positive outlook for future earnings growth driven by inventory reduction among overseas clients and new product launches [1][2][4]. Financial Performance - For the full year 2024, the company achieved revenue of 443 million yuan (down 5.90%) and a net profit attributable to shareholders of 135 million yuan (down 7.11%) [1] - In Q4 2024, revenue was 124 million yuan (up 31.59%) and net profit attributable to shareholders was 38 million yuan (up 37.92%) [1] - For Q1 2025, revenue reached 147 million yuan (up 24.86%) and net profit attributable to shareholders was 47 million yuan (up 21.45%) [1] Product and Market Development - The company’s medical endoscope business generated revenue of 345 million yuan in 2024 (down 7.04%), while optical revenue was 95 million yuan (down 1.80%) [2] - International revenue for 2024 was 306 million yuan (down 6.5%), and domestic revenue was 135 million yuan (down 4.70%) [2] - The company has successfully launched a full range of laparoscopes and various endoscope products in the domestic market, and new products for the U.S. market are set to enter mass production [3] Future Outlook - The company expects net profits attributable to shareholders for 2025-2027 to be 180 million, 230 million, and 280 million yuan, representing year-on-year growth of 34.8%, 25.4%, and 23.1% respectively [4] - The estimated EPS for the same period is projected to be 1.51, 1.90, and 2.34 yuan, with corresponding PE ratios of 23, 19, and 15 times [4] - A target price of approximately 42 yuan is set for 2025, based on a valuation of 28 times [4]

公司研究 证 券 研 究 报 告 海泰新光（688677）2024 年报及 2025 年一季报点评 推荐（维持） 业绩拐点向上，海外子公司完成认证 目标价：42 元 事项： ❖ 公司发布 24 年年报及 25 年一季报，24 年全年营收 4.43 亿元（-5.90%），归母 净利润 1.35 亿元（-7.11%），扣非归母净利润 1.29 亿元（-5.26%）。24Q4，营 收 1.24 亿元（+31.59%），归母净利润 0.38 亿元（+37.92%），扣非归母净利润 0.40 亿元（+57.44%）。25Q1，营收 1.47 亿元（+24.86%），归母净利润 0.47 亿 元（+21.45%），扣非归母净利润 0.46 亿元（+26.89%）。公司拟向全体股东每 股派发现金红利 0.6 元（含税）。 评论： [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 443 | 558 | 682 | 828 | | 同比增速(%) | - ...

Group 1: Company Insights on Haitai New Light - Haitai New Light's endoscope repair business grew by 14% year-on-year in Q1 2024, with major customer demand increasing by over 25% [1] - The company is progressing with production line construction in the US and Thailand, with the US subsidiary expected to be certified by July 2024 and the Thailand subsidiary completed by the end of 2024 [1] - The company plans to establish a national marketing team of over 50 experienced members in 2024, with a focus on transitioning to complete machine sales [1] - The optical business is expected to see a slight decline in 2024, while the medical optical business is projected to grow by 23% in 2024 and 71% in Q1 2025 [1] - The company maintains a gross margin above 60%, with a good product yield rate of over 98% for complete machine products [1] Group 2: Company Insights on Zhou Dashing - Investors engaged in discussions regarding the 2024 annual report and Q1 2025 financial indicators, brand matrix, product structure, and terminal sales during a conference call [2] - The company ensured compliance with information disclosure regulations, maintaining the accuracy and completeness of disclosed information [2] Group 3: Institutional Overview of Hongshang Asset - Hongshang Asset was established in October 2013, created by a team from public funds and Sequoia Capital, serving as Sequoia's only equity securities asset management platform in China [3] - The company focuses on absolute return equity investment strategies, driven by fundamental research, and has received multiple industry awards for its performance [3] - The investment research team includes experienced professionals from large fund companies and top analysts, ensuring robust management and industry influence [3]

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 ...

报名：首届全球心血管大会 | 重磅亮点 合作伙伴征集：2025全球手术机器人大会 2024年4月24日， 海泰新光 发布2024年年报及2025年一季报。 # 2024年拆分 医用内窥镜器械行业收入 3.45亿 元 （相比上年度下降7.04%）； 光学行业收入 0.95亿 元 （相比上年度下 降1.80%）。 另外，ODM业务收入2.81亿元，占比63.81%；OEM业务收入0.94亿元，占比21.39%；自主品牌产品收入 0.65亿元，占比14.80%。受国内医疗反腐因素影响，2024年公司自主品牌销售虽同比略有增长，但自主品 牌中整机产品销售同比增长2,276.71万元，同比增长显著。 (1)2024年，受美国客户去库存影响，公司前三季度海外营业收入下降明显。第四季度随着客户库存降到低 位，发货相比2023年同期大幅增长。延续客户需求增长趋势，公司海外业务收入会进一步增长； (2)2024年，公司国内整机业务推进良好，同比增长显著； # 财报数据 2024年公司实现收入 4.43亿 元，同比下降 5.90% ；实现归母净利润 1.35亿 元， 同比下降7.11%；实现扣 非归母净利润1.29亿元，同比下降 ...