永新光学（ [Table_StockNameRptType] 603297） 公司点评 永新光学：Q3 业绩符合预期，高端显微镜持续放量 ⚫ 高端显微镜：国产替代进程加速 | [Table_Rank] | 投资评级：增持（维持） | | | --- | --- | --- | | 报告日期： | 2025-11-07 | | | [Table_BaseData] 收盘价（元） | | 99.26 | | 近 12 个月最高/最低（元） 130.92/66.88 | | | --- | --- | | 总股本（百万股） | 111 | | 流通股本（百万股） | 111 | | 流通股比例（%） | 99.81 | | 总市值（亿元） | 110 | | 流通市值（亿元） | 110 | [公司价格与沪深 Table_Chart] 300 走势比较 -40% -21% -1% 19% 38% 11/24 2/25 5/25 8/25 永新光学 沪深300 [Table_Author] 分析师：陈耀波 执业证书号：S0010523060001 邮箱：chenyaobo@hazq.com 联系人：闫春旭 执业证书号 ...

Core Viewpoint - Yongxin Optical reported steady performance in H1 2025, with revenue of 441 million yuan, a year-on-year increase of 2.95%, and a net profit attributable to shareholders of 108 million yuan, up 8.75% year-on-year [1][2]. Financial Performance - In H1 2025, the company achieved revenue of 441 million yuan, with a year-on-year growth of 2.95% [1][2]. - The net profit attributable to shareholders was 108 million yuan, reflecting an 8.75% year-on-year increase [1][2]. - The net profit after deducting non-recurring items was 88 million yuan, with a year-on-year growth of 3.05% [1][2]. - The gross margin stood at 40.33%, up 1.40 percentage points year-on-year, while the net margin was 24.55%, also up 1.40 percentage points year-on-year [1][2]. Business Segments - Revenue from optical components and optical microscopes was 265 million yuan and 165 million yuan, respectively, with year-on-year growth of 4.40% and 0.94% [2]. - The optical components and optical microscopes accounted for 60.09% and 37.41% of total revenue, respectively [2]. Market Expansion and Product Development - The company is focusing on high-end scientific instruments and medical equipment for domestic substitution and is accelerating its globalization efforts [2][3]. - High-end microscopes continue to grow, with their sales proportion exceeding 40% [3]. - The automotive optical components, particularly for lidar, saw significant growth, with nearly one million units shipped in H1 2025 [3]. - The company is actively expanding into artificial intelligence applications, including iris recognition optical components for cryptocurrency terminal devices [3]. Investment Outlook - Yongxin Optical is positioned as a key player in the domestic microscope market, with diversified applications in various fields [4]. - Revenue projections for 2025-2027 are 1.148 billion yuan, 1.430 billion yuan, and 1.783 billion yuan, with net profits of 285 million yuan, 367 million yuan, and 479 million yuan, respectively [4].