2025 年 12 月 04 日 永新光学(603297.SH) 多元业务布局半导体光学，高端显微镜 持续推进 "十五五"规划强调高端仪器技术攻关，公司参与重大专项 "十五五"规划提出采取超常规措施，全链条推动集成电路、工业母 机、高端仪器等重点领域关键核心技术攻关取得决定性突破。公司在 承接多个国家"十三五""十四五"规划重大科技项目并参与"十五 五"规划的重大专项上，与国家战略同频，开展新一期战略规划。公 司将加速进行高端科学仪器、高端医疗设备的国产替代，加快全球化 进程并建立国际供应链，进一步开拓核心光学产品在生命科学、创新 医疗、人工智能及半导体方面的应用。 高端显微镜比例继续提升，2H25 显微镜业务预计将恢复性增长 2025 年上半年，公司再次牵头国家重大仪器专项《多模态纳米分辨 率显微镜》，攻关亚 2nm 超分辨成像技术及产业化，牵头的另一项国 家重大专项《眼科手术导航显微镜》顺利通过中期验收，行业内承担 国家级科技项目数量领先。公司依托技术优势错位竞争，高端显微镜 继续保持增长，占显微镜销售比例提升至 40%以上，并获取潜在项目 数千万元。随着设备更新资金的逐步落地，已提前确定的意向订单将 快 ...

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].