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 - The localization of foreign instrument companies in China is accelerating, driven by government policies such as a 20% price discount for eligible products and new regulations from the State Council, leading to a significant transformation in the competitive landscape of the instrument market [2][3]. Group 1: Localization Models - 2025 is identified as the "Year of Localization" for foreign instrument companies, with four primary localization models emerging: 1. **Production Base Localization**: Companies are establishing manufacturing bases in China to enhance responsiveness to market demands and reduce production costs [3][4]. 2. **Innovation and R&D Localization**: Some firms are focusing on local innovation by setting up R&D centers in China to better understand market needs and develop tailored products [5]. 3. **Supply Chain and Cooperation Localization**: Companies are building local supply chains and collaborating with domestic suppliers and research institutions to enhance their integration into the Chinese market [6]. 4. **Key Product Localization Breakthroughs**: Certain companies are achieving breakthroughs in local production of critical medical devices, thereby strengthening their brand presence and market share in China [7]. Group 2: Reshaping Market Competition - The accelerated localization process is reshaping the competitive landscape of China's instrument market, characterized by increased concentration and differentiated competition. Foreign companies maintain dominance in high-end markets due to their technological advantages and brand equity, while local firms are adopting differentiated strategies to compete effectively [8][9]. - Local companies are leveraging cost control, rapid response mechanisms, and flexible customization services to create a niche in the mid-to-low-end market, gradually breaking the monopoly of foreign firms in specific segments [9][10]. - The "Belt and Road" initiative is enabling local companies to leverage cost advantages and geographical familiarity to establish a collaborative competitive landscape with foreign firms in emerging markets, further optimizing the domestic market structure [10]. Group 3: Opportunities and Challenges - The new competitive landscape presents significant opportunities for local companies to upgrade and transform, driven by national policies promoting self-sufficiency in high-end instruments and the growth of downstream industries like smart manufacturing and biomedicine [11]. - However, foreign brands still dominate high-end markets due to their patent barriers and established service ecosystems, posing challenges for local firms in terms of technology gaps and service capabilities [12][13]. - Local companies need to adopt differentiated strategies to navigate this complex environment, focusing on core technology breakthroughs and enhancing their operational efficiency by learning from foreign firms [14].

Core Insights - Yongxin Optical achieved a revenue of 674 million yuan in the first three quarters of 2025, representing a year-on-year growth of 3.59%, and a net profit attributable to shareholders of 151 million yuan, up 7.69% year-on-year [2] - The company attributed its steady growth in revenue and net profit to optimized product structure and meticulous cost control [2] - The medical optics segment saw significant revenue growth, particularly in high-end microscope sales, which now account for over 40% of the company's overall microscope sales [2] Financial Performance - Revenue for the first three quarters of 2025: 674 million yuan, a 3.59% increase year-on-year [2] - Net profit for the same period: 151 million yuan, a 7.69% increase year-on-year [2] - The company effectively controlled operational costs through product optimization and expense management [2] Product Development and Market Position - The sales proportion of medical optical products and high-end microscopes is expected to continue increasing due to ongoing product upgrades and accelerated domestic substitution [2] - The high-end microscope business is characterized by high technical and complexity barriers, maintaining a high gross margin and stable profit performance [2] - Yongxin Optical focuses on technological innovation, planning to continuously iterate superior products in the high-end microscope field and develop high-value core components in the medical optics sector [2] Industry Collaboration - Yongxin Optical is a key partner for companies like Hesai Technology and Tudatong Intelligent Technology in the LiDAR sector [3] - The company's products are widely used in high-growth markets such as mobile robots, delivery robots, cleaning robots, and lawn mowing robots [3] - Yongxin Optical has established close partnerships with leading companies in the robotics industry [3]

Core Insights - The 8th China International Import Expo (CIIE) emphasizes China's commitment to high-level opening-up and serves as a platform for global enterprises to collaborate on high-quality development, focusing on "digital intelligence" and "green low-carbon" as dual driving forces for future economic growth [1][20]. Green Development - Green development has become an inherent behavior for companies, evident in their exhibition designs and operational details at the CIIE [2]. - DHL showcases its "GoGreen Plus" service, which utilizes sustainable aviation fuel to significantly reduce Scope 3 emissions, with over half of its Chinese customers opting for this service by September 2023 [2][5]. - Procter & Gamble (P&G) reports a 60% reduction in greenhouse gas emissions (Scope 1 and 2) compared to 2010 levels, with a goal of 65% by 2030, and over 99% of its global operations powered by renewable electricity [5][6]. - Michelin introduces a tire made from 71% sustainable materials, including organic materials like rice husks and orange peels, marking a nearly 50% increase in sustainable material usage since 2021 [8][10]. Digital Empowerment - Digital technology is positioned as a key driver for industrial upgrades, with companies like Zeiss and Ericsson showcasing innovations in AI and connectivity to enhance manufacturing and logistics efficiency [15][17]. - DHL demonstrates automation in logistics, including the use of robotic arms and autonomous guided vehicles (AGVs) to improve operational efficiency and safety in package handling [19]. Industry Trends - The integration of digital and green initiatives is reshaping global supply chains, with companies leveraging technology to enhance resource efficiency and accelerate green transitions [20]. - The CIIE serves as a testing ground for global enterprises to share opportunities and co-create future rules, highlighting the importance of collaboration in achieving sustainable development goals [20].

Core Insights - The article emphasizes the strategic importance of the Chinese market for multinational companies, particularly for Zeiss, which views China as a key driver of global innovation and supply chain development [1][2] - Zeiss has achieved significant engagement at the China International Import Expo (CIIE), with intentions exceeding 400 million RMB this year [1][8] Company Strategy - Zeiss has been actively increasing its investment in China, focusing on local innovation and expanding its manufacturing and R&D capabilities in the Yangtze River Delta region [4][5] - The company plans to establish a comprehensive headquarters in Shanghai, covering 60 acres with an investment exceeding 600 million RMB, expected to be operational by 2027 [4][5] Market Performance - China has become Zeiss's largest single market globally since 2021, with revenue reaching 15.1 billion RMB in the 2023/24 fiscal year, accounting for nearly 20% of the company's total business [7] - The demand for high-end manufacturing, semiconductors, and life sciences in China continues to grow, providing ample opportunities for Zeiss's products [7] Competitive Landscape - The company acknowledges the increasing competition from local brands and emphasizes the need to participate in the market like a local enterprise, focusing on R&D and innovation speed as key competitive factors [8] - Zeiss has adapted its global distribution strategy to mitigate risks from geopolitical tensions, including localizing more production in China and shifting some manufacturing from the U.S. to Europe [8]

Core Insights - The article highlights the increasing investment and commitment of foreign companies in Jiangsu, China, particularly following the China International Import Expo (CIIE) [1][2][3][4][5][6][8] - It emphasizes the transformation of foreign enterprises from merely producing goods to establishing deep-rooted partnerships and ecosystems in Jiangsu, showcasing a shift in investment strategy [8] Group 1: Investment Growth - DuPont has significantly expanded its operations in Zhangjiagang, establishing an integrated production base for automotive adhesives, which began with an investment agreement at the first CIIE in 2018 [2] - Kärcher has invested 100 million yuan in Suzhou to create a global R&D center, focusing on innovations in battery and robotics, which commenced operations in 2023 [3] - AstraZeneca announced the expansion of its Qingdao base, complementing its existing facilities in Wuxi and Taizhou, solidifying its presence in China [3] Group 2: Innovation and Manufacturing - Zeiss has transitioned its Suzhou factory to produce high-end microscopes, becoming a crucial manufacturing hub for global distribution, reflecting a shift from basic to advanced manufacturing capabilities [4][5] - Schneider Electric's Wuxi factory achieved net-zero emissions ahead of schedule, highlighting the effectiveness of local manufacturing and innovation [5] - Cargill's capability development center in Nanjing has evolved over ten years into a key operational hub for its North Asia business [5] Group 3: Local Partnerships and Ecosystems - Siemens has intensified its collaboration with Jiangsu, focusing on open scenarios, talent development, and ecosystem co-creation, indicating a deeper commitment to local integration [6] - GE Aviation has invested an additional $8.5 million in its Suzhou facility to enhance production capabilities for civil aviation engine components, demonstrating a long-term strategy in the Chinese market [7] - Schott has established a new production line in Suzhou for automotive safety components, aiming to strengthen local supply chains and foster innovation [7] Group 4: Strategic Evolution - Foreign companies are evolving from a model of global business coordination to one of local ecosystem integration, with the CIIE acting as a catalyst for these strategic shifts [8]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company reported Q3 results that met expectations, with high-end microscope sales continuing to grow [4] - For the first three quarters of 2025, the company achieved revenue of 674 million yuan, a year-on-year increase of 3.59%, and a net profit attributable to shareholders of 151 million yuan, up 7.69% year-on-year [4] - The gross margin for the first three quarters reached 40.32%, an increase of 1.25 percentage points year-on-year, while the net profit margin was 22.39%, up 0.91 percentage points year-on-year [4] Summary by Sections Financial Performance - In Q3 2025, the company achieved revenue of 233 million yuan, a year-on-year increase of 4.81% and a quarter-on-quarter increase of 5.27% [4] - The net profit attributable to shareholders for Q3 was 43 million yuan, a year-on-year increase of 5.08% but a quarter-on-quarter decrease of 18.83% [4] - The non-recurring net profit reached 39 million yuan, a year-on-year increase of 17.57% and a quarter-on-quarter decrease of 9.66% [4] Business Segments - The microscope business is a focal point, with high-end microscopes experiencing rapid growth, accounting for over 40% of total microscope sales [5] - The company is expected to benefit from accelerated procurement of high-end microscopes by universities and research institutions due to supportive national policies [5] - The machine vision business also showed robust growth, with double-digit increases in H1 2025, and the company is expanding into new applications such as iris recognition for virtual currency terminals [6] Future Projections - Revenue projections for 2025-2027 are 1.003 billion yuan, 1.328 billion yuan, and 1.761 billion yuan respectively, with corresponding net profits of 254 million yuan, 358 million yuan, and 495 million yuan [7] - The expected EPS for the same period is 2.29 yuan, 3.22 yuan, and 4.46 yuan, with P/E ratios of 38.05x, 27.03x, and 19.54x respectively [7]

Core Insights - Yongxin Optical achieved a revenue of 674 million yuan in the first three quarters of 2025, representing a year-on-year growth of 3.59% [1] - The net profit attributable to shareholders reached 151 million yuan, up 7.69% year-on-year, while the net profit excluding non-recurring items was 127 million yuan, increasing by 7.13% [1] Financial Performance - In Q3, the company reported a revenue of 233 million yuan, a year-on-year increase of 4.81% [1] - The net profit attributable to shareholders for Q3 was 42.73 million yuan, reflecting a year-on-year growth of 5.08% and a quarter-on-quarter increase of 5.27% [1] - The gross margin improved to 40.30%, up 0.94 percentage points year-on-year, indicating enhanced profitability [1] Business Structure and Growth - Yongxin Optical's core business segments are performing well, with significant contributions from the scientific instruments sector, where high-end microscopes now account for over 40% of sales [2] - The automotive lidar business has entered mass production, with nearly one million units shipped in the first half of the year, supplying major companies like Hesai and Valeo [1][2] R&D Investment - The company invested 74.61 million yuan in R&D in the first three quarters, representing 11.07% of its revenue [2] - R&D efforts are focused on high-end microscopes, medical optics, and emerging optical fields, with notable projects like the multimodal nanometer resolution microscope and ophthalmic surgical navigation microscope [2] Strategic Outlook - Yongxin Optical aims to consolidate existing strengths while capturing new opportunities, particularly in high-end scientific instruments and medical devices [2] - The company plans to enhance its global presence and international supply chain, expanding its core optical products into life sciences, innovative healthcare, AI, and semiconductor applications [2]

Core Viewpoint - The article emphasizes the strategic localization efforts of Zeiss in China, highlighting the establishment of the Suzhou manufacturing and R&D base as a significant move to enhance local production capabilities and meet the growing demand for high-end optical products in the Chinese market [3][4]. Group 1: Localization Strategy - Zeiss's Suzhou facility achieved a revenue increase of 100% year-on-year, reaching 760 million RMB within its first year of operation [5]. - The localization of three high-end microscope models marks Zeiss as the first international manufacturer to produce laser confocal and field emission scanning electron microscopes in China [5][6]. - The commitment to local manufacturing is driven by improvements in intellectual property protection and the presence of a comprehensive supply chain in China, particularly in the Yangtze River Delta region [6][7]. Group 2: Market Dynamics - China is identified as Zeiss's largest market globally, with growth rates outpacing other regions, making local business performance critical to the company's overall success [6][8]. - The competitive landscape in China is seen as beneficial, driving technological advancements and encouraging Zeiss to innovate and adapt to local customer needs [7][9]. - The article notes that local supply chain enhancements will further elevate the quality and capabilities of domestic manufacturing, fostering a more competitive environment [9][10]. Group 3: Quality Assurance - Zeiss asserts that the quality control standards in China are now recognized globally, with local production often preferred by customers for reliability [8][10]. - The initial steps of localization include transferring key production processes such as calibration and assembly to China, which will help reduce costs and improve product familiarity in the market [10][14]. - The ongoing investment in local R&D and manufacturing is part of a broader trend among foreign companies, with many expressing intentions to deepen their engagement in the Chinese market despite global economic challenges [14].

Core Insights - The article highlights the increasing trend of foreign companies, particularly Zeiss, deepening localization and R&D investments in China despite global economic uncertainties and geopolitical tensions [1][4][9] Group 1: Localization and Investment - Zeiss has established a manufacturing and R&D base in Suzhou, which has seen its revenue double to 760 million RMB within a year, becoming the largest microscope factory globally [2][4] - The Suzhou facility has successfully localized the production of three high-end microscope models, marking Zeiss as the first international manufacturer to achieve this in the laser confocal and field emission scanning electron microscope sectors [2][4] - The commitment to localization is evident as Zeiss chose to purchase land for factory construction rather than leasing, indicating a long-term strategy in China [4][5] Group 2: Market Dynamics and Competitive Landscape - China is recognized as Zeiss's largest market globally, with growth rates leading the world, which directly influences the company's global performance [4][5] - The local supply chain in China is robust, providing a competitive edge for high-end manufacturing, which Zeiss leverages to enhance its product offerings [5][6] - The competition from local suppliers is viewed positively, as it drives technological advancements across the industry [5][6] Group 3: Quality and Standards - The quality control standards in China are reportedly more stringent than in Germany, with local customers often preferring products manufactured in China for their reliability [8][6] - The localization of high-end production is seen as a continuous process, with key production steps being transferred to China to reduce costs and improve market familiarity [6][8] Group 4: Broader Foreign Investment Trends - Despite a decline in actual foreign direct investment (FDI) globally, many foreign companies, including Bosch, are committing to significant investments in China, with Bosch planning to invest over 3 billion RMB in R&D over the next six years [9][10] - Surveys indicate a strong willingness among German and American companies to continue investing in China, with many considering it a top investment destination [10]