证券研究报告：医药生物 | 公司点评报告 发布时间：2025-05-15 股票投资评级 买入 |首次覆盖 个股表现 - - - - - - - % - % - % - % - % - % - % - % - % % % 海泰新光 医药生物 资料来源：聚源，中邮证券研究所 | 公司基本情况 | | --- | | 最新收盘价（元） | 36.25 | | --- | --- | | 总股本/流通股本（亿股）1.20 | / 1.20 | | 总市值/流通市值（亿元）43 | / 43 | | 周内最高/最低价 52 | 46.43 / 25.73 | | 资产负债率(%) | 10.6% | | 市盈率 | 32.37 | | 第一大股东 | 青岛普奥达企业管理服 | | 务有限公司 | | 研究所 分析师:蔡明子 SAC 登记编号:S1340523110001 Email:caimingzi@cnpsec.com 研究助理:陈峻 SAC 登记编号:S1340123110013 Email:chenjun@cnpsec.com 海泰新光(688677) 海外库存消化完成，一季度业绩表现亮眼 l 业绩简评 公司发 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to experience a temporary pressure on performance in 2024, with a turning point anticipated in Q4 2024. The revenue for 2024 is projected to be 443 million yuan, a year-on-year decrease of 5.90%, while the net profit attributable to the parent company is expected to be 135 million yuan, down 7.11% year-on-year. In contrast, Q1 2025 shows a positive trend with revenue of 147 million yuan, a year-on-year increase of 24.86%, and a net profit of 47 million yuan, up 21.45% year-on-year [4][5][8]. Summary by Sections Financial Performance - In 2024, the company achieved revenue of 443 million yuan, a decrease of 5.90% year-on-year, and a net profit of 135 million yuan, down 7.11% year-on-year. The first quarter of 2025 saw revenue of 147 million yuan, reflecting a year-on-year increase of 24.86% [4][5][10]. Business Dynamics - The company's revenue in 2024 was impacted by inventory destocking from major clients, particularly in the medical endoscope segment, which generated 345 million yuan, a decrease of 7.04% year-on-year. However, Q4 2024 revenue rebounded to 124 million yuan, a year-on-year increase of 31.59%, indicating a recovery trend [5][6]. - The company has strengthened its collaboration with major clients, successfully passing various certifications for its U.S. subsidiary, which has facilitated order fulfillment. The establishment of production capabilities in Thailand has also enhanced its ability to meet U.S. demand [6]. Market Position and Growth Prospects - The company is making steady progress in its domestic complete machine business, with significant brand-building efforts leading to a notable increase in sales. The 4K camera system was successfully mass-produced in 2024, and a wide range of laparoscopes has been registered and launched in the domestic market [6]. - Revenue projections for 2025-2027 are 560 million yuan, 675 million yuan, and 817 million yuan, respectively, with growth rates of 26.5%, 20.5%, and 21.1%. The net profit for the same period is expected to be 188 million yuan, 232 million yuan, and 286 million yuan, with growth rates of 38.6%, 23.7%, and 23.1% [7][8].

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 ...