Investment Rating - The report maintains the investment rating for the company [1] Core Views - The company is projected to experience significant revenue growth, with estimated revenues increasing from 891.76 million in 2024 to 1642.01 million by 2027, reflecting a compound annual growth rate (CAGR) of approximately 20.65% [5][7] - Net profit is expected to rise from 208.58 million in 2024 to 377.76 million in 2027, indicating a robust growth trajectory with a CAGR of about 28.05% [5][7] - The gross margin is anticipated to improve from 39.03% in 2024 to 44.98% in 2027, showcasing enhanced operational efficiency [5][7] Financial Summary - **Revenue Forecast**: - 2024: 891.76 million - 2025: 1118.01 million (growth rate: 25.37%) - 2026: 1361.01 million (growth rate: 21.74%) - 2027: 1642.01 million (growth rate: 20.65%) [5][7] - **Net Profit Forecast**: - 2024: 208.58 million - 2025: 241.55 million (growth rate: 15.81%) - 2026: 295.02 million (growth rate: 22.13%) - 2027: 377.76 million (growth rate: 28.05%) [5][7] - **Key Financial Ratios**: - PE ratio is projected to decrease from 45.73 in 2024 to 25.25 in 2027, indicating improved valuation metrics [5][7] - PB ratio is expected to decline from 4.92 in 2024 to 3.91 in 2027, reflecting a more attractive investment proposition [5][7] - **Cash Flow**: - Operating cash flow is forecasted to decrease from 263.31 million in 2024 to 226.69 million in 2025, before increasing to 424.05 million by 2027 [6][7]

Investment Rating - The report maintains the investment rating for the company [1] Core Views - The company is projected to experience significant revenue growth, with estimated revenues increasing from 891.76 million in 2024 to 1642.01 million by 2027, reflecting a compound annual growth rate (CAGR) of approximately 20.65% [5][7] - The net profit attributable to the parent company is expected to rise from 208.58 million in 2024 to 377.76 million in 2027, indicating a robust growth trajectory with a CAGR of about 28.05% [5][7] - The gross margin is anticipated to improve from 39.03% in 2024 to 44.98% in 2027, showcasing enhanced operational efficiency [5][7] Financial Summary - **Revenue Forecast**: - 2024: 891.76 million - 2025: 1118.01 million (growth rate: 25.37%) - 2026: 1361.01 million (growth rate: 21.74%) - 2027: 1642.01 million (growth rate: 20.65%) [5][7] - **Net Profit Forecast**: - 2024: 208.58 million - 2025: 241.55 million (growth rate: 15.81%) - 2026: 295.02 million (growth rate: 22.13%) - 2027: 377.76 million (growth rate: 28.05%) [5][7] - **Key Financial Ratios**: - PE ratio is projected to decrease from 45.73 in 2024 to 25.25 in 2027, indicating improved valuation metrics [5][7] - PB ratio is expected to decline from 4.92 in 2024 to 3.91 in 2027, reflecting a more attractive investment proposition [5][7] - **Cash Flow**: - Operating cash flow is forecasted to decrease from 263.31 million in 2024 to 226.69 million in 2025, before increasing to 424.05 million by 2027 [6][7]

Core Viewpoint - Yongxin Optical has announced a record-high cash dividend distribution for 2024, reflecting strong confidence in future operations and a commitment to shareholder value [1] Financial Performance - In 2024, Yongxin Optical achieved a revenue of 892 million RMB, marking a year-on-year increase of 4.41%, setting a new historical high for revenue [4] - The net profit attributable to shareholders was 209 million RMB, a decrease of 11.37% year-on-year, while the net profit excluding non-recurring items increased by 14.25% to 185 million RMB [4] - In Q1 2025, the company reported a revenue growth of 1.77% and a net profit increase of 22.16% year-on-year, indicating a positive trend in performance [4] Dividend Distribution - The total proposed cash dividend for 2024 is 94.2962 million RMB (including tax), which accounts for 45.21% of the net profit attributable to shareholders, the highest dividend payout ratio since the company went public [1] Business Segments - The core business includes scientific instruments and optical components, with a focus on high-end microscopes and LiDAR optical components as key growth areas [1] - Sales revenue from optical microscopes reached 356 million RMB, a year-on-year decline of 13.92%, primarily due to weak industry demand; however, the sales proportion of high-end microscopes increased to 40% [1] - The LiDAR optical components business surpassed 100 million RMB in revenue, becoming a new growth driver for the company [1] R&D and Innovation - In 2024, R&D investment reached 98.5 million RMB, a year-on-year increase of 7.34%, accounting for 11.33% of main business revenue [2] - The company is leading multiple national-level technology projects, including a major project on multi-modal nano-resolution microscope equipment [2] - Collaborations with prestigious universities have been established to create a closed-loop ecosystem for research, talent cultivation, and market feedback [2] Strategic Focus - For 2025, the company aims to enhance its position in the optical perception field through a strategy focused on precision manufacturing and innovation [3] - The company plans to accelerate domestic high-end replacement and improve operational efficiency through enhanced information technology in sales, supply chain, and production processes [3]

Investment Rating - The investment rating for the company is "Buy" [4] Core Views - The company achieved a historical high in revenue for 2024, with total revenue of 892 million yuan, a year-on-year increase of 4.41%. However, the net profit attributable to shareholders decreased by 11.37% to 209 million yuan. The first quarter of 2025 showed positive trends with revenue of 220 million yuan, up 1.77% year-on-year, and net profit of 56 million yuan, up 22.16% year-on-year [1][2] - The company is positioned as a leading player in the optical components sector, benefiting from the recovery of barcode scanning business and the mass production of LiDAR products. The company is also leveraging domestic substitution advantages amid global trade changes [2][7] Summary by Sections Financial Performance - In 2024, the optical components business generated 513 million yuan in sales, a year-on-year increase of 22.56%. The optical microscope segment saw a decline in revenue to 356 million yuan, down 13.92% year-on-year, but experienced an 8.53% quarter-on-quarter growth in Q4 2024 [2] - The gross margin for 2024 was 39.03%, an increase of 0.62 percentage points year-on-year, while Q1 2025 gross margin improved to 40.17%, up 2.46 percentage points year-on-year [3] Business Segments - The company is a leader in the domestic optical microscope market, with significant potential for growth in high-end optical microscopes, which have been historically dominated by foreign companies. The company has achieved over 5% domestic substitution in this area [7] - In the barcode scanning and machine vision sector, the company is the largest global supplier of optical components, maintaining a gross margin of approximately 40% [7] - The automotive LiDAR segment has seen substantial growth, with revenue surpassing 100 million yuan in 2024, driven by partnerships with leading companies in the field [8] - The medical optics segment is rapidly expanding, with key partnerships established for advanced medical imaging products [8] - The semiconductor optics segment has also been developed over several years, with long-term collaborations with major domestic clients [9] Future Projections - Revenue projections for 2025 and 2026 are adjusted to 1.16 billion yuan and 1.46 billion yuan, respectively, with expected year-on-year growth rates of 30.1% and 25.9%. The net profit attributable to shareholders is projected to be 346 million yuan in 2025 and 452 million yuan in 2026, reflecting significant growth [10][13]

Core Insights - Ningbo Yongxin Optical Co., Ltd. reported a record revenue of 892 million yuan for 2024, marking a 4.41% increase year-on-year [1] - The company also announced a net profit of 55.65 million yuan for Q1 2025, reflecting a 22.16% year-on-year growth [1] Financial Performance - Revenue for 2024 reached 892 million yuan, achieving a historical high [1] - Q1 2025 net profit was 55.65 million yuan, up 22.16% compared to the previous year [1] Strategic Initiatives - The management proposed the initiative "Crossing the Cycle, 'Eternal' Breakthrough" and a "Dual Engine" strategy for 2024 [1] - The company has implemented a "2+2" business model to enhance market development and operational efficiency [1] Research and Development - R&D investment for 2024 amounted to 98.50 million yuan, a 7.34% increase, representing 11.33% of main business revenue [1] - The company is leading a national key R&D project focused on multi-modal nano-resolution microscope equipment, targeting sub-2nm imaging technology [2] - As of December, the company participated in 14 technology projects, including 6 national-level projects [2]

Core Viewpoint - The company, Ningbo Yongxin Optical Co., Ltd., is undergoing significant developments in its financial reporting and strategic initiatives, including a proposed stock issuance to raise funds for business expansion and operational needs. Financial Performance - The company reported a revenue of 891.76 million yuan for the reporting period, reflecting a year-on-year growth of 4.41% [47] - Revenue from microscope products decreased by 13.92% to 356.46 million yuan, accounting for 39.97% of total revenue [47] - Revenue from optical components increased by 22.56% to 513.29 million yuan, representing 57.56% of total revenue [47] - The net profit attributable to shareholders was 208.58 million yuan, down 11.37% year-on-year, while the net profit excluding non-recurring gains and losses rose by 14.25% to 184.91 million yuan [47] Business Overview - The company operates primarily in the optical precision instrument sector, focusing on the research, development, production, and sales of optical microscopes and components [41] - Key products include biological microscopes, industrial microscopes, barcode scanner lenses, and precision optical components, with a strong export market in Europe, Japan, Singapore, and India [41] - The company has established itself as a leader in the domestic optical microscope industry and is expanding into emerging fields such as automotive optics, machine vision, and medical optics [41][42] Industry Context - The global optical microscope market is projected to reach 6.1 billion USD by 2026, driven by increased investment in life sciences and technological advancements [30] - The barcode scanning market is expected to grow from 7.87 billion USD in 2024 to 13.06 billion USD by 2032, with a compound annual growth rate (CAGR) of 7.5% [32] - The machine vision market is anticipated to grow from 13.9 billion USD in 2024 to 18.5 billion USD by 2028, with a CAGR of 7.4% [33] - The medical device market in China is projected to reach approximately 1.2 trillion yuan in 2024, with a CAGR of 14.5% [37] Strategic Initiatives - The company plans to issue stocks to raise up to 300 million yuan, not exceeding 20% of the net assets as of the end of the previous year, to fund business-related projects and supplement working capital [10][11] - The stock issuance will be conducted through a simplified procedure targeting specific investors, with a maximum issuance not exceeding 30% of the total share capital prior to the issuance [12][16] - The funds raised will be allocated to projects aligned with the company's main business and will comply with regulatory requirements [17]

宁波永新光学股份有限公司 2024 度独立董事述职报告 作为宁波永新光学股份有限公司（以下简称"公司"）的独立董事，在 2024 年度的工作中，本人按照《中华人民共和国公司法》（以下简称"《公司 法》"）、《中华人民共和国证券法》（以下简称"《证券法》"）、《上市公司治理准 则》《上市公司独立董事管理办法》等法律法规、规范性文件以及《公司章程》、 公司《独立董事工作制度》的规定和要求，充分履行诚信与勤勉的义务，认真 履职，促进公司规范运作，切实维护公司整体利益和全体股东的合法权益。现 将 2024 年度履职情况报告如下： 一、个人基本情况 陈建荣，男，1963 年出生，中国国籍，无永久境外居留权。曾任宁波韵升 股份有限公司董事会秘书兼总裁助理及宁波宜科科技实业股份有限公司独立董 事，现任北京市炜衡律师事务所高级合伙人律师。 本人确认未在公司担任除独立董事及董事会专门委员会委员以外的任何职 务，也未在公司主要股东中担任任何职务；与公司、实际控制人、公司主要股 东之间不存在妨碍本人进行独立客观判断的关系，不存在影响独立性的情况。 二、年度履职概况 （一）出席董事会、股东大会会议情况 2024 年度，公司共召开董事 ...

第二条 本制度所称"重大信息"是指当出现、发生或即将发生可能对公司 股票及其衍生品种的交易价格产生较大影响的信息。 第三条 适用于本制度的重大信息内部报告责任人包括: （一） 公司董事、监事、高级管理人员； 宁波永新光学股份有限公司 重大信息内部报告制度 第一章 总 则 第一条 为加强宁波永新光学股份有限公司（以下简称"公司"）的重大 信息内部报告工作，明确公司重大信息收集和管理办法，确保公司及时、真实、 准确、完整地披露所有对公司股票及其衍生品种交易价格可能产生较大影响的信 息，根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司信息 披露管理办法》《上海证券交易所股票上市规则（2024年4月修订）》及《宁波永 新光学股份有限公司章程》等有关规定，结合公司实际情况，制定本制度。 （四） 公司其他由于所任公司职务可以获知公司有关重大事项的人员。 第四条 重大信息内部报告责任人应当及时、持续地履行重大信息报告义务， 并保证提供的相关文件资料真实、准确、完整，不存在虚假记载、误导性陈述或重 大遗漏。 第二章 重大信息内部报告的职责划分 第五条 公司董事会秘书负责公司对外信息披露工作，为公司重大信息内部 ...

作为宁波永新光学股份有限公司（以下简称"公司"）的独立董事，在 2024 年度的工作中，本人按照《中华人民共和国公司法》（以下简称"《公司 法》"）、《中华人民共和国证券法》（以下简称"《证券法》"）、《上市公司治理准 则》《上市公司独立董事管理办法》等法律法规、规范性文件以及《公司章程》、 公司《独立董事工作制度》的规定和要求，充分履行诚信与勤勉的义务，认真 履职，促进公司规范运作，切实维护公司整体利益和全体股东的合法权益。现 将 2024 年度履职情况报告如下： 一、个人基本情况 陈世挺，男，1970 年出生，中国国籍，无境外永久居留权，硕士学历，高 级会计师。曾任职于宁波米利电子有限公司财务部，中国工商银行北仑支行会 计科，2016 年 11 月至 2024 年 3 月任宁波水表（集团）股份有限公司独立董事。 1996 年至今任职于宁波中瑞税务师事务所，现任宁波中瑞税务师事务所副董事 长。 本人确认未在公司担任除独立董事及董事会专门委员会委员以外的任何职 务，也未在公司主要股东中担任任何职务；与公司、实际控制人、公司主要股 东之间不存在妨碍本人进行独立客观判断的关系，不存在影响独立性的情况。 二、年度履 ...

宁波永新光学股份有限公司 章程 二零二五年四月 | 第一章 | 总则 2 | | | --- | --- | --- | | 第二章 | 经营宗旨和范围 | 3 | | 第三章 | 股份 | 4 | | 第一节 | 股份发行 | 4 | | 第二节 | 股份增减和回购 | 5 | | 第三节 | 股份转让 | 6 | | 第四章 | 股东和股东会 | 7 | | 第一节 | 股东 | 7 | | 第二节 | 控股股东和实际控制人 10 | | | 第三节 | 股东会的一般规定 11 | | | 第四节 | 股东会的召集 | 13 | | 第五节 | 股东会的提案与通知 | 14 | | 第六节 | 股东会的召开 | 16 | | 第七节 | 股东会的表决和决议 | 19 | | 第五章 | 董事会 24 | | | 第一节 | 董事 | 24 | | 第二节 | 董事会 | 28 | | 第三节 | 独立董事 | 34 | | 第四节 | 董事会专门委员会 | 37 | | 第六章 | 高级管理人员 | 39 | | 第七章 | 监事会 41 | | | 第一节 | 监事 | 41 | | 第二节 | 监事会 ...