Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative performance increase of over 15% against the benchmark index in the next 6 to 12 months [11] Core Views - The company has shown a good growth trend in its color sorting machine business, while its medical segment has faced pressure due to market conditions [3][7] - The company achieved a revenue of 2.311 billion yuan in 2024, a year-on-year decrease of 4.73%, and a net profit of 649 million yuan, down 12.84% year-on-year [3] - The color sorting machine business continues to grow, with a revenue increase of 9.87% to 1.622 billion yuan, while the medical business saw a significant decline of 33.43% in revenue [7][8] Summary by Sections Financial Performance - In 2024, the company reported a total revenue of 2.311 billion yuan, with a year-on-year growth rate of -4.73% and a net profit of 649 million yuan, reflecting a -12.84% change [3] - The fourth quarter of 2024 saw a revenue of 733 million yuan, down 4.61% year-on-year but up 13.13% quarter-on-quarter [5] - The gross profit margin for 2024 was 50.43%, a decrease of 1.06 percentage points year-on-year, while the net profit margin was 28.09%, down 2.62 percentage points [5] Business Segments - The color sorting machine segment achieved a revenue of 1.622 billion yuan, with a gross margin of 49.64%, showing a year-on-year increase [7] - The medical segment's revenue fell to 503 million yuan, with a gross margin of 48.44%, reflecting a decline due to increased competition and sluggish demand [8] Market Outlook - The report indicates that the color sorting machine market is expected to continue its stable growth due to increasing digitalization and automation trends [7] - Despite the current challenges in the medical segment, the long-term potential remains strong, particularly in the dental CBCT market, which is expected to recover as the economy improves [8] Research and Development - The company invested 160 million yuan in R&D in 2024, representing 6.90% of its revenue, with a year-on-year increase of 7.29% [6] - The company holds 158 valid invention patents, enhancing its competitive edge in the market [6]

Core Viewpoint - The company reported a slight decline in revenue and net profit for 2024, but there are positive signs for recovery in the domestic dental medical consumption and potential improvement in the CBCT business in 2025 [1][4]. Group 1: Financial Performance - In 2024, the company achieved revenue of 2.311 billion yuan (down 4.73% year-on-year) and a net profit of 649 million yuan (down 12.84% year-on-year) [1]. - The fourth quarter saw revenue of 733 million yuan (down 4.61% year-on-year, up 13.13% quarter-on-quarter) and a net profit of 199 million yuan (up 9.62% year-on-year, up 11.81% quarter-on-quarter) [1]. - The company slightly adjusted its 2025 profit forecast upwards, expecting net profits of 700 million yuan, 740 million yuan, and 790 million yuan for 2025-2027 [4]. Group 2: Business Segments - The medical equipment segment reported revenues of 1.62 billion yuan for color sorting machines (up 10% year-on-year), 500 million yuan for medical devices (down 33% year-on-year), and 150 million yuan for X-ray industrial inspection machines (down 5% year-on-year) [2]. - The company launched a new mobile CT product, which has received regulatory approval and is expected to contribute to future revenues [2]. Group 3: Profitability and Cost Structure - The company reported a gross margin of 50.43% and a net margin of 28.09%, with declines of 1.06 and 2.62 percentage points year-on-year, respectively [3]. - The gross margin for the color sorting machine business improved by 1.10 percentage points, while the overall gross margin decreased due to intense competition in the CBCT market [3]. - The company’s sales, management, R&D, and financial expense ratios increased year-on-year, primarily due to rising personnel costs and a decrease in revenue [3]. Group 4: Dividend and Valuation - The company plans to distribute a cash dividend of 7.0 yuan per 10 shares, totaling 620 million yuan, which represents 95% of the net profit for the period [4]. - The target price for the company is set at 20.00 yuan, based on a 25 times PE ratio for 2025, reflecting a slight increase from the previous target of 19.25 yuan [4].

Core Viewpoint - The legal opinion letter from Anhui Tianhe Law Firm confirms the compliance and legality of Hefei Meiya Optoelectronics Technology Co., Ltd.'s plan to repurchase and cancel part of the restricted stock from the 2021 incentive plan, which is necessary due to the departure of certain incentive targets [1][14][17] Summary by Sections 1. Implementation of the Incentive Plan - The company has conducted necessary procedures for the implementation of the 2021 restricted stock incentive plan, including approval from the board and independent directors [5][6][7] - The plan involved the issuance of restricted stocks to specific targets, with public disclosure and verification by the supervisory board [6][7] 2. Reasons for Repurchase and Cancellation - The repurchase is due to the departure of 6 incentive targets, which disqualifies them from holding the restricted stocks that have not yet been released from restrictions [15] - The total number of restricted stocks to be repurchased is 22,400 shares, representing 0.0025% of the company's total share capital [15] 3. Repurchase Price and Funding - The repurchase price for the first grant of restricted stocks is set at 13.66154 CNY per share, while the price for the reserved grant is 10.48 CNY per share [16] - The total funds allocated for this repurchase amount to 260,432 CNY, with adjustments possible based on future equity distributions [16] 4. Impact on Share Capital - Following the repurchase and cancellation, the company's total shares will decrease by 22,400 shares, but this will not affect the control of the company or its compliance with listing requirements [16][17]

Core Viewpoint - The company has approved the repurchase and cancellation of 22,400 restricted shares from former incentive recipients who have left the company, as part of its 2021 restricted stock incentive plan [1][9][12] Summary by Sections Company Background - Hefei Meiya Optoelectronics Technology Co., Ltd. has conducted a series of meetings to review and approve the repurchase of restricted shares as per its incentive plan [1][2] Incentive Plan Details - The 2021 restricted stock incentive plan was approved by the board and shareholders, allowing the company to grant restricted shares to eligible recipients [2][3] - The plan includes provisions for handling changes in the status of incentive recipients, such as resignations [9][11] Repurchase and Cancellation Process - The company will repurchase 22,400 shares from 6 former incentive recipients who no longer qualify due to their departure [9][12] - The repurchase price for the first grant of restricted shares is set at 12.96 yuan per share, while the price for the reserved grant is 9.78 yuan per share [11] Financial Implications - The total funds allocated for this repurchase amount to 276,112 yuan, sourced from the company's own funds [11] - The repurchase will not affect the company's financial status or the ongoing implementation of the incentive plan [12] Governance and Compliance - The supervisory board has confirmed that the repurchase complies with relevant regulations and has been approved through proper decision-making processes [12][13] - Legal opinions affirm that the repurchase is in accordance with applicable laws and regulations [12][13]

Meeting Information - The company will hold its 2024 Annual General Meeting on April 22, 2025, at 14:30 [1] - Shareholders can participate through on-site attendance or online voting via the Shenzhen Stock Exchange [1][4] - The online voting will be available from 9:15 to 15:00 on the same day [1] Shareholder Eligibility - All ordinary shareholders registered by the close of trading on the record date are eligible to attend and vote [1] - Shareholders can appoint proxies to attend the meeting and vote on their behalf [1][3] Voting Procedures - Voting will include both on-site and online options, with specific time slots for each [1][4] - Non-cumulative voting proposals will require shareholders to indicate their voting preferences: agree, oppose, or abstain [4] Agenda and Proposals - The agenda includes proposals that have been approved by the board and supervisory committee [2] - Certain proposals require a special resolution, needing more than two-thirds approval from attending shareholders [2] Documentation and Registration - Shareholders must provide identification and proof of shareholding for registration [3] - The company has provided a template for proxy voting authorization [5]

Core Viewpoint - The company plans to distribute a cash dividend of RMB 7 per 10 shares to all shareholders based on a total share capital of 882,257,450 shares, reflecting a commitment to shareholder returns and sustainable development [1][2][3] Summary by Sections Profit Distribution Plan - The company achieved a net profit of RMB 618,258,921.22 for the fiscal year 2024, with an opening undistributed profit of RMB 850,290,357.82, leading to a total distributable profit of RMB 852,451,729.04 after accounting for the previous year's dividend distribution [1] - The proposed profit distribution plan aligns with the company's articles of association and considers the current development stage and funding arrangements [1] Cash Dividend Details - The total cash dividend for 2024 is set at RMB 617,580,215.00, which is consistent with the previous years' distributions, indicating a stable dividend policy [2] - The company has not engaged in share buybacks, maintaining a focus on cash dividends as a primary method of returning value to shareholders [2] Compliance and Stability - The proposed cash dividend does not trigger any risk warning scenarios as per the Shenzhen Stock Exchange regulations, ensuring compliance with relevant laws and guidelines [3] - The company emphasizes its commitment to high-quality, sustainable growth while ensuring reasonable returns for investors, reflecting a balanced approach to profit distribution [3]

Meeting Overview - The meeting of the Supervisory Board of Meiya Optoelectronics was held on March 27, 2025, with all three supervisors present, and the procedures complied with relevant laws and regulations [1] Resolutions Passed - The Supervisory Board unanimously approved the 2024 Annual Work Report, which will be submitted for review at the 2024 Annual General Meeting [2] - The Supervisory Board confirmed that the procedures for preparing and reviewing the 2024 Annual Report complied with legal and regulatory requirements, and the report accurately reflects the company's situation [2] - The Supervisory Board agreed on the profit distribution plan proposed by the Board of Directors, which balances investor returns and sustainable development, and will be submitted for review at the 2024 Annual General Meeting [2][3] Internal Control and Financial Management - The company has established a robust internal control system that meets legal requirements and effectively manages risks [3] - The Supervisory Board approved the plan to use up to RMB 1.8 billion of temporarily idle funds for cash management, which is expected to enhance fund efficiency and benefit shareholders [3] Stock Incentive Plan - The Supervisory Board approved the repurchase and cancellation of 22,400 restricted stocks from six former employees who no longer qualify as incentive targets, in accordance with relevant regulations [4][5] Audit and Accounting Policies - The Supervisory Board agreed to reappoint Rongcheng Accounting Firm as the auditor for the 2025 fiscal year, citing their qualifications and professionalism [5] - The company’s change in accounting policies was deemed reasonable and compliant with regulations, reflecting a true and fair view of the financial situation [5]

合肥美亚光电技术股份有限公司 2024 年度董事会审计委员会履职情况报告 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 治理准则》、《深圳证券交易所股票上市规则》等法律法规及规范性文件的规定， 以及《合肥美亚光电技术股份有限公司章程》、《董事会审计委员会工作细则》 的有关规定，合肥美亚光电技术股份有限公司（以下简称"公司"）董事会审计 委员会本着勤勉尽责的原则，认真履行了审计监督职责。现将公司董事会审计委 员会 2024 年度履职情况汇报如下： 一、审计委员会基本情况 公司第五届董事会审计委员会由 3 名成员组成，分别为独立董事潘立生先 生、独立董事杨辉先生、非独立董事郝先进先生，其中召集人由会计专业人士潘 立生先生担任。 二、审计委员会会议召开情况 2024 年，董事会审计委员会共召开 4 次会议，全部议案均审议通过，具体 如下： | 会议 | | 召开日期 | | | 审议议题 | 决议情况 | | --- | --- | --- | --- | --- | --- | --- | | 第五届董事 | | | | 告 | 1、2023 年度财务报告 | 一致同意 | | | | | ...

合肥美亚光电技术股份有限公司董事会 2025 年 3 月 28 日 1 合肥美亚光电技术股份有限公司 《公司章程》修订案 | 序号 | 修订前 | 修订后 | | --- | --- | --- | | 1 | 第六条 公司注册资本为人民 | 第六条 公司注册资本为人民 | | | 币 882,330,400 元。 | 币 882,257,450 元。 | | 2 | 第二十条 公司股份总数为 | 第二十条 公司股份 总数为 | | | 882,330,400 股，全部为普通 | 882,257,450 股，全部为普通 | | | 股。 | 股。 | ...

合肥美亚光电技术股份有限公司 第五届监事会第十一次会议决议公告 本公司及监事会全体成员保证公告内容真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏。 一、监事会会议召开情况 证券代码：002690 证券简称：美亚光电 公告编号：2025-002 合肥美亚光电技术股份有限公司（以下简称"美亚光电"或"公司"）于 2025 年 3 月 17 日以电话或电子邮件的方式发出召开第五届监事会第十一次会议的通 知，会议于 2025 年 3 月 27 日上午 10:30 在公司会议室现场召开。本次会议应出 席监事 3 人，实际出席监事 3 人，会议由监事会主席主持。本次会议的召集、召 开程序均符合《公司法》和《公司章程》的有关规定。 二、监事会会议审议情况 1、审议通过《2024 年度监事会工作报告》 表决结果：3 票同意，0 票反对，0 票弃权。 具体内容请见 2025 年 3 月 28 日刊登在巨潮资讯网 （http://www.cninfo.com.cn）上的《2024 年度监事会工作报告》。 本议案需提交公司 2024 年年度股东大会审议。 2、审议通过《2024 年年度报告》全文及摘要 表决结果：3 票同 ...