证券代码：002690 证券简称：美亚光电 公告编号：2024-024 合肥美亚光电技术股份有限公司 2024年第一次临时股东大会决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 特别提示： 1、本次股东大会未出现否决议案的情形； 2、本次股东大会不涉及变更以往股东大会已通过的决议。 一、会议召开和出席情况 合肥美亚光电技术股份有限公司（以下简称"公司"）董事会于2024年8月 22日在《证券时报》、巨潮资讯网（http://www.cninfo.com.cn）上刊登了《关 于召开2024年第一次临时股东大会的通知》。 （2）现场会议召开地点：合肥市高新技术产业开发区望江西路668号公司会 议室 （3）股权登记日：2024年9月3日 （4）会议召开方式：本次股东大会采用现场表决与网络投票相结合的方式召 开。 1 （5）会议召集人：公司董事会 1、会议召开情况 （1）会议召开时间 现场会议时间：2024 年 9 月 10 日下午 14:30 网络投票时间： 通过深圳证券交易所交易系统进行网络投票的具体时间为 2024 年 9 月 10 日上 午 9:15 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of 5% to 15% relative to the benchmark index [2][8] Core Views - The company's short-term performance is under pressure, with H1 2024 revenue declining 3.83% YoY to RMB 930 million and net profit attributable to shareholders dropping 21.48% YoY to RMB 272 million [2] - Q2 2024 showed marginal improvement with revenue growing 6.87% YoY to RMB 599 million, though net profit still declined 22.71% YoY [2] - The company continues to iterate new products and technologies, particularly in color sorters and high-end medical imaging equipment, which could open up new growth opportunities [2] Financial Performance Revenue and Profit - H1 2024 revenue breakdown: color sorter business grew 14.40% YoY to RMB 645 million, while medical equipment, X-ray industrial inspection machines, and parts businesses declined 32.27%, 21.77%, and 13.92% respectively [2] - Gross margin and net margin declined to 50.88% and 29.23% respectively in H1 2024, down 1.62 and 6.57 percentage points YoY [2] Expenses - H1 2024 expense ratios: sales expenses increased 3.03 percentage points to 12.08%, management expenses rose 0.52 percentage points to 5.02%, and R&D expenses grew 1.28 percentage points to 6.31% [2] Future Projections - Revenue is projected to grow from RMB 2.51 billion in 2024E to RMB 3.18 billion in 2026E, with net profit attributable to shareholders expected to increase from RMB 682 million to RMB 864 million over the same period [2][3] - EPS is forecasted to grow from RMB 0.77 in 2024E to RMB 0.98 in 2026E, with P/E ratios declining from 16.41x to 12.96x [2][3] Product Development - The company launched several new products and technologies in H1 2024, including the UHD2.0 high-definition deep learning system and PD-MAR "truth-preserving" imaging technology [2] - These innovations address long-standing industry challenges and could significantly enhance the company's competitive position in both color sorting and medical imaging markets [2] Market Position - The company is a leading provider of photoelectric identification products in China, with its product development and commercialization efforts showing promising results [2] - Contract liabilities increased 93.87% compared to the end of the previous year, indicating strong pre-sales growth [2]

2024 年 08 月 23 日 公司研究 评级：增持(首次覆盖) 研究所： 证券分析师： 姚健 S0350522030001 yaoj@ghzq.com.cn 联系人 ： 梅朔 S0350123070010 meis@ghzq.com.cn [Table_Title] Q2 收入增速回正，关注齿科需求恢复节奏 ——美亚光电（002690）2024 半年报点评 事件: 最近一年走势 美亚光电 8 月 21 日发布 2024 半年报：2024H1 公司实现营业收入 9.30 亿元，同比-3.83%；实现归母净利润 2.72 亿元，同比-21.48%；实现扣 非归母净利润 2.65 亿元，同比-22.25%。 投资要点: Q2 收入同比增速环比回正，业绩受汇兑拖累 Q2 单季度，公司 实现营业收入 5.99 亿元，同比+6.87%；实现归母净利润 1.71 亿元， 同比-22.71%。Q2 收入同比增速环比转正；业绩调整幅度较大主要 系 Q2 汇兑收益减少导致财务费用同比提升 3982 万元，若剔除该影 响，公司 Q2 归母净利润同比下降约 4.7%。 相对沪深 300 表现 2024/08/23 表现 1M 3 ...

Group 1: Financial Performance - In the first half of 2024, the company achieved a revenue of 930 million yuan, a year-on-year decline of 3.8%, with a nearly 7% growth in the second quarter [2] - The net profit for the first half of 2024 was 272 million yuan, down 21.5% year-on-year, primarily due to reduced exchange gains and increased expenses [2] - The color sorting machine and export businesses experienced approximately 15% growth in the second quarter [2] Group 2: Business Strategy and Market Position - The company is focusing on its core business and actively investing in market opportunities despite a challenging economic environment [2] - Increased investments in sales and R&D expenses were noted, which are expected to support future market competitiveness [2][3] - The company has obtained product registrations in about 50 countries and regions, with small-scale exports of medical products starting in 2024 [3] Group 3: Product Development and Market Trends - The mobile head CT device is suitable for various applications and has significant market potential, currently in the early stages of market application [4] - The company is optimistic about the future of the dental industry, despite current challenges in the dental service sector [2][3] - The company plans to continue promoting new medical products, including spinal surgery navigation devices and mobile head CTs, to achieve market sales [3] Group 4: Financial Management and Future Outlook - The company reduced its cash reserves by 200 million yuan due to cash dividends paid in the first half of 2024 [4] - There are no major capital expenditure plans for 2024, and the company intends to maintain its profit distribution policy [4] - The company aims to deepen its focus on advantageous industries and expand its business scale to achieve better operational results in an uncertain environment [5]

机械设备 证 券 研 究 报 告 2024 年 08 月 23 日 美亚光电 (002690) ——Q2 收入同比转正，医疗新品未来可期 | --- | --- | |------------------------------------|-------------------------------| | 市场数据： | 2024 年 08 月 22 日 | | 收盘价（元） | 13.60 | | 一年内最高 / 最低（元） | 23.80/13.45 | | 市净率 | 5.1 | | 息率（分红/股价） | 5.15 | | 流通 A 股市值（百万元） | 5,881 | | 上证指数/深证成指 | 2,848.77/8,162.18 | | 注："息率"以最近一年已公布分红计算 | | | --- | --- | |-------------------------------|------------------------| | | | | | | | 基础数据 : 2024 | 年 06 月 30 日 | | 每股净资产（元） | 2.68 | | 资产负债率 % | 20.19 | | 总 ...

Investment Rating - The report maintains an "Overweight" rating for the company [1][5] Core Views - The company's revenue for the first half of 2024 was RMB 930 million, a year-on-year decrease of 3.83% [1] - Net profit attributable to the parent company was RMB 272 million, a year-on-year decrease of 21.48% [1] - The color sorter segment remained stable, contributing 69.30% of total revenue, while the medical equipment segment faced pressure, with revenue declining by 32.27% [1][3] Business Segment Analysis Color Sorter Segment - Revenue from the color sorter segment reached RMB 645 million, a year-on-year increase of 14.40% [3] - Gross margin for this segment was 49.03%, a slight decrease of 1.41 percentage points compared to the previous year [3] - The company launched several innovative products, including the UHD2.0 high-definition deep learning system and the new KR color sorter with intelligent panoramic imaging technology [3] Medical Equipment Segment - Revenue from the medical equipment segment was RMB 205 million, a year-on-year decrease of 32.27% [3] - Gross margin for this segment was 51.04%, a decrease of 4.23 percentage points compared to the previous year [3] - The company is actively expanding into non-dental medical imaging fields, with products such as spinal surgical navigation equipment and mobile head CTs [3] Industrial Inspection Segment - Revenue from the industrial inspection segment was RMB 63.66 million, a year-on-year decrease of 21.77% [4] - The company continues to optimize its product line, focusing on engineering design and intelligent production to enhance product reliability [4] Financial Forecast - The report revised down the company's net profit forecast for 2024-2026 to RMB 744 million, RMB 849 million, and RMB 937 million, respectively [5] - EPS for 2024-2026 is expected to be RMB 0.84, RMB 0.96, and RMB 1.06, respectively [5] - The current stock price corresponds to a PE ratio of 16x, 14x, and 13x for 2024-2026 [5] Key Financial Data - Revenue growth for 2024-2026 is projected at 2.75%, 13.72%, and 10.32%, respectively [6] - Net profit growth for 2024-2026 is expected to be -0.16%, 14.20%, and 10.28%, respectively [6] - The company's ROE is forecasted to increase from 27.00% in 2023 to 38.79% in 2026 [9]

证券研究报告 | 公司点评 | 专用设备 | --- | --- | |----------------------------|------------------------------------------| | 美亚光电 (002690) | 报告日期： 2024 年 08 月 22 日 | | 环比趋势向好，静待医疗放量 | | 投资要点 业绩表现： 2024H1，公司营收 9.3 亿元，YOY -3.8%，归母净利润 2.7 亿元，YOY -21.5%， 扣非归母净利润 2.6 亿元，YOY -22.3%。 2024Q2，营收 6.0 亿元，YOY 6.9%，归母净利润 1.7 亿元，YOY -22.7%，扣非 归母净利润 1.7 亿元，YOY -22.4%。 成长性：环比趋势向好，静待医疗放量 2024Q2 以来，公司经营状况逐步好转，营业收入已实现同比正增长。其中色选 机业务和出口业务继续保持良 好的景气度；医疗相关业务虽然受到客观环境和 行业竞争加剧等不利因素影响，阶段性承压，但也处于逐步恢复中。 ①色选机：2024H1，公司色选机收入 6.4 亿元，YOY 14.4%。2024H1公司持 ...

Investment Rating - The investment rating for the company is maintained at "Buy" with a target price of RMB 15.40 [1]. Core Views - The company reported a revenue of RMB 930 million for the first half of the year, a year-on-year decrease of 4%, and a net profit attributable to shareholders of RMB 272 million, down 21% year-on-year. However, Q2 showed a revenue increase of 7% year-on-year, reaching RMB 600 million, with a net profit of RMB 170 million, down 23% year-on-year. After adjusting for a foreign exchange loss of RMB 40 million, the decline was approximately 6% [1][2]. - Due to the overall pressure on the domestic dental medical industry, the demand for CBCT (Cone Beam Computed Tomography) is below expectations, leading to a downward revision of revenue and gross margin forecasts for 2024-2026. The profit forecasts for these years have been adjusted to RMB 680 million, 750 million, and 820 million, representing reductions of 18%, 20%, and 18% respectively [1][3]. Summary by Sections Financial Performance - The company achieved a gross margin of 50.88% and a net margin of 29.23% in the first half of the year, down 1.6 and 6.6 percentage points year-on-year respectively. The gross margins for the color sorting machine and medical CBCT were down 1.4 and 4.2 percentage points respectively, primarily due to intensified competition in the industry [3]. - The company’s revenue from color sorting machines, medical CBCT, and X-ray industrial inspection machines saw year-on-year changes of +14%, -32%, and -22% respectively. The overseas revenue for color sorting machines increased by 15% year-on-year [2][3]. Product Development - The company actively responded to the decline in CBCT demand by upgrading its products. New technologies such as the PD-MAR imaging technology and the "Meiya Meiya" digital dental health cloud platform were introduced, enhancing capabilities in image processing and diagnosis [2]. - A new mobile CT product received regulatory approval and is expected to perform well in the market [2]. Market Position and Valuation - The company’s PE ratios for 2024, 2025, and 2026 are projected at 18, 17, and 15 respectively, compared to an average PE of approximately 28 for comparable companies in 2024. Given the lower compound profit growth rate compared to peers, a PE of 20 times is assigned for 2024, leading to a target price of RMB 15.40, down from a previous estimate of RMB 21.40 [1][3].

[Table_Finance] 公司盈利预测及估值 ble_Title] 评级：买入(维持) 市场价格：14.15 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 2,117 2,425 2,561 2,896 3,311 增长率 yoy% 17% 15% 6% 13% 14% 净利润（百万元） 730 745 742 825 969 增长率 yoy% 43% 2% 0% 11% 18% 每股收益（元） 0.83 0.84 0.84 0.93 1.10 每股现金流量 0.36 0.77 0.69 0.84 1.01 净资产收益率 28% 27% 28% 30% 32% P/E 17.1 16.8 16.8 15.1 12.9 P/B 4.7 4.5 4.7 4.5 4.1 备注：股价取自 2024 年 08 月 21 日 [Table_Profit] 基本状况 总股本(百万股) 882 流通股本(百万股) 432 市价(元) 14.15 市值(百万元) 12,484 流通市值(百万元) 6,119 美亚光电（002690.SZ） /机械设备 证券研究报告/公司点评 202 ...

合肥美亚光电技术股份有限公司 2024 年半年度报告全文 合肥美亚光电技术股份有限公司 2024 年半年度报告 2024 年 8 月 1 合肥美亚光电技术股份有限公司 2024 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 个别和连带的法律责任。 公司负责人田明、主管会计工作负责人陈凯及会计机构负责人(会计主管 人员)陈凯声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本报告中所涉及的未来计划等前瞻性陈述，不构成公司对投资者的实质 承诺，投资者及相关人士均应对此保持足够的风险认识，并且应当理解计划、 预测与承诺之间的差异。 公司在本报告第三节"管理层讨论与分析"中"十、公司面临的风险和 应对措施"部分，详细描述了公司经营中可能存在的风险及应对措施，敬请 投资者关注相关内容。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 合肥美亚光电技术股份有限公司 2024 年半年度报告全文 目录 | --- | --- | ...