securities star news, on November 13, 2023, Haitai xinguang (688677) announced that the company would accept institutional research on November 9, 2023, guoxin Self-employed Du Yang, Great Wall Fund Liang Furui Tang Xiangtao, Everbright Securities Zhang Jie, Pengyang Fund Cui Jieming, Xinda Aoya Fund Management Co., Ltd. Wang Jianhua, Baoyin Investment Management Co., Ltd. Lu Cong, Shanghai Kuanyuan Asset Management Co., Ltd. Li Yunying, Shanghai Hongshang Asset Management Center (Limited Partnership) Xiao Ying, Industrial Bank Co., Ltd. Zhao Lei, Shanghai Ningquan Asset Management Co., Ltd. Gao Xiyao, Shanghai Mingyu Asset Management Co., Ltd. Company Wang Youhong, Huafu Fund Zhang Rui, Pudong Bank AXA Fund Management Co., Ltd. Li Dongxiang, Galaxy Fund Management Co., Ltd. Yuan Xi, Shenzhen Duoxin Investment Management Co., Ltd. Cheng Saban, Morgan Fund Management Co., Ltd. Yang Jingyu, Shenzhen Wangzheng Asset Zhang Jingui, Jianxin Financial Management Zheng Leilei, China Europe Ruibo Xu Hang, Shenzhi Asset Master Chengping, Minmetals self-operated Wu Qiuru, Yuanxiang Yuanji Jin Huang Bingjie and Dacheng Fund Chen Quanlong participated.

The details are as follows:

Q: What are the pricing and sales expectations for the high-end models of Chinese Stryker 1688 in China?

A: The origin of the 1688 system is the United States, and the customer uses imported medical devices to register and sell the product in China. For the Chinese market, the customer positions the 1688 system as a high-end product, and its sales strategy and price system belong to the customer's business information.

ask the second generation machine has made some progress in registration, what is the current promotion situation and sales strategy after approval?

Both the camera system and light source supplied by the company to Stryker in China were approved for registration in October. One of the product models of Sinopharm Xinguang has also been approved for registration. This model of product has been officially released on CMEF at the end of October. Sinopharm Xinguang has reached agency cooperation agreements with more than a dozen provincial companies of Sinopharm instruments. The light source system of the company's own brand has been approved, and the camera system will be registered soon in the process of registration. The first batch of dealers of the company in and outside Shandong Province have been confirmed, and formal contracts will be signed with them before the end of the year. The above approved products are currently in production preparation and will be officially listed for sale at the end of this year.

ask us to give doctors a better habit of defogging. instead, doctors ask other manufacturers to add defogging function. judging from the current follow-up rhythm and technical barriers of other manufacturers, how much time period do you think there will be?

Endoscopic fogging during endoscopic surgery is a common pain point in clinical practice. In order to solve this problem, manufacturers in the industry have thought of many methods, mainly including spraying chemical reagents, software algorithm processing, electric heating at the front end of the endoscope, etc. The first two methods have poor real-time defogging effect, and the defogging effect of electric heating is good, but the electric heating method will bring the risk of high leakage current. Surgical operations, especially those near the heart, have high requirements on leakage current. The company uses an optical method of defogging, which uses specific light to enter the endoscope and uses the thermal effect of light to make the endoscope achieve thermal equilibrium, thus realizing the defogging function. This method avoids the risk of leakage current caused by heating at the front end of the endoscope. The doctor only needs to press the button on the handle during the operation, and the foggy picture can be recovered in 5-10 seconds. The operation process can be carried out smoothly and continuously, which can shorten the operation time and is beneficial to the recovery of the patient after the operation. The current clinical feedback effect is very good. For the design of optical defogging, the company has applied for invention patent protection in China, the United States and other major countries. In addition to patent method protection, the defogging system involves the development and manufacture of endoscopic camera systems and endoscopes, which requires a high level of design and process technology, especially optical-related technology, and it is very difficult to avoid the company's patent protection while being able to achieve it in the process.

Q: What is the company's approximate delivery of 1788 matching orders?

A: 1788 order includes SPY mirrors and 1788 light source modules. In the first half of this year, the company signed orders for new light sources with American customers, which are currently being implemented in accordance with customer needs. According to the current implementation situation, the orders should be issued by the end of the year. There are a total of 12 models of SPY mirrors, and relevant orders are also being executed according to customer needs. Orders for some models are nearing completion, and new orders will be signed according to different models one after another.

Q: The purchasing strategy of American customers is how much inventory will they purchase from us? How does the price of the mirror body change?

A: A new order is placed when the customer expects that the remaining order will not meet the shipment volume in the next 1 to 2 months. The company's product prices are mainly set by cost-plus, and according to the quantity of the implementation of ladder prices, larger quantities corresponding to more favorable prices. In the same amount, the SPY is comparable to the IM price.

Q: What is the impact of building a factory in Thailand?

A: The main purpose of the company's factory in Thailand is to optimize the company's domestic and foreign industrial chain and ensure the stable development of overseas business. At present, the Thai subsidiary has been established and is undergoing renovation. Under normal circumstances, the Thai factory can achieve production in the first half of next year. The Thai factory will increase the company's expenses in the short term, but because the total investment is not large, the impact is not too great; in the long run, due to the preferential tax policies of the Thai medical industry, the construction costs of the Thai factory will be returned to the company in the form of tax relief.

Haitai Xinguang (688677) main business: engaged in the research and development, manufacturing, sales and service of medical optical imaging equipment, committed to the innovative application of optical technology and digital image technology, to provide high-quality, pioneering products and services for clinical medicine, precision optics and other fields.

Haitai xinguang's third quarterly report in 2023 showed that the company's main revenue was 0.376 billion yuan, up 10.77 percent from the same period last year. Net profit attributable to the parent was 0.118 billion yuan, down 15.5 percent from the same period last year. Deduct non-net profit of 0.111 billion yuan, down 14.19 percent from the same period last year; In the third quarter of 2023, the company's single-quarter main revenue was 0.108 billion billion yuan, down 24.4 percent from the same period last year; non-net profit was deducted by 25.2081 million yuan in a single quarter, down 55.15 year on year. Debt ratio 8.24, investment income -6.9798 million yuan, financial expenses -4.5902 million yuan, gross profit margin 64.1.

The stock has been rated by 25 institutions in the last 90 days, with 16 buying ratings and 9 overweight ratings; the average institutional target price for the past 90 days is 63.08.

The following is detailed earnings forecast information:

Margin trading data show that the net outflow of financing of the stock in the past three months has 58.5058 million, and the financing balance has decreased; the net inflow of securities has 5.1677 million, and the balance of securities has increased.

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