Ningbo Yongxin Optics Co.,Ltd
603297.SS · SHH
Company research
Ningbo Yongxin Optics Co., Ltd. (603297.SS) is a China-based precision optical instruments manufacturer founded in 1997 and listed on the Shanghai Stock Exchange, headquartered in Ningbo, Zhejiang Province. The company specializes in the research, development, production, and sales of optical microscopes — including biological, industrial, digital, and teaching microscopes — as well as a broad range of optical components such as lenses, mirrors, filters, prisms, barcode scanner lenses, and professional imaging optics, marketed under its proprietary brands NOVEL, JIANGNAN, and NEXCOPE. Its products serve diverse end-markets spanning life sciences, semiconductor manufacturing, automotive navigation, HD projection, high-end cameras, barcode scanning, and education, with distribution reaching approximately 80 countries worldwide. With approximately 1,387 full-time employees, the company holds a market capitalization of approximately CNY 14.1 billion and serves as a recognized national manufacturing champion and a key contributor to international ISO microscope standards.
Research reports
Guosen’s 9M 2025 results note reports revenue of 6.74 bn yuan (+3.59% YoY) and net profit of 1.51 bn yuan (+7.69% YoY), with margins improving and Q3 revenue up 4.81% as multi‑segment optical businesses scale. It maintains an “outperform” (优于大市) rating, highlighting recovery potential in microscopes and continued growth in barcode scanning, laser radar, medical and semiconductor optics, while flagging demand, raw‑material, FX and competition risks.
Huaan Securities (华安证券股份有限公司) · November 7, 2025永新光学：Q3 业绩符合预期，高端显微镜持续放量Huaan’s Q3 2025 commentary notes 9M revenue of 6.74 bn yuan (+3.59% YoY) and net profit of 1.51 bn yuan (+7.69% YoY), with Q3 revenue up 4.81% and margins rising as high‑end microscopes exceed 40% of segment sales and machine‑vision/iris‑recognition applications expand. The report maintains an “accumulate” (增持) stance, projecting strong 2025–2027 EPS growth on accelerating high‑end microscope procurement and diversified optical component demand, while warning about market‑expansion, FX and trade‑environment risks.
Huaan Securities (华安证券股份有限公司) · September 25, 2025永新光学：25H1 业绩符合预期，高端显微镜释放成长动能This mid‑year 2025 report from Huaan notes H1 revenue of about 4.4 bn yuan (+3.0% YoY) and net profit around 1.1 bn yuan (+8.8% YoY), with optical components up 4.4% and high‑end microscopes surpassing 40% of microscope sales amid policy‑driven equipment renewal. It reiterates an “accumulate” rating, forecasting revenue to reach roughly 11.1/14.2/18.1 bn yuan and net profit 2.9/3.6/4.5 bn yuan in 2025–2027, supported by laser radar, semiconductor optics and overseas high‑end microscope expansion, but notes execution and macro risks.
Guosen Securities (国信证券股份有限公司) · September 1, 2025永新光学（603297.SH）上半年净利润增长8.8%，多元业务持续驱动业绩增长Guosen’s H1 2025 results review reports revenue of 4.41 bn yuan (+2.95% YoY) and net profit of 1.08 bn yuan (+8.75% YoY), with gross margin at 40.33% as high‑end microscopes, complex barcode‑scanning modules and laser‑radar components all contribute. The report maintains an “outperform” rating, emphasizing scaling laser‑radar shipments, accelerating medical and semiconductor optics penetration and continued microscope recovery, while pointing to demand, raw‑material, FX and competitive pressures as key risks.
Huajin Securities (华金证券股份有限公司) · August 5, 2025永新光学（603297.SH）公司快报：共聚焦显微镜国产替代加速，激光雷达放量在即Huajin’s company flash note focuses on laser confocal microscopes, describing rapid domestic substitution from foreign brands, expanding product families across the 0.8–1.5 mn yuan price band and growing sales to research institutes, hospitals and overseas markets. It initiates coverage with a “buy” rating, projecting 2025–2027 revenue of about 11.40/14.16/17.30 bn yuan and net profit of 2.76/3.45/4.36 bn yuan, driven by barcode machine‑vision, laser‑radar optics and medical/semiconductor optics, while highlighting technology‑change, capacity‑ramp, demand, FX and trade‑environment risks.