Investment Rating - The investment rating for the company is "Buy" (maintained) [2][4] Core Views - The company is expected to see revenue growth driven by downstream expansion and the chromatography and spectroscopy series, with a projected revenue increase of 38% year-on-year in Q1 2025 [2][4] - Despite a decline in 2024 revenue by 9% to 310 million yuan, the company anticipates a recovery with a revenue forecast of 376 million yuan in 2025, representing a 21.2% year-on-year growth [4][7] - The company has introduced several new scientific instruments that are expected to lead the industry, and it is actively pursuing domestic substitution efforts [4][5] Financial Summary - In 2024, the company reported a revenue of 310 million yuan, down 9.06% year-on-year, with a net profit of 13 million yuan, down 70.99% [4][10] - For Q1 2025, the company achieved a revenue of approximately 55.5 million yuan, marking a 37.85% increase year-on-year, although it reported a net loss of 0.52 million yuan [4][10] - The projected net profits for 2025, 2026, and 2027 are 47 million yuan, 53 million yuan, and 64 million yuan respectively, with corresponding EPS of 0.55, 0.62, and 0.75 yuan per share [4][7] Product Development and Market Expansion - The company has expanded its organic element analysis and sample pretreatment products into various sectors, including semiconductor materials, new energy materials, environmental pollution detection, and food safety testing [5][6] - The introduction of automatic dissolution testers and other pharmaceutical testing instruments has led to significant sales growth, with multiple procurement projects from provincial drug testing institutions and well-known pharmaceutical companies [5][6] - The company is increasing its market investment in high-performance liquid chromatography products, which are expected to become a significant revenue growth point in the future [5][6] Policy and Market Environment - Recent government policies encouraging large-scale equipment updates are expected to positively impact the company, particularly as universities and regulatory bodies begin updating their equipment [6][7] - The company is well-positioned to benefit from these developments, with ongoing support for domestic scientific instruments [6][7]