Investment Rating - The investment rating for the company is "Buy" (maintained) [2][8] Core Views - The company's performance is under short-term pressure in 2024, but increased R&D investment is expected to build long-term advantages [2][6] - The company reported a revenue of 744 million yuan in 2024, a year-on-year decrease of 0.17%, and a net profit attributable to shareholders of 103 million yuan, down 54.68% year-on-year [6][9] - The company is focusing on the rehabilitation sector, which has significant long-term potential despite short-term profit pressures due to rising expense ratios [6][9] Financial Performance Summary - In 2024, the company achieved a revenue of 744 million yuan, with a year-on-year change of -0.17% [6][11] - The net profit attributable to shareholders was 103 million yuan, reflecting a year-on-year decline of 54.68% [6][11] - The company’s gross margin was 67.42%, down 1.20 percentage points year-on-year, and the net margin was 13.83%, down 16.82 percentage points year-on-year [6][11] - R&D expenses increased by 42.41% year-on-year to 152 million yuan, representing 20.45% of total revenue [6][11] Revenue Breakdown - Revenue from rehabilitation therapy equipment was 504 million yuan, up 9.85% year-on-year [6][9] - Revenue from rehabilitation training equipment was 165 million yuan, down 19.89% year-on-year [6][9] - Revenue from rehabilitation assessment equipment was 27.62 million yuan, down 21.92% year-on-year [6][9] Future Projections - Revenue projections for 2025, 2026, and 2027 are 848 million yuan, 972 million yuan, and 1.121 billion yuan, respectively, with growth rates of 14.1%, 14.6%, and 15.3% [8][11] - Net profit projections for the same years are 151 million yuan, 194 million yuan, and 251 million yuan, with growth rates of 46.5%, 28.8%, and 29.3% [8][11] - The expected EPS for 2025, 2026, and 2027 are 0.94 yuan, 1.21 yuan, and 1.57 yuan, respectively [8][11]

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - In Q1 2025, the convertible bond proportion of fixed - income + funds showed a significant downward trend, dropping to 12.37%. The total scale of fixed - income + funds increased from 16645.54 billion yuan in Q4 2024 to 17709.06 billion yuan, while the convertible bond scale decreased slightly from 2230.32 billion yuan to 2190.99 billion yuan [3]. - The net supply of the convertible bond market shrank significantly in Q1 2025. The number of newly - listed convertible bonds decreased from 17 in Q4 2024 to 9, and the listing scale dropped from 222.90 billion yuan to 145.90 billion yuan. The delisting scale increased from 409.15 billion yuan to 1005.59 billion yuan. The market value of convertible bonds held by funds was stable but slightly decreased, and the number of convertible bonds held decreased from 492 to 478 [4]. - In Q1 2025, the convertible bond positions of different types of fixed - income + funds showed structural differentiation. Hybrid secondary bond funds still dominated, but the overall position scale continued the prudent retraction trend. Hybrid primary bond funds adjusted their rhythm slowly after the previous stage of expansion, and the position proportion remained in the central range. The position base of partial - debt hybrid funds was the smallest, and the position proportion continued to converge to a low level [5]. - In Q1 2025, the fund market's convertible bond investment was characterized by "active position adjustment and strategy differentiation". Hybrid secondary bond funds dominated the market trend with flexible position management, showing obvious internal strategy differences. Capital allocation followed the dual - line logic of "stable finance + betting on growth", with the financial sector and tracks such as photovoltaics and semiconductors being concentratedly increased, while delisted targets and traditional cyclical industries were significantly reduced [6]. - In Q1 2025, the investment trend of the convertible bond market tended to be structurally differentiated. Institutional funds strengthened the dual main lines of defense and growth by increasing financial bonds and emerging industry targets, and reduced delisted varieties and industries with declining prosperity to avoid risks. The market formed a layout feature of "stabilizing the center and grasping the structure" under the expectation of loose liquidity [9]. 3. Summary According to Relevant Catalogs 3.1 Fund Holding Convertible Bond Situation - **Total Scale and Proportion of Convertible Bonds in Fixed - income + Funds**: In Q1 2025, the convertible bond proportion of fixed - income + funds decreased significantly. The total scale of fixed - income + funds increased from 14804.61 billion yuan in Q1 2024 to 17709.06 billion yuan in Q1 2025, a year - on - year increase of 19.62%. In Q1 2025, the convertible bond proportion was 12.37%, a quarter - on - quarter decrease of 7.66% and a year - on - year decrease of 18.58%, indicating that investors' risk preference in the fixed - income + fund market tended to be stable [15]. - **Supply Side**: In Q1 2025, the convertible bond market continued to shrink, and the net supply decreased significantly. The number of newly - listed convertible bonds was 9, a quarter - on - quarter decrease of 47.06%, and the listing scale was 145.9 billion yuan, a quarter - on - quarter decrease of 34.55%. The number of delisted convertible bonds was 27, a year - on - year increase of 50%, and the delisting scale was 1005.59 billion yuan, a quarter - on - quarter increase of 145.78% and a year - on - year increase of 239.18% [17]. - **Demand Side**: In Q1 2025, the market value of convertible bonds held by funds was stable but slightly decreased. The number of convertible bonds held by funds was 478, a year - on - year decrease of 7.54% and a quarter - on - quarter decrease of 2.85%. The market value of convertible bonds held by funds increased from 2610 billion yuan in Q1 2024 to 2722 billion yuan in Q1 2025, a year - on - year increase of 4.28%, and a quarter - on - quarter decrease of 1.06% compared with Q4 2024 [23][25]. 3.2 Performance of Convertible Bond Positions of Different Types of Fixed - income + Funds - **Position Scale**: The convertible bond position scale of different types of fixed - income + funds continued the mild adjustment trend. Hybrid secondary bond funds still dominated the market, and the overall position structure did not change significantly, but the scale gradually became more prudent in retraction. Hybrid primary bond funds showed a phased expansion trend in some quarters, while partial - debt hybrid funds had the smallest position base and the mildest scale change [27]. - **Position Trend**: The relative relationship of the three types of position scales remained basically unchanged. Hybrid secondary bond funds dominated, fluctuating around 20%, and slightly declined in Q1 2025 after reaching the second peak in Q4 2024. Hybrid primary bond funds had relatively small fluctuations, showing a conservative allocation style. Partial - debt hybrid funds had the lowest position and the most stable changes, and showed a more obvious recovery in Q1 2025 [32][34]. 3.3 From the Perspective of Fund Strategies: Structural Iteration behind Steady Positions - **Position Proportion**: Hybrid secondary bond funds were the most active in leading the changes of convertible bonds. In the top ten list of fixed - income + fund position reductions, secondary bond funds accounted for 7 seats. In the top ten list of position increases, secondary bond funds accounted for 6 seats, showing significant internal strategy differences [37][38]. - **Scale Change**: Hybrid secondary bond funds led the scale change of convertible bond positions. In the top ten list of fund scale contractions, secondary bond funds accounted for 6 seats. In the top ten list of fund scale growth, secondary bond funds accounted for 7 seats, indicating that funds were inclined to secondary bond funds with a higher risk - return ratio [43][44]. 3.4 From the Perspective of Convertible Bonds: Stable Investment Atmosphere with Balanced Increases and Decreases - In Q1 2025 compared with Q4 2024, the convertible bond positions of funds showed structural adjustments. The top ten increased convertible bonds were mainly in the financial and high - growth sectors, such as Industrial Bank Convertible Bonds (+13.18 billion yuan) and Shanghai United Bank Convertible Bonds (+13.17 billion yuan). The top ten reduced convertible bonds were concentrated in delisted targets, traditional infrastructure, and some financial varieties, such as Bank of Hangzhou Convertible Bonds (-13.82 billion yuan) [46][47]. - Overall, the increase focused on the stability of finance and the elasticity of emerging industries, while the reduction focused on risk clearance and relevant industry changes. The position adjustment reflected that institutions balanced returns and risk exposures through the dual - line strategy of "stable finance + betting on growth" under the expectation of loose liquidity [48].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 36.726 billion yuan in 2024, a year-on-year increase of 5.14%, and a net profit attributable to shareholders of 11.668 billion yuan, up 0.74% year-on-year [4][5] - In Q1 2025, the company achieved a revenue of 8.237 billion yuan, a decrease of 12.12% year-on-year, and a net profit of 2.629 billion yuan, down 16.81% year-on-year [5] - Domestic revenue in 2024 was 20.29 billion yuan, accounting for approximately 55.3% of total revenue, down 5.1% year-on-year, while overseas revenue was about 16.43 billion yuan, accounting for 44.7%, with a year-on-year growth of 21.3% [5][6] - The in vitro diagnostics (IVD) business became the company's largest segment in 2024, generating 13.765 billion yuan in revenue, a year-on-year increase of 10.82% [7] Summary by Sections Financial Performance - In 2024, the company achieved total revenue of 36.726 billion yuan and a net profit of 11.668 billion yuan, with a projected revenue growth of 11.4% in 2025 [9][11] - The company expects to achieve revenues of 40.928 billion yuan in 2025, 48.212 billion yuan in 2026, and 56.881 billion yuan in 2027, with corresponding net profits of 13.203 billion yuan, 15.688 billion yuan, and 18.629 billion yuan respectively [9][11] Market Dynamics - The domestic market faced challenges due to weak hospital equipment procurement, while the international market showed strong growth, particularly in the Asia-Pacific region, which grew nearly 40% in 2024 [5][6] - The company has made significant progress in localizing its international operations, with 13 countries having local production projects [8] Business Transformation - The IVD segment's revenue surpassed that of the life information and support business, indicating a strategic shift towards a more streamlined business model [7] - The company is focusing on enhancing its international IVD capabilities through acquisitions and partnerships, aiming for continued growth in this segment [8]

Investment Rating - Investment Rating: Buy (Maintained) [1] Core Views - The company is expected to achieve stable revenue growth in 2024, with accelerated domestic substitution [6] - The core business of gene sequencing instruments showed steady performance, with a revenue of 2.348 billion yuan in 2024, a year-on-year increase of 2.47% [6] - The company is positioned to capture a significant market share from Illumina due to recent trade restrictions, enhancing its competitive edge in the domestic market [7] Financial Performance Summary - In 2024, the company achieved operating revenue of 3.013 billion yuan, a year-on-year increase of 3.48%, and a net profit attributable to shareholders of -601 million yuan, a year-on-year increase of 1.10% [4] - For Q4 2024, the company reported operating revenue of 1.143 billion yuan, a year-on-year increase of 61.64%, and a net profit of -137 million yuan, a year-on-year increase of 66.45% [4] - In Q1 2025, the company experienced a revenue decline of 14.26% year-on-year, with a net profit of -133 million yuan, an increase of 33.67% year-on-year [5] Revenue and Profit Forecast - The company is projected to achieve revenues of 3.583 billion yuan, 4.331 billion yuan, and 5.163 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 18.9%, 20.9%, and 19.2% [10] - The net profit attributable to shareholders is expected to be -46 million yuan, 70 million yuan, and 200 million yuan for 2025, 2026, and 2027 respectively, with significant year-on-year growth rates of 92.4%, 253.9%, and 183.7% [10] Market Position and Strategy - The company has become the only domestic sequencing equipment manufacturer covering all technical paths, enhancing its market position [7] - The company maintains a high level of R&D investment, continuously innovating its product matrix to meet the growing demand in domestic and overseas markets [7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 36.726 billion yuan in 2024, a year-on-year increase of 5.14%, and a net profit attributable to shareholders of 11.668 billion yuan, up 0.74% year-on-year. In Q1 2025, the company achieved a revenue of 8.237 billion yuan, down 12.12% year-on-year, and a net profit of 2.629 billion yuan, down 16.81% year-on-year [4][5] - Domestic growth is under pressure, while the overseas market continues to show high growth. In 2024, domestic revenue was approximately 20.29 billion yuan, accounting for about 55.3% of total revenue, down 5.1% year-on-year. Conversely, overseas revenue was about 16.43 billion yuan, accounting for approximately 44.7%, with a year-on-year growth of about 21.3% [5][6] - The in-vitro diagnostics (IVD) segment has become the company's largest business, generating revenue of 13.765 billion yuan in 2024, a year-on-year increase of 10.82%. The international IVD business grew over 30% year-on-year [7][8] Summary by Sections Financial Performance - In 2024, the company achieved a total revenue of 36.726 billion yuan, with a year-on-year growth of 5.14%. The net profit attributable to shareholders was 11.668 billion yuan, reflecting a 0.74% increase year-on-year. For Q1 2025, revenue was 8.237 billion yuan, down 12.12% year-on-year, and net profit was 2.629 billion yuan, down 16.81% year-on-year [4][5][11] Market Dynamics - Domestic revenue faced a decline due to weak hospital equipment procurement and the impact of DRG 2.0. However, recovery is expected in the domestic market by Q3 2025 due to easing fiscal constraints and the initiation of medical equipment upgrade projects [5][6] - The overseas market showed robust growth, particularly in the Asia-Pacific region, which grew nearly 40% year-on-year, and Europe, which rebounded with over 30% growth [5][6] Business Transformation - The company is accelerating its transition to a more streamlined business model, with IVD becoming the primary revenue driver. The installation of laboratory automation systems and high-speed chemical luminescence instruments has been significant, with nearly 190 systems installed in 2024 [7][8] - The company has established localized production projects in 13 countries, enhancing its international market penetration and supporting growth in the IVD segment [8][9] Future Outlook - Revenue projections for 2025-2027 are 40.928 billion yuan, 48.212 billion yuan, and 56.881 billion yuan, with expected year-on-year growth rates of 11.4%, 17.8%, and 18.0%, respectively. Net profit is projected to reach 13.203 billion yuan, 15.688 billion yuan, and 18.629 billion yuan during the same period [9][11]

Investment Rating - Investment Rating: Buy (Maintained) [1] Core Views - The company is expected to achieve stable revenue growth in 2024, with accelerated domestic substitution [6] - The core business of gene sequencing instruments showed steady performance, with a revenue of 2.348 billion yuan in 2024, a year-on-year increase of 2.47% [6] - The company is positioned to capture a significant market share from Illumina due to recent export restrictions [7] - The company maintains a high level of R&D investment, continuously innovating its product matrix [7] - Revenue forecasts for 2025-2027 are projected to be 3.583 billion yuan, 4.331 billion yuan, and 5.163 billion yuan, with year-on-year growth rates of 18.9%, 20.9%, and 19.2% respectively [10] Financial Performance Summary - In 2024, the company achieved an operating income of 3.013 billion yuan, a year-on-year increase of 3.48% [4] - The net profit attributable to the parent company was -601 million yuan, with a year-on-year growth of 1.10% [4] - The company reported a significant increase in sales volume, with nearly 1,270 new installations in 2024, a growth of 48.59% [6] - For Q4 2024, the operating income reached 1.143 billion yuan, a year-on-year increase of 61.64% [4] - The first quarter of 2025 saw a decline in revenue to 455 million yuan, a year-on-year decrease of 14.26% [5] Market Position and Outlook - The company is the only domestic sequencing equipment provider covering all technical paths, enhancing its competitive edge [7] - The overseas market is expanding, with a focus on high-throughput and high-precision sequencing equipment [7] - The company is expected to improve its overseas market share significantly, given the current geopolitical landscape [10]

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report In the current low - interest - rate and trading - oriented bond market environment in 2025, the research on institutional behavior has greater significance for interest rate guidance. The report focuses on ten pseudo - laws of institutional behavior, including data caliber, trading nature misjudgments, and model limitations [2]. 3. Summary According to the Directory 3.1 Why We Focus on Pseudo - Laws of Institutional Behavior In the low - interest - rate and trading - oriented bond market environment this year, the research on institutional behavior has increased significance for interest rate guidance, and there are many pseudo - laws in institutional behavior that need to be explored [14]. 3.2 Ten Pseudo - Laws of Institutional Behavior 3.2.1 Are Spot Bond Trading Data T + 0 or T + 1? —— It Should Be T + 1 Spot bond trading data should be analyzed with a one - day lag from interest rate trends because the transactions are usually negotiated the day before [16]. 3.2.2 Do Banks and Brokerages Only Sell Bonds for Distribution? —— There Is Also a Lot of Proprietary Trading Banks and brokerages often show net selling, which may be due to "primary subscription and secondary distribution." Observing old - bond transactions of banks and bond lending of brokerages can help understand their real trading intentions [20][21]. 3.2.3 Is Selling "Smashing" and Buying "Snatching"? —— Focus on the Active Party's Behavior In the secondary spot bond market, it is a zero - sum game. Market trends are driven by the active party. For example, the relationship between rural commercial banks and funds should be analyzed in combination with the active party's behavior [33][34]. 3.2.4 Is Fund Selling a "Redemption Wave"? —— Not Necessarily Historically The current market's panic about fund redemptions may be more of a preventive redemption by wealth management. Measuring the liability - side pressure of funds through the comprehensive holding - cost indicator shows that the current redemption pressure on bond funds is controllable [39][43]. 3.2.5 Are Insurance Companies All Allocation - Oriented? —— The Proportion of Trading - Oriented Has Significantly Increased The trading - oriented proportion of insurance companies has increased, as shown by the fact that they may buy 30Y Treasury bonds for trading purposes and the increase in their 30Y bond selling volume [47]. 3.2.6 Can't We Observe Foreign Investment in Bonds at a High Frequency? —— Most of the "Other" Institutions May Be Foreign Investors Foreign investors' trading behavior can be observed through the "other" type of institutions in high - frequency secondary spot bond trading data. For example, in April, the net buying of "other" institutions was roughly equivalent to the net buying of foreign investors mentioned by the SAFE [53]. 3.2.7 Does Institutional Allocation Increase in the Custody Caliber Mean Buying? —— It May Just Be Due to High Bond Supply An increase in institutional custody may be due to more primary - market bond underwriting or bond maturity, rather than active buying [6]. 3.2.8 High - Winning - Rate Institutional Behavior Indicators May Have Errors —— Interference from the Bull - Market Model Some high - winning - rate institutional behavior indicators may have asymmetric winning rates for buying and selling signals, which may be affected by the previous bull market. When constructing models, the weight of volatile or bear markets should be increased [6]. 3.2.9 Are Non - Linearly Extrapolatable Institutional Behavior Indicators Useless? —— "Direction Sense" Can Also Improve Investment Winning Rates Although some institutional behavior indicators have poor "prediction" effects, they can help investors find the core driving factors of market changes and provide a "direction sense" in investment [7]. 3.2.10 Boundaries of Institutional Behavior Quantitative Models —— Some Errors Such as Short - Term Emotions and Event Impacts Are Still Difficult to Eliminate The existing institutional behavior models have common errors, such as overfitting, being affected by short - term events, and errors in weight assignment. These errors can be reduced but cannot be completely eliminated, so dynamic adjustment and other subjective and objective research are needed [7].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a net profit attributable to shareholders of 392 million yuan for 2024, representing a year-on-year increase of 13.21%, and for Q1 2025, the net profit was 94 million yuan, up 13.84% year-on-year [4][5] - The company achieved a record high net profit of 120 million yuan in Q4 2024, with a full-year gross margin of 48.34%, slightly down by 1.31 percentage points year-on-year [5] - The company has a strong order backlog and is actively expanding production, with significant projects underway, including the construction of a new sealing plant expected to be completed by 2026 [5][6] Financial Performance Summary - In 2024, the company achieved revenue of 1.567 billion yuan, a year-on-year increase of 14.4%, and for Q1 2025, revenue was 410 million yuan, up 21.99% year-on-year [6] - The company’s international business revenue reached 200 million yuan in 2024, growing nearly 50% year-on-year, driven by expansion in the overseas mid-to-high-end petrochemical market [6] - The company’s mechanical sealing segment continues to perform well domestically, while the rubber and plastic sealing segment reported revenue of 180 million yuan for the first time [6] Earnings Forecast and Valuation - The earnings forecast for 2025-2027 predicts revenues of 1.751 billion yuan, 1.960 billion yuan, and 2.201 billion yuan respectively, with net profits of 448 million yuan, 502 million yuan, and 560 million yuan [7][8] - The projected diluted EPS for 2025-2027 is 2.15 yuan, 2.41 yuan, and 2.69 yuan respectively, with corresponding PE ratios of 16.6, 14.8, and 13.3 [7][8] - The company is positioned as a leading domestic mechanical sealing enterprise, focusing on import substitution in core areas and expanding its international business [7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved double-digit growth in both revenue and profit for 2024, with a notable increase in non-recurring net profit growth [2][3] - The company's revenue for 2024 reached 1.203 billion yuan, a year-on-year increase of 14.75%, while the net profit attributable to shareholders was 254 million yuan, up 15.95% year-on-year [2] - The first quarter of 2025 showed a slight decline in revenue and profit, indicating some pressure on performance [2][3] Financial Performance - In 2024, the company reported a gross margin of 41.88%, an increase of 0.56 percentage points year-on-year, with a total expense ratio of 11.81%, down 1.49 percentage points [4] - The blood products segment generated revenue of 1.072 billion yuan in 2024, a year-on-year increase of 8.80%, with a gross margin of 43.04% [5] - The company’s plasma collection volume increased by 8.7% in 2024, reaching 562 tons [5][8] Future Projections - Revenue projections for 2025, 2026, and 2027 are 1.347 billion yuan, 1.497 billion yuan, and 1.653 billion yuan, respectively, with year-on-year growth rates of 12.0%, 11.1%, and 10.4% [9][10] - The net profit attributable to shareholders is expected to be 299 million yuan, 345 million yuan, and 396 million yuan for 2025, 2026, and 2027, respectively, with growth rates of 18.0%, 15.3%, and 14.8% [9][10]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved double-digit growth in both revenue and profit for 2024, with a notable increase in non-recurring net profit growth [2][3] - The company reported a revenue of 1.203 billion yuan for 2024, representing a year-on-year increase of 14.75%, and a net profit attributable to shareholders of 254 million yuan, up 15.95% year-on-year [2] - The non-recurring net profit reached 264 million yuan, showing a significant year-on-year growth of 25.97% [2] - In Q1 2025, the company experienced a slight decline in revenue and net profit, with revenue at 225 million yuan, down 0.57% year-on-year, and net profit at 44 million yuan, down 6.54% year-on-year [2] Financial Performance - The company maintained a gross margin of 41.88% in 2024, an increase of 0.56 percentage points year-on-year [4] - The operating cash flow net amount was 178 million yuan, a decrease of 55.33% year-on-year, primarily due to reduced cash received from sales and increased cash outflows [4] - The blood products segment generated revenue of 1.072 billion yuan in 2024, up 8.80% year-on-year, with a gross margin of 43.04%, an increase of 2.28 percentage points [5] - The company’s core products, including human albumin and immunoglobulin, showed strong performance with revenues of 459 million yuan and 431 million yuan, respectively, both reflecting year-on-year growth of over 15% [5] Future Outlook - The company is expected to achieve revenues of 1.347 billion yuan, 1.497 billion yuan, and 1.653 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 12.0%, 11.1%, and 10.4% [9] - The net profit attributable to shareholders is projected to be 299 million yuan, 345 million yuan, and 396 million yuan for the same years, with growth rates of 18.0%, 15.3%, and 14.8% [9] - The company’s valuation is estimated at 21X, 18X, and 16X for the years 2025, 2026, and 2027, respectively [9]