聚光科技(300203)：业绩扭亏为盈 国产替代打开空间

Core Insights - The company reported a revenue of 3.61 billion yuan for 2024, representing a year-on-year increase of 13.6%, and a net profit attributable to shareholders of 210 million yuan, up 164.1% year-on-year [1] - In Q1 2025, the company achieved a revenue of 550 million yuan, a year-on-year increase of 1.4%, but reported a net loss of 21 million yuan, a reduction in loss of 4 million yuan year-on-year [1] - The company is a leader in high-end analytical instruments in China, established in 2002 and listed in 2011, with a strong focus on multiple technology platforms and applications across various sectors [1] Financial Performance - The gross profit margins for the company's core instrument, operational services, and environmental governance businesses in 2024 were 48.5%, 38.0%, and 27.3%, respectively, showing increases of 2.8 percentage points, 6.7 percentage points, and 4.6 percentage points year-on-year [2] - The subsidiary, Puyutech, generated a revenue of 1.45 billion yuan, a year-on-year growth of 20.6%, and achieved a net profit of 130 million yuan, marking a turnaround from losses [2] - The company has focused on its core instrument business while reducing investments in non-profitable segments, leading to significant improvements in profitability [2] Cost Management - In Q1 2025, the company's net profit margin reached 43.5%, with a year-on-year reduction in loss of 4.1 percentage points [2] - The company successfully reduced its expense ratios across various categories, including sales, management, financial, and R&D expenses, contributing to overall profitability enhancement [2] Profit Forecast and Investment Recommendation - The company is expected to benefit from domestic substitution and equipment renewal policies, with projected net profits for 2025, 2026, and 2027 at 330 million yuan, 410 million yuan, and 490 million yuan, respectively [3] - Corresponding EPS estimates are 0.74 yuan, 0.92 yuan, and 1.08 yuan for the same years [3] - A target price of 25.90 yuan is set based on a 35 times PE ratio for 2025, with an initial "buy" rating [3]