研报掘金丨国盛证券：维持聚光科技“买入”评级，高端科学仪器发力在即

Core Viewpoint - Guoguang Technology reported a significant decline in net profit for the first half of the year, with a net profit of -50.5 million yuan, representing a year-over-year decrease of 210.9% [1] - The company is undergoing a transformation focused on high-value areas, which has temporarily impacted its operational results [1] Financial Performance - In Q2 2025, the company recorded a net profit of -29.97 million yuan, reflecting a year-over-year decline of 142.3% [1] - Overall revenue and profit have decreased compared to the same period last year due to the ongoing business optimization efforts [1] Business Strategy - The company is concentrating resources on developing high-end analytical instruments and scientific instruments [1] - Significant breakthroughs have been achieved in the application of high-end mass spectrometry products in food safety, agriculture, and public security [1] - The promotion of fully automated AI laboratory applications is progressing, with three triple quadrupole liquid chromatography-mass spectrometry instruments and two trace element mass spectrometers obtaining Class II medical device registration [1] Market Outlook - Historical experience indicates that customer procurement for scientific instruments tends to increase in the third and fourth quarters, suggesting potential market opportunities for the company [1] - The company has announced a large-scale share repurchase plan, demonstrating confidence in its development [1] Competitive Position - The company possesses industry-leading product strength and is expected to enhance its market share and accelerate the localization of high-end analytical instruments [1] - The investment rating remains "Buy" based on the company's product capabilities and market potential [1]