FPI(SZ:300203) Xin Lang Cai Jing·2025-08-29 00:43Group 1 - The company reported a revenue of 1.295 billion yuan for H1 2025, a year-on-year decrease of 8.23%, and a net profit attributable to shareholders of -51 million yuan, a decline of 210.86% [1] - Revenue breakdown shows that instrument, related software, and consumables generated 896 million yuan, down 7.39%; operational services, testing services, and consulting services brought in 213 million yuan, down 11.83%; environmental equipment and engineering earned 135 million yuan, down 2.30%; and other businesses contributed 50 million yuan, down 20.51% [1] - The company maintained stable operating expenses, with sales expenses at 285 million yuan (sales expense ratio of 22.01%, up 2.38 percentage points), management expenses at 134 million yuan (management expense ratio of 10.35%, up 0.71 percentage points), R&D expenses at 203 million yuan (R&D expense ratio of 15.68%, up 0.23 percentage points), and financial expenses at 61 million yuan, a decrease of 20 million yuan due to reduced interest expenses from loan repayments [1] Group 2 - The company is a leading domestic high-end analytical instrument enterprise, continuously building a "4+X" multi-business layout, creating unique competitive barriers through the "technology platform × application field" multiplier effect [2] - Despite rapid growth in the domestic analytical instrument industry over the past decade, there remains a significant gap compared to leading countries like the US, Germany, and Japan, with the top 20 global listed analytical instrument companies being monopolized by Europe, the US, and Japan [2] - The company has been recognized as a "national manufacturing single champion enterprise" and possesses leading domestic mass spectrometry, chromatography, and spectroscopy technologies and product platforms, positioning itself to benefit from the urgent demand for domestic alternatives [2] Group 3 - Revenue forecasts for the company from 2025 to 2027 are 3.987 billion yuan, 4.506 billion yuan, and 4.951 billion yuan, with net profits of 252 million yuan, 399 million yuan, and 460 million yuan, corresponding to PE ratios of 38.10, 24.07, and 20.86 times, maintaining a "buy" rating for the company [3]