FPI(SZ:300203) Xin Lang Cai Jing·2025-09-29 10:33Group 1 - The company experienced a slight decline in revenue, with total operating income of 1.295 billion yuan in the first half of 2025, a year-on-year decrease of 8.23%, and a net profit attributable to shareholders of -51 million yuan, down 210.86% year-on-year [1] - Revenue breakdown by segment shows that instruments and consumables generated 896 million yuan, down 7.39% year-on-year; operational services brought in 213 million yuan, down 11.83%; and environmental governance and engineering contributed 135 million yuan, down 2.3% [1] Group 2 - The company is focusing on a "boutique" strategy for high-quality transformation and upgrading, concentrating resources on high-end analytical instruments and core supporting businesses, while appropriately scaling back unprofitable long-term projects [2] - The company has ceased signing new PPP contracts and is managing existing projects with a differentiated approach, aiming to enhance profitability through a focus on high-end analytical instruments [2] Group 3 - On August 20, the company announced a plan to repurchase shares using 100 to 150 million yuan at a price not exceeding 29.5 yuan per share, which will be used for future employee stock ownership plans or equity incentive plans, reflecting confidence in future development [3] Group 4 - Revenue forecasts for the company from 2025 to 2027 are projected at 4.101 billion yuan, 4.683 billion yuan, and 5.210 billion yuan, with EPS estimates of 0.71, 0.93, and 1.18 respectively, leading to corresponding PE ratios of 25.3, 19.2, and 15.1 times [4] - The company is focusing on core instrument businesses, with rich product and technology reserves and significant potential for domestic substitution, maintaining a "buy" investment rating [4]