GRGTEST(002967) Guoxin Securities·2025-01-26 14:48Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [1] Core Views - The company plans to invest CNY 327 million in technological upgrades in 2025, which represents a year-on-year increase of 9.85%. This investment is aimed at enhancing technical capabilities across various business segments and achieving operational targets for 2025 [2][5] - The acquisition of a 51% stake in Manhager (Shanghai) Biotechnology Co., Ltd. for CNY 44 million is intended to deepen the company's standard material business layout and enhance its one-stop service capabilities [2][3] - The company’s technological upgrade investment is projected to decrease as a percentage of revenue from 13.21% in 2023 to less than 9% by 2025, indicating a shift towards stable operations and improved input-output ratios [2][6] Summary by Sections Technological Upgrades - The company will invest CNY 327 million in technological upgrades in 2025, with CNY 289 million allocated for equipment purchases, CNY 23 million for laboratory renovations, and CNY 15 million for information technology improvements [2][5] - The investment in technological upgrades is expected to optimize the company's national business and laboratory strategic layout, enhancing technical support capabilities and production capacity [5][6] Acquisition of Manhager - The acquisition of Manhager aims to expand the company's product line in organic standard materials, covering various sectors such as food, environment, clinical, health products, cosmetics, and industrial products [3][9] - This acquisition is seen as a strategic move to enhance the company's comprehensive service capabilities and improve the coverage of standard materials, addressing the current limitations in product variety [9][11] Financial Projections - The company forecasts net profits of CNY 328 million, CNY 402 million, and CNY 502 million for 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 33, 27, and 21 [4][15] - The company is expected to benefit from the growth in demand across various industries driven by technological innovation and domestic substitution [4][12]