FPI(300203) China Post Securities·2025-02-05 09:10Investment Rating - The report gives a "Buy" rating for the company, indicating an expected relative increase in stock price of over 20% compared to the benchmark index within six months [6][14]. Core Insights - The company is expected to achieve a net profit attributable to shareholders of 200-230 million yuan in 2024, marking a significant turnaround from previous losses. The fourth quarter alone is projected to yield a net profit of 82-112 million yuan [3][4]. - The main business revenue is anticipated to grow steadily by 10-15%, with a specific segment, Puyue Technology, achieving a revenue growth of approximately 20% [4]. - The company is focusing on high-end analytical instruments, optimizing costs and enhancing efficiency, which has led to improved gross margins and reduced expenses [4][5]. Company Overview - The latest closing price of the company's stock is 17.27 yuan, with a total market capitalization of 7.7 billion yuan. The company has a total share capital of 449 million shares, with a debt-to-asset ratio of 67.5% [2]. - The company has a significant opportunity in the high-end analytical instrument market, where domestic production is still low, and there is a pressing need for local alternatives to imported products [5]. Financial Forecast and Valuation - Revenue projections for 2024-2026 are 35.96 billion, 40.34 billion, and 44.89 billion yuan, respectively, with year-on-year growth rates of 13.02%, 12.19%, and 11.26% [6][10]. - The net profit attributable to shareholders is expected to reach 215 million, 306 million, and 386 million yuan for the same period, with growth rates of 166.77%, 42.10%, and 26.21% [6][10]. - The company's price-to-earnings (P/E) ratios for 2024-2026 are projected to be 35.97, 25.32, and 20.06, indicating a relatively low valuation compared to peers [6][10].