FPI(300203) 信达证券·2025-04-23 07:16Investment Rating - The investment rating for the company is not explicitly stated in the report [1] Core Views - The company achieved significant growth in 2024, with total revenue reaching 3.614 billion yuan, a year-on-year increase of 13.58%, and a net profit attributable to shareholders of 207 million yuan, up 164.11% year-on-year [1][3] - The company is focusing on high-end analytical instruments and has established a "4+X" layout to become a leading domestic manufacturer in this field [1][3] - The company has made substantial improvements in gross margin and cost efficiency, with a comprehensive gross margin of 44.43%, an increase of 3.17 percentage points year-on-year [3][5] Financial Performance - In 2024, the company reported revenues from various segments: instruments (2.56 billion yuan, +15.36%), software and consumables (519 million yuan, +18.54%), testing services (426 million yuan, +7.14%) [3] - The company’s net profit is projected to grow significantly, with estimates of 352 million yuan in 2025, 507 million yuan in 2026, and 690 million yuan in 2027, reflecting growth rates of 70.2%, 44.0%, and 36.0% respectively [5][6] - The company has a stable cash dividend policy, distributing 2.50 yuan per 10 shares, totaling 112.18 million yuan [6] Business Strategy - The company is enhancing its high-end analytical instrument technology platforms, focusing on mass spectrometry, chromatography, and spectroscopy, with several products achieving international advanced or domestic leading levels [3][4] - The company is actively expanding into life sciences, establishing multiple business units to address clinical research and early disease diagnosis needs [4] - The company is optimizing its product performance and deepening collaborations with industry partners to explore practical applications of mass spectrometry technology in precision medicine [4]