FPI(300203) 信达证券·2025-04-23 08:23Investment Rating - The investment rating for the company is not explicitly stated in the report [1]. Core Viewpoints - The company achieved significant growth in 2024, with total revenue reaching 3.614 billion yuan, a year-on-year increase of 13.58%. The net profit attributable to shareholders was 207 million yuan, up 164.11% year-on-year, and the basic earnings per share were 0.46 yuan, reflecting a growth of 163.89% [1][3]. - The company is focusing on enhancing its high-end analytical instrument capabilities through a "4+X" strategy, which aims to establish itself as a leading domestic manufacturer in this sector [1][3]. - The company has made substantial improvements in its gross margin, which increased to 44.43%, up 3.17 percentage points year-on-year, due to effective cost control and efficiency enhancements [3][5]. Financial Performance Summary - In 2024, the company reported total revenue of 3.614 billion yuan, with a year-on-year growth rate of 13.6%. The net profit attributable to the parent company was 207 million yuan, marking a significant recovery from a loss in 2023 [5]. - The company’s gross margin improved to 44.4% in 2024, compared to 41.1% in 2023, indicating better cost management and operational efficiency [5][6]. - The forecast for 2025 anticipates revenue of 4.134 billion yuan, with a growth rate of 14.4%, and a net profit of 352 million yuan, reflecting a growth rate of 70.2% [5][6]. Business Segment Performance - The company’s revenue from its main business segments in 2024 included 2.56 billion yuan from instruments, 519 million yuan from related software and consumables, and 426 million yuan from environmental equipment and engineering services, showing respective year-on-year growth rates of 15.36%, 18.54%, and 7.14% [3]. - The gross margins for these segments were 48.5%, 37.99%, and 27.28%, respectively, indicating improvements across the board [3]. Strategic Initiatives - The company is actively expanding its high-end analytical instrument technology platforms, focusing on mass spectrometry, chromatography, and spectroscopy, which are crucial for domestic market needs [3][4]. - The establishment of several business units targeting clinical research and diagnostics, such as clinical mass spectrometry and nucleic acid analysis, demonstrates the company's commitment to diversifying its application scenarios [4].