PONY(300887) Changjiang Securities·2025-04-23 09:12Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Views - The company, Puni Testing, reported a significant decline in revenue and a shift to net losses in 2024, with revenue of 1.541 billion yuan, down 37.5% year-on-year, and a net loss of 356 million yuan [2][6] - In Q1 2025, the company continued to face challenges, with revenue of 252 million yuan, a decrease of 24.7% year-on-year, and a net loss of 111 million yuan [2][6] - The decline in revenue is attributed to several factors, including industry-specific events affecting key sectors like military testing and biomedicine, adjustments in customer structure, and strategic business contractions [6] Summary by Sections Financial Performance - In 2024, the company experienced a revenue drop across various segments, with life sciences and health environmental revenue falling by 45.53% to 1.077 billion yuan [6] - The company anticipates a gradual recovery in profitability, projecting revenues of 1.752 billion yuan in 2025, 1.986 billion yuan in 2026, and 2.243 billion yuan in 2027, with corresponding net profits of 37 million yuan, 152 million yuan, and 248 million yuan respectively [6][17] Business Strategy - The company plans to focus on deepening customer relationships and expanding into sectors such as biomedicine, cosmetics, medical devices, and new energy vehicles to improve operational efficiency and cash flow [6] Cost Management - In response to the financial challenges, the company has implemented cost control measures, reducing employee numbers and decreasing various operational costs [6]