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聚光科技(300203):科学仪器国产替代龙头,业绩大幅提升

Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Views - The company has significantly improved its performance in 2024, achieving a revenue of 3.61 billion yuan (up 13.6% year-on-year) and a net profit of 210 million yuan (up 164.1% year-on-year) [1][2]. - The improvement in performance is attributed to optimization in business and product structure, enhanced contract quality, and increased operational efficiency [1]. - The company is focusing on high-end scientific instruments, with its subsidiary, Puyutech, achieving a revenue of 1.45 billion yuan (up 20.5% year-on-year) and a net profit turnaround to 133 million yuan [3]. Financial Performance - In 2024, the company achieved a gross margin of 44.4%, an increase of 3.2 percentage points year-on-year [2]. - The operating cash flow improved significantly, with a net cash flow from operating activities of 690 million yuan, up 152.3% year-on-year [2]. - The company expects revenues of 4.12 billion yuan, 4.72 billion yuan, and 5.42 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 340 million yuan, 480 million yuan, and 670 million yuan [4][5]. Business Strategy - The company is optimizing its business layout to focus on high-end scientific instruments, which is expected to drive future revenue growth [3]. - The product matrix is continuously improving, with a focus on high-end mass spectrometry and life sciences, which are anticipated to enhance revenue and profit [3]. - The company has announced a cash dividend of 2.50 yuan per 10 shares, reflecting its strong financial position [3].