FPI(SZ:300203) GOLDEN SUN SECURITIES·2025-04-29 02:23Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market index [4][6]. Core Insights - The company has significantly improved its performance in 2024, achieving a revenue of 3.61 billion yuan, a year-on-year increase of 13.6%, and a net profit of 210 million yuan, reflecting a substantial year-on-year growth of 164.1% [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, reporting a revenue of 1.45 billion yuan in 2024, a year-on-year increase of 20.5% [3]. - The company has a strong product matrix in high-end mass spectrometry and life sciences, which is expected to accelerate domestic substitution in high-level scientific research fields [3]. Financial Performance Summary - In 2024, the company achieved a gross margin of 44.4%, an increase of 3.2 percentage points year-on-year, with specific segments showing varying margins [2]. - The operating cash flow improved significantly, with a net cash flow from operating activities of 690 million yuan in 2024, a year-on-year increase of 152.3% [2]. - The company is projected to achieve 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].