FPI(SZ:300203) Tai Ping Yang Zheng Quan·2025-06-12 03:16Investment Rating - The report assigns a "Buy" rating to the company, projecting significant revenue and profit growth in the coming years [88]. Core Insights - The company, 聚光科技, is positioned as a leading domestic high-end instrument manufacturer, with a strong foundation and a turning point in its operations [3][5]. - The global analytical instrument market is expected to grow from $60 billion in 2025 to $111.4 billion by 2034, with a CAGR of 6.5%, indicating substantial growth potential for the industry [3][39]. - The company has successfully turned around its financial performance, achieving a revenue of 3.61 billion yuan in 2024, a 13.58% increase year-on-year, and a net profit of 207 million yuan, marking a 164.11% increase [24][88]. Summary by Sections Company Overview - 聚光科技 was established in 2002 and focuses on high-end analytical instruments, maintaining a "4+X" multi-business layout across various sectors [3][12]. - The company has undergone strategic adjustments, including the divestment of PPP projects, to enhance operational efficiency and focus on core instrument business [9][85]. Market Environment - The global analytical instrument market is dominated by North America, Europe, and China, with significant growth expected in the Asian market due to increasing R&D expenditures [3][39]. - Domestic demand for high-end analytical instruments is rising, driven by the need for local alternatives to imported products, as the import rate for high-end instruments remains high [43][47]. Financial Analysis - The company has experienced historical revenue and profit fluctuations but has shown signs of recovery, with a focus on cash flow and contract quality since 2023 [24][85]. - In 2024, the company achieved a revenue of 3.61 billion yuan and a net profit of 207 million yuan, indicating a successful turnaround [24][88]. Growth Projections - The company is projected to achieve revenues of 4.19 billion yuan in 2025, 4.80 billion yuan in 2026, and 5.41 billion yuan in 2027, with corresponding net profits of 320 million yuan, 451 million yuan, and 556 million yuan [88].