FPI(SZ:300203) Huaxin Securities·2025-09-29 08:02Investment Rating - The report maintains a "Buy" investment rating for the company [1] Core Views - The company is experiencing short-term pressure on performance, with a slight decline in revenue and a significant drop in net profit [4] - The strategic focus is on high-end scientific instruments, with expectations for continued breakthroughs in this area [5] - The company plans to repurchase shares to implement an employee stock ownership plan, reflecting confidence in future development [6] - Revenue forecasts for 2025-2027 are projected at 41.01 billion, 46.83 billion, and 52.10 billion yuan, respectively, with corresponding EPS of 0.71, 0.93, and 1.18 yuan [7] Financial Performance - In the first half of 2025, the company achieved operating revenue of 1.295 billion yuan, a year-on-year decrease of 8.23%, and a net profit attributable to shareholders of -51 million yuan, a decline of 210.86% [4] - Revenue breakdown by segment shows a decline in instruments and consumables by 7.39%, operational services by 11.83%, and environmental governance and engineering by 2.3% [4] - The company is implementing a "boutique" strategy for high-quality transformation, focusing on high-end analytical instruments and core supporting businesses [5] Earnings Forecast - The company forecasts revenue growth rates of 13.5% for 2025, 14.2% for 2026, and 11.3% for 2027, with net profit growth rates of 53.5%, 31.7%, and 27.0% for the same years [9][11]