质谱仪销量放量，拓展有机分析产品线

Investment Rating - The report maintains a "Buy" rating for the company, with a target price adjusted to 29.19 yuan from the previous 50.19 yuan [2][14]. Core Insights - The company's three main business segments achieved revenue growth of 17% year-on-year in 2023, although net profit decreased by 38% due to a decline in gross margin and goodwill impairment [8][10]. - The sales volume of mass spectrometers has significantly increased, with a 167% year-on-year growth, indicating a ramp-up in production [10]. - The company has completed the first-year targets of its equity incentive plan, setting ambitious growth targets for 2024 and 2025 [11]. Summary by Relevant Sections Financial Performance - In 2023, the company reported a revenue of 416 million yuan, a 17% increase year-on-year, while the net profit was 27.56 million yuan, down 38% [8]. - The first quarter of 2024 saw a revenue of 105 million yuan, a 9% increase year-on-year, with a net profit of 11.57 million yuan, down 10% [8]. Product Development - The company has successfully delivered high-end ICP-MS/MS mass spectrometers and is expanding its organic analysis product line [10]. - The company has achieved full coverage of its inorganic element detection product line and is working on gas chromatography-mass spectrometry systems [10]. Equity Incentives - The company has met its equity incentive assessment targets for 2023, with growth targets set at no less than 30% and 45% for 2024 and 2025, respectively [11]. Valuation and Forecast - The report projects a decrease in net profit forecasts for 2024 and 2025, with EPS estimates adjusted to 0.56 and 0.84 yuan, respectively [14]. - The valuation is based on a P/S ratio of 4.0, aligning with comparable companies in the analysis instrument sector [14][15].