Investment Rating - The report maintains a "Recommendation" rating for the company with a target price of 18 yuan [2][8]. Core Views - The company's performance is under temporary pressure, but there is potential for reagent volume growth [2][8]. - In 2024, the company reported total revenue of 1.218 billion yuan, a decrease of 11.63%, and a net profit attributable to shareholders of 142 million yuan, down 48.50% [2][4]. - The company aims to focus strategically on increasing reagent volume, leveraging industry trends towards domestic in vitro diagnostics to expand market share [8]. Financial Summary - **Revenue and Profit Forecasts**: - 2024A: Revenue of 1,218 million yuan, net profit of 142 million yuan - 2025E: Revenue of 1,429 million yuan, net profit of 201 million yuan (growth of 41.7%) - 2026E: Revenue of 1,692 million yuan, net profit of 256 million yuan (growth of 27.4%) - 2027E: Revenue of 2,018 million yuan, net profit of 329 million yuan (growth of 28.5%) [4][9]. - **Earnings Per Share (EPS)**: - 2024A: 0.52 yuan - 2025E: 0.74 yuan - 2026E: 0.94 yuan - 2027E: 1.21 yuan [4][9]. - **Valuation Ratios**: - Price-to-Earnings (P/E) ratios for 2025E, 2026E, and 2027E are projected at 18, 14, and 11 respectively [4][9]. - **Market Performance**: - The company's stock price as of April 8, 2025, is 13.08 yuan, with a market capitalization of approximately 35.67 billion yuan [4][5].