Investment Rating - The report assigns an "Accumulate" rating for the company, indicating a positive outlook for its stock performance in the near term [5]. Core Views - The company is positioned as a leader in the analytical instruments industry, focusing on both organic growth and acquisitions to build a comprehensive industrial chain [5]. - The company has expanded into the chromatography sector, which is dominated by imported brands, and is developing high-value products to capture market share [5][6]. - The company has achieved significant revenue growth in its chromatography products, with a projected 9% increase in revenue for 2024, reaching 79 million yuan [5]. - The company is actively pursuing mergers and acquisitions to enhance its laboratory cleaning and product lines, which are essential for various industries [6]. - The company has a strong foundation in organic element analysis and sample preparation, with these two product lines generating over 50% of total revenue in 2024 [6]. Financial Summary - The company is expected to generate revenues of 370 million yuan in 2025, with a year-on-year growth rate of 19.33% [8]. - The projected net profit for 2025 is 50 million yuan, reflecting a substantial recovery from previous losses [8]. - The company's earnings per share (EPS) is forecasted to be 0.59 yuan in 2025, with a price-to-earnings (P/E) ratio of 23.85 [8]. - The company has maintained a consistent increase in R&D investment, with a compound annual growth rate of 20.85% since 2016, indicating a strong commitment to innovation [9].