Investment Rating - The investment rating for the company is "Buy" (maintained) [4][12] Core Views - The domestic market is poised for recovery, and overseas business is performing strongly. The company is expected to benefit from the gradual recovery of procurement in 2025, leading to a turning point in domestic operations [4][5] - The company has implemented an active dividend policy, with dividend payouts of 679 million and 1.71 billion for 2024 and 2025 respectively, reflecting a payout ratio of 6% and 65% [5] - Revenue for 2024 is projected at 36.726 billion (up 5.14%), with net profit of 11.668 billion (up 0.74%). For Q1 2025, revenue is expected to be 8.237 billion (down 12.12%), with net profit of 2.629 billion (down 16.81%), but showing significant improvement on a quarter-on-quarter basis [5] Financial Summary - Revenue and profit forecasts for 2025-2027 are adjusted, with expected net profits of 12.913 billion, 14.869 billion, and 17.143 billion respectively, and corresponding EPS of 10.65, 12.26, and 14.14 [5][7] - The company’s revenue for 2023 was 34.932 billion, with a year-on-year growth of 15%. The gross margin is expected to remain stable around 63.5% to 64.2% over the forecast period [7][9] - The company’s international business, particularly in in-vitro diagnostics (IVD), is expected to continue growing, with international revenue contributing significantly to overall performance [5][6] Business Performance - The company’s life information and support business generated 135.57 billion in revenue (down 11.11%), while the IVD business achieved 137.65 billion (up 10.82%), with international IVD business growing over 30% [5] - The company is transitioning towards a digital and intelligent ecosystem solution provider, leveraging AI and big data to enhance service offerings [6]