Investment Rating - The investment rating for the company is "Buy" [1][3] Core Views - The demand for respiratory testing reagents has surged, leading to a 63% year-on-year increase in testing reagent revenue. In 2024, the company achieved a revenue of 1.458 billion yuan, representing a year-on-year growth of 44.78%. The rapid growth in reagent business is primarily driven by the increase in respiratory testing reagents [2][3] - The company is actively pursuing a dual strategy of "internal research" and "external expansion" to enrich its product matrix and create a closed-loop diagnosis and treatment system. This includes launching innovative products and making strategic investments in various fields [2][3] - The company is expected to achieve revenues of 2.025 billion yuan, 2.467 billion yuan, and 2.971 billion yuan for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 38.9%, 21.8%, and 20.4% [3][4] Financial Summary - In 2024, the company reported a total revenue of 1.458 billion yuan, with a net profit attributable to the parent company of 276 million yuan, reflecting a year-on-year decrease of 24.23%. However, the net profit excluding non-recurring items increased by 182.25% to 202 million yuan [1][2] - The gross profit margin improved to 77.91% in 2024, up by 6.37 percentage points year-on-year, indicating enhanced profitability due to the higher proportion of high-margin reagent revenue [2][4] - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 0.63 yuan, 0.86 yuan, and 1.10 yuan, respectively, with corresponding price-to-earnings (P/E) ratios of 31, 23, and 18 [3][4]

Investment Rating - The investment rating for the company is "Buy" [1][3] Core Views - The demand for respiratory testing reagents has surged, leading to a 63% year-on-year increase in testing reagent revenue. In 2024, the company achieved a revenue of 1.458 billion yuan, representing a year-on-year growth of 44.78%. The rapid growth in reagent business is primarily driven by the increase in respiratory testing reagents [2][3] - The company is actively pursuing a dual strategy of "internal research" and "external expansion" to enrich its product matrix and create a closed-loop diagnosis and treatment system. This includes launching innovative products and making strategic investments in various fields [2][3] - The company is expected to achieve revenues of 2.025 billion yuan, 2.467 billion yuan, and 2.971 billion yuan for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 38.9%, 21.8%, and 20.4% [3][4] Financial Summary - In 2024, the company reported a net profit attributable to shareholders of 276 million yuan, a decrease of 24.23% year-on-year, while the net profit excluding non-recurring items was 202 million yuan, an increase of 182.25% year-on-year [1][2] - The gross profit margin improved to 77.91% in 2024, up by 6.37 percentage points year-on-year, indicating enhanced profitability due to the higher proportion of high-margin reagent revenue [2][4] - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 0.63 yuan, 0.86 yuan, and 1.10 yuan, respectively, with corresponding price-to-earnings (P/E) ratios of 31, 23, and 18 [3][4]