Core Viewpoint - The inverted fluorescence microscope industry is experiencing rapid development characterized by simultaneous technological upgrades and market expansion, with a projected global market sales of $319 million in 2024 and $505 million by 2031, reflecting a CAGR of 6.54% from 2025 to 2031 [2][7]. Industry Current Status - The current market is driven by technological innovations such as super-resolution technology, AI algorithms for automatic focusing and image analysis, and multi-modal imaging techniques that enhance dynamic observation of cells [2]. - The primary application areas are biomedical research, focusing on live cell observation, drug screening, and cancer mechanism studies, while the demand in materials science and industrial testing is declining due to a shift towards biomedical applications [2]. - The competitive landscape is dominated by international giants like Evident, Zeiss, Nikon, and Leica, but domestic brands are gaining market share due to policy support and cost advantages [2][10]. Industry Challenges - The industry faces challenges such as reliance on imported high-end optical components, lagging domestic super-resolution technology, and high pricing of advanced equipment, which restricts procurement by small and medium-sized institutions [3]. Development Trends - The development trends focus on five core areas: super-resolution imaging, intelligence and automation, multi-modal integration, domestic technology upgrades, and expansion of application scenarios [4]. - Super-resolution imaging is pushing the resolution to the nanoscale, enabling high-precision observation of cellular dynamics and molecular interactions [4]. - The integration of AI technology enhances automation in tasks like sample recognition and image analysis, significantly improving experimental efficiency [4]. - Domestic technology is advancing, with companies narrowing the gap with international brands and increasing market share through policy support [4]. Global Market Overview - The global inverted fluorescence microscope market is projected to reach $319 million in 2024, with China accounting for approximately 20% of the market share [7]. - North America is the largest consumer market, expected to maintain a leading position with a market share of 36.8% in 2024, followed by Europe and China [7]. - In terms of production, China and Japan are significant regions, each holding around 33.9% and 33.0% of the market share in 2024, respectively [7]. Product and Application Insights - The three-microscope type is expected to dominate the market, with a projected share of 79.6% by 2031 [8]. - Hospitals are anticipated to hold a market share of approximately 43.5% in 2024, with a CAGR of about 7.27% in the coming years [8]. - Major global manufacturers include Evident, Leica Microsystems, Nikon Instruments, and others, with the top tier holding around 82.39% of the market share [8]. Policy Analysis - China's policies are strongly driving domestic substitution and technological breakthroughs, with significant funding and tax incentives to support the development of biomedical imaging equipment [12]. - The "14th Five-Year Plan" emphasizes high-end scientific instruments as a strategic industry, aiming for a domestic production rate of over 60% by 2025 [12]. - Internationally, the industry faces challenges from regulatory barriers and trade protectionism, impacting market entry and competition [12][13].

Investment Rating - The investment rating for the company is "Outperform the Market" [6] Core Views - The company is experiencing short-term pressure on performance due to a slight decline in revenue and significant profit impact from increased expenses. Revenue for 2024 is projected at 2.014 billion yuan, down 5.02%, with a net profit of 142 million yuan, down 68.67% [1][9] - The company is making strategic investments during an industry downturn, which is expected to positively impact performance starting in 2025 as the bidding environment improves [4][25] Financial Performance Summary - Revenue for 2024 is expected to be 2.014 billion yuan, a decrease of 5.02%, with a net profit of 142 million yuan, reflecting a 68.67% decline. The fourth quarter of 2024 is projected to have a revenue of 616 million yuan, down 5.63%, and a net profit of 33 million yuan, down 75.03% [1][9] - The gross margin for 2024 is forecasted at 63.78%, a decrease of 5.63 percentage points, influenced by a higher proportion of lower-margin overseas business and price impacts from county-level medical equipment procurement [2][18] - The company has increased its workforce by 16% to a total of 3,122 employees, indicating a strong commitment to R&D and sales talent acquisition [3][21] Revenue and Profit Forecast - Revenue projections for 2025, 2026, and 2027 are 2.334 billion yuan, 2.694 billion yuan, and 3.089 billion yuan, respectively, with expected growth rates of 16%, 15%, and 15% [4][25] - Net profit forecasts for the same years are 310 million yuan, 400 million yuan, and 480 million yuan, with growth rates of 120%, 27%, and 22% [4][25] Market Position and Product Development - The company is actively introducing new products across various fields, including high-end ultrasound machines and advanced endoscopic platforms, enhancing its competitive edge in the market [3][21] - The company’s domestic business has seen a decline, with a revenue of 1.04 billion yuan, down 11.62%, while overseas revenue has grown by 3.27% to 970 million yuan [14]