Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company has shown significant growth in its respiratory multi-detection products, with a revenue increase of 29.99% year-on-year, reaching 621 million yuan in 2024. The net profit attributable to the parent company also increased by 41.92% to 247 million yuan [6][8] - The company is expanding its product offerings in Alzheimer's disease (AD) detection through a strategic partnership with Quanterix, leveraging advanced digital immunoassay technology for early diagnosis and screening [7][8] - The company is expected to achieve steady revenue and profit growth in the coming years, with projected revenues of 729 million yuan in 2025, 828 million yuan in 2026, and 921 million yuan in 2027, reflecting year-on-year growth rates of 17.3%, 13.6%, and 11.3% respectively [8] Financial Summary - In 2024, the company achieved a total revenue of 621 million yuan, with a year-on-year growth of 30.0%. The net profit attributable to the parent company was 247 million yuan, with a net profit growth of 41.9% [11] - The projected financials for 2025 to 2027 indicate a consistent growth trajectory, with net profits expected to reach 280 million yuan in 2025, 325 million yuan in 2026, and 390 million yuan in 2027, corresponding to growth rates of 13.5%, 15.9%, and 20.1% respectively [11] - The company's gross margin is projected to remain strong, with estimates of 80.1% in 2024, 83.8% in 2025, and gradually declining to 79.3% by 2027 [11]