8月26日，聚光科技（300203）(300203.SZ)发布公告称，公司拟以自有及自筹资金回购A股股票，用于 股权激励或员工持股计划。回购金额1亿至1.5亿元，价格不超过29.50元/股，期限为董事会通过后12个 月内(2025年8月20日披露方案)。近日，公司已取得交通银行股份有限公司杭州浣纱支行出具的《交通 银行股票回购增持贷款承诺函》，承诺为公司本次回购股份专项贷款融资提供支持 聚光科技始终坚持致力于高端分析仪器的研制、产业化与创新应用，持续构建"4+X"多对多业务布局， 在智慧工业、智慧环境、智慧实验室与生命科学四大板块持续创新，形成了创新的多个技术平台、多个 客户群、多个应用场景交叉支撑的业务模式。 公告显示，交通银行杭州浣纱支行提供1.35亿元专项贷款支持，期限3年，年利率不低于1.8%，用途限 定为股票回购，承诺函有效期至2026年8月25日。 聚星科技称，公司实际使用回购专项贷款金额与用于回购的自有资金金额合计不超过本次回购股份金额 的上限，具体贷款事宜以双方签订的贷款合同为准。本次股票回购专项贷款额度不代表公司对回购金额 的承诺，具体回购资金总额以回购期满时实际使用的资金总额为准。上述事项 ...

Investment Rating - The report assigns a "Buy" rating to the company with a target price of 25.90 CNY for the next six months, based on a current price of 20.95 CNY [1]. Core Insights - The company has turned profitable, with significant growth potential driven by domestic substitution and equipment upgrade policies. The report forecasts substantial increases in revenue and net profit over the next few years [6][24]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 3.61359 billion CNY, a year-on-year increase of 13.6%. The net profit attributable to the parent company was 206.86 million CNY, up 164.1% from the previous year. For Q1 2025, revenue was 550 million CNY, a 1.4% increase year-on-year, while the net profit was a loss of 21 million CNY, showing a reduction in losses compared to the previous year [6][14]. Business Model and Strategy - The company is a leader in high-end analytical instruments in China, focusing on core instrument business while reducing non-profitable segments. It has developed a "4+X" multi-business model covering various sectors including smart industry, smart environment, smart laboratory, and life sciences [7][12]. Profitability and Efficiency - The gross margins for the company's core instrument, operation services, and environmental governance businesses were 48.5%, 38.0%, and 27.3% respectively in 2024, showing improvements year-on-year. The company has implemented cost reduction and efficiency enhancement measures, leading to a significant decrease in expense ratios [6][17][19]. Earnings Forecast - The report projects net profits for 2025, 2026, and 2027 to be 332.24 million CNY, 413.02 million CNY, and 485.35 million CNY respectively, with corresponding EPS of 0.74 CNY, 0.92 CNY, and 1.08 CNY [24][26]. Valuation - The company is valued at a PE ratio of 35 times for 2025, which is lower than the average PE of comparable companies at 40.5 times. This reflects the company's potential to benefit from domestic substitution and equipment upgrade policies [24][27].