Core Insights - The visit of the research team from the China Engineering Science and Technology Innovation Strategic Research Institute to 聚光科技 highlights the national focus on the development of high-end scientific instruments and recognizes the company's achievements in original innovation and technology commercialization [1][2]. Industry Overview - High-end analytical instruments are essential tools for modern scientific innovation, significantly impacting over 80% of industrial R&D efficiency and 70% of core technology breakthroughs, making their development a key indicator of national scientific competitiveness [2]. - Despite rapid growth in the domestic analytical instrument industry, there remains a significant gap compared to leading countries like the US, Germany, and Japan, with nearly 90% of high-end instruments being imported, indicating a pressing need for domestic alternatives [2]. Company Positioning - 聚光科技, as a leading enterprise in the high-end analytical instrument sector, benefits from national strategic planning and support, positioning itself well to tackle key technological challenges and accelerate the process of domestic substitution [2][3]. - The company has established a comprehensive innovation chain and industrialization system that aligns with national strategies for high-end instruments, providing a competitive advantage in fulfilling national strategic tasks and seizing industry development opportunities [2][3]. Technological Advancements - 聚光科技 has developed a leading technology and product system in mass spectrometry, chromatography, and spectroscopy, serving various industries such as environmental monitoring, semiconductor, and life sciences [3]. - The company’s EXPEC 7350s ICP-MS/MS system has made significant inroads into the semiconductor detection field, successfully implementing solutions for trace impurity analysis across critical manufacturing processes [4][5]. Market Potential - The semiconductor industry presents vast market potential, with a strong demand for domestic alternatives in precision detection technologies, particularly in impurity analysis critical to integrated circuit manufacturing [3][4]. - 聚光科技's AMC-1000 micro-pollutant gas monitoring system enhances detection efficiency and flexibility, addressing the needs of semiconductor production environments [5].

Group 1 - The company, 聚光科技, announced a stock repurchase plan with a budget of 100 million to 150 million yuan, with a maximum price of 29.50 yuan per share, to be completed within 12 months [1] - The company has secured a special loan commitment of 135 million yuan from a bank to support the stock repurchase, with a term of 3 years and an interest rate of no less than 1.8% [1] - The stock repurchase is part of the company's strategy to enhance capital efficiency and respond positively to national policies supporting stock buybacks [1] Group 2 - 聚光科技 is a leading enterprise in the high-end analytical instrument industry, recognized as a "National Manufacturing Single Champion" and offers advanced technologies and products across various sectors [2] - The company has established over 30 provincial offices in China and five subsidiaries overseas, creating a comprehensive marketing network that covers Asia, Europe, South America, and Africa [2] - The analytical instrument industry is supported by national policies and is in a growth phase, with a global market size exceeding 400 billion yuan and a low penetration rate in China compared to Europe and the US [2] Group 3 - The company focuses on high-end analytical instruments, maintaining a strong commitment to R&D and innovation across four main sectors: smart industry, smart environment, smart laboratory, and life sciences [3] - A complete R&D system has been established, enabling the company to tackle critical technologies and enhance product adaptability and delivery efficiency [3] - In the first half of 2025, the company achieved significant advancements in key products, maintaining a leading position in technology and market recognition within the industry [3]

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].