Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company plans to invest 21 million yuan in Anypu to enhance its high-end product matrix and strategically enter the mass spectrometry market, which is a key segment in the domestic scientific instrument industry [5][6] - The mass spectrometry market is currently dominated by developed countries, with 90% of the global market share, and China has an annual import scale of approximately 10 billion yuan for mass spectrometers [6] - The company has launched the N70 Fourier Transform Near-Infrared Spectrometer, which is expected to drive incremental sales and has established a research institute in collaboration with Xi'an Jiaotong University for the development of cell membrane chromatography products [6] - The company is increasing its investment in overseas markets, with its subsidiary G.A.S. developing methods for detecting siloxane content in biogas power generation, which has already become a standard detection method in the U.S. [6] Financial Summary - The company expects to achieve a net profit of 0.50 billion yuan in 2025, with projected profits of 0.63 billion yuan in 2026 and 0.80 billion yuan in 2027, corresponding to P/E ratios of 43, 34, and 27 times respectively [6][8] - Revenue is projected to grow from 3.10 billion yuan in 2024 to 5.26 billion yuan in 2027, with a compound annual growth rate of approximately 20.21% [8][10] - The company’s return on equity (ROE) is expected to improve from 2.77% in 2024 to 12.03% in 2027, indicating enhanced profitability [8][10]