Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company's profitability is steadily improving, with rapid growth in testing and home products [5] - The company focuses on in vitro diagnostics, treatment, and rehabilitation, with significant revenue growth in testing reagents [6] - The company has a competitive advantage in the IVD sector and is experiencing rapid growth in its treatment and rehabilitation business [6] Financial Performance Summary - For 2024, the company achieved revenue of 1.148 billion yuan, a year-on-year increase of 0.20%, and a net profit attributable to shareholders of 345 million yuan, up 5.12% year-on-year [6] - The company expects revenues of 1.322 billion yuan in 2025, with a year-on-year growth rate of 15.14% [5] - The gross margin for 2024 was 67.21%, an increase of 4.21 percentage points year-on-year, while the net margin was 29.87%, up 1.29 percentage points year-on-year [6] Revenue and Profit Forecast - Revenue forecasts for 2025-2027 are 13.22 billion yuan, 15.20 billion yuan, and 17.44 billion yuan, with respective growth rates of 15.14%, 14.99%, and 14.74% [5] - Net profit forecasts for the same period are 396 million yuan, 455 million yuan, and 525 million yuan, with growth rates of 14.57%, 15.05%, and 15.30% [5] Valuation Metrics - The current price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are projected to be 15x, 13x, and 11x respectively [5]