Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company achieved a revenue of 30.13 billion yuan in 2024, representing a year-on-year increase of 3.48%. However, it reported a net loss of 6.01 billion yuan [1][2] - The sequencing instrument business generated revenue of 23.48 billion yuan, showing stable growth despite external pressures from the global biotech industry [2] - The company is focusing on expanding its marketing footprint and enhancing its product matrix, with sales and R&D expense ratios at 25.42% and 24.77% respectively [2] - The company expects significant revenue growth in the coming years, with projected revenues of 36.89 billion yuan, 45.00 billion yuan, and 53.24 billion yuan for 2025, 2026, and 2027 respectively [2][3] Financial Summary - In 2024, the company reported a gross margin of 55.51%, a decrease of 3.96 percentage points year-on-year, primarily due to product mix adjustments [2] - The company anticipates a gradual improvement in profitability as the revenue from sequencing instruments increases [2] - The projected net profit for 2025 is expected to be -0.85 billion yuan, with subsequent years showing significant recovery to 1.05 billion yuan in 2026 and 2.63 billion yuan in 2027 [3]