Investment Rating - The report maintains a "Strong Buy" rating for the company [1][12]. Core Insights - The company is positioned in the precision scientific instrument sector, focusing on helium mass spectrometry leak detectors, which are critical for vacuum leak detection in nuclear fusion devices. This market is expected to see significant growth due to increasing capital expenditures in the controlled nuclear fusion sector from 2025 to 2028, with projected investments in major nuclear fusion projects in China reaching 146 billion yuan [2][11][48]. Summary by Sections Company Overview - The company specializes in precision scientific instruments and solutions, with a business structure that includes industrial detection instruments (61% of revenue), online monitoring instruments (27%), and laboratory analysis instruments (6%) [6][19]. Industrial Detection Instruments - The core business remains stable, with growth driven by demand in the new energy sector, semiconductors, and 3C products. The share of new energy clients increased from 36.88% in 2017 to 43.64% in 2019. The company has also seen rapid growth in overseas business, with revenue from international markets reaching 21 million yuan in 2024, a year-on-year increase of 447.23% [6][10][36]. Controlled Nuclear Fusion Market - The company has entered the controlled nuclear fusion leak detection field, which is expected to generate future growth potential. The helium mass spectrometry leak detector is a mainstream method for vacuum leak detection in Tokamak devices, which are crucial for nuclear fusion technology [2][11][57]. Laboratory Analysis Instruments - This segment is seen as a sunrise industry with significant potential for domestic substitution. The market for mass spectrometry, chromatography, and spectroscopy instruments exceeds 50 billion yuan, with low penetration rates for domestic products [7][11]. Financial Projections - The report adjusts the projected net profits for 2025 to 2027 to 53 million, 99 million, and 143 million yuan, respectively, reflecting year-on-year growth rates of 266%, 87%, and 45%. The target price is set at 36.2 yuan, indicating a 61% upside from the current price [12][8].

Core Viewpoint - The signing of the cooperation agreement between Anhui Wanyi Technology Co., Ltd. and Hefei Comprehensive National Science Center Energy Research Institute marks the establishment of a joint laboratory aimed at advancing domestic vacuum technology and equipment industry, particularly in the field of nuclear fusion vacuum measurement [1][2]. Agreement Overview - The agreement was signed on June 22, 2025, at Wanyi Technology, and it does not require board or shareholder approval as it is not classified as a related party transaction or a major asset restructuring [2][3]. - The Energy Research Institute focuses on major scientific tasks and the construction of national large-scale scientific infrastructure, with key research areas including clean coal utilization, magnetic confinement fusion, renewable energy, and smart power grids [2][3]. Joint Laboratory Details - The joint laboratory will be established to facilitate deep integration in research and demand, technology and market, talent and industry, following principles of mutual benefit and resource sharing [3][4]. - Wanyi Technology plans to invest a total of 4 million RMB in research and development, while the Energy Research Institute will contribute 2 million RMB, matching 50% of Wanyi Technology's investment [4]. Impact on the Company - The agreement is expected to enhance the company's product advantages, brand influence, and core competitiveness, aligning with its long-term strategic development goals [4]. - The signing of the agreement will not alter the company's main business or operational scope, ensuring the company's independence and protecting shareholder interests [4].