Investment Rating - The investment rating for the company is "Buy" [2] Core Views - The report highlights that the company has over 20 years of experience in the biological laboratory consumables sector, focusing on biological culture and liquid handling, with leading technical strength and a comprehensive product matrix. The company is expected to maintain rapid growth as its influence in overseas markets increases and both domestic industrial and research markets expand [3][4][5] Summary by Sections 1. Overseas Market - The company has entered the global biological laboratory consumables supply chain through an ODM model, establishing stable partnerships with international leaders like VWR and Thermo Fisher. The company has built a reputation for "reliable quality" and "outstanding cost performance," with overseas self-brand revenue increasing by 46.07% year-on-year in 2024, accounting for 18.89% of total revenue [4][14] 2. Domestic Market - The company is well-positioned to capitalize on the opportunity for import substitution in the current international trade climate. As one of the earliest producers of disposable plastic consumables in China, the company is expanding its sales network and has established 12 offices domestically in 2024. The sales of its cell factory products are expected to grow by approximately 28.55% year-on-year [5][49][53] 3. Product High-Endization and Smart Manufacturing - The company is focused on developing high-end products such as liquid culture media and cell culture bags while optimizing production processes to reduce manufacturing costs. The establishment of an intelligent manufacturing base is expected to enhance order delivery efficiency and support global business needs [6][15] 4. Financial Forecast and Investment Recommendation - The company is projected to achieve revenues of 652 million yuan, 772 million yuan, and 919 million yuan from 2025 to 2027, with year-on-year growth rates of 16.7%, 18.3%, and 19.1% respectively. The net profit attributable to the parent company is expected to be 98 million yuan, 118 million yuan, and 145 million yuan during the same period, with corresponding growth rates of 35.3%, 20.6%, and 23.2% [6][8][20]

Core Viewpoint - The company received an inquiry letter regarding its 2024 annual report from the Shanghai Stock Exchange, which it took seriously and responded to with detailed analyses and clarifications on various financial aspects [1]. Revenue Analysis - In 2024, the company achieved a total revenue of 559 million yuan, with biological culture revenue at 172 million yuan (up 9.08%) and liquid handling revenue at 337 million yuan (up 22.64%) [2][6]. - Overseas revenue reached 351 million yuan, accounting for 63% of total revenue, with a year-on-year increase of 23.50% [2][6]. - The gross profit margin for overseas sales was 43.31%, higher than the domestic margin of 37.54% [2]. Product Sales Breakdown - The sales revenue for liquid handling products significantly contributed to the overall revenue growth, with a notable increase from pipette products, which alone accounted for 30.64% of the total revenue increase [6][11]. - The average selling price of major products increased in 2024 due to price adjustments and a higher proportion of high-value products sold [10][11]. Customer Sales Information - The top five customers for both domestic and overseas sales remained stable, with no significant changes in relationships or sales dynamics [14][23]. - The sales collection rate for domestic customers reached 72.58% by the end of 2024, improving to 100% by May 31, 2025 [14][23]. Third-Party Data Verification - The company matched its export tax refund declarations with actual overseas revenue, showing a minimal discrepancy of -0.67% [23][24]. - The foreign exchange administration's collection data also showed a small difference of 1.84% compared to actual overseas revenue, indicating reliable revenue reporting [23][24].

Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but the analysis suggests a positive outlook based on revenue growth and profitability recovery. Core Insights - The company achieved a revenue of 559 million yuan in 2024, representing a year-over-year increase of 20.63%, with a net profit of 72 million yuan, up 107.51% year-over-year [1][2] - The growth in revenue is attributed to the successful promotion of its overseas self-owned brands and the stable demand for life science products, particularly in cell culture and liquid handling segments [2] - The gross margin improved to 41.41% in 2024, an increase of 10.79 percentage points year-over-year, indicating a recovery in profitability [2] - Future revenue projections for 2025-2027 are 682 million, 827 million, and 992 million yuan, with corresponding net profits of 99 million, 122 million, and 150 million yuan, reflecting growth rates of 22.2%, 21.1%, and 20.0% respectively [2][3] Summary by Sections Financial Performance - In 2024, the company reported total revenue of 559 million yuan, a 20.63% increase from 2023, with a net profit of 72 million yuan, marking a 107.51% increase [3] - The gross margin for 2024 was 41.41%, up from 30.6% in 2023, indicating improved cost management and pricing stability [3] - The company’s sales expenses were 6.15% of revenue, while management expenses were 8.13%, and R&D expenses were 4.70% [2] Revenue Breakdown - The revenue from biological culture products was 172 million yuan, up 9.08% year-over-year, while liquid handling products generated 337 million yuan, a 22.64% increase [2] - International revenue reached 351 million yuan, a 23.50% increase, with overseas self-owned brand income rising by 46.07% [2] Future Projections - Revenue forecasts for 2025, 2026, and 2027 are 682 million, 827 million, and 992 million yuan, with net profits projected at 99 million, 122 million, and 150 million yuan respectively [3] - The expected P/E ratios for 2025, 2026, and 2027 are 20, 16, and 13 times, indicating a favorable valuation trend [2][3]