糖化血红蛋白分析仪 摘要 ： 近日，四川大学发布多批政府采购意向，仪器信息网特对其中的仪器设备品目进行梳理，统计出32项仪器设备采购意向，预 算总额达8845万元。 特别提示 微信机制调整，点击顶部"仪器信息网" → 右上方"…" → 设为 ★ 星标，否则很可能无法看到我们的推送。 近日， 四川大学发布 32 项仪器设备采购意向，预算总额达 8845万 元，涉及 X射线残余应力分析仪、全自动化学 发光免疫分析、全自动血培养仪、全自动血液细胞分析仪、特定蛋白免疫分析仪、糖化血红蛋白分析仪、 长周期大地 测深仪、高水头冲击式机组磨蚀实验系统、 白光干涉轮廓仪 、全身表面污染快速检测仪、植物活体成像系统等，预计 采购时间为202 5 年 6月~2026年1 月。 部分采购仪器简介： X射线残余应力分析仪 X 射 线 残 余 应 力 分 析 仪 利 用 X 射 线 衍 射 原 理 无 损 测 量 材 料 表 层 晶 格 应 变 ， 通 过 布 拉 格 角 位 移 计 算 残 余 应 力 值 （ 常 采 用 s in²ψ法），适用于金属、陶瓷、复合材料等晶体材料。其核心应用包括：航空航天领域、机械制造、焊接工艺优化、 ...

Core Viewpoint - The report highlights the robust growth of Pumen Technology's reagent business and overall stable performance, leading to a "buy" rating for the company [1] Financial Performance - In 2024, the company achieved a revenue of 1.148 billion yuan (YoY +0.20%), with domestic revenue at 759 million yuan (YoY -6.16%) and international revenue at 372 million yuan (YoY +14.87%). The net profit attributable to shareholders was 345 million yuan (YoY +5.12%) [2] - The fourth quarter saw a revenue of 291 million yuan (YoY -13.47%) and a net profit of 88 million yuan (YoY -28.66%). The overall gross margin was 67.21% (YoY +1.40 percentage points) and net margin was 29.87% (+1.29 percentage points) [2] Business Segments - The in vitro diagnostic segment reported a revenue of 911 million yuan (YoY +9.96%) with a gross margin of 69.68% (YoY +5.71 percentage points). Revenue from testing equipment and reagents was 286 million yuan and 652 million yuan, respectively, with changes of -16.36% and +25.73% [3] - The treatment and rehabilitation segment experienced a revenue decline to 220 million yuan (YoY -27.68%) with a gross margin of 65.29% (YoY -2.33 percentage points). Medical and home products generated revenues of 198 million yuan and 22 million yuan, reflecting declines of -31.35% and growth of +36.29% respectively [4] Growth Prospects - The in vitro diagnostic business is expected to maintain good growth due to the release of new products and ongoing technological advancements. The treatment and rehabilitation segment is anticipated to recover as the product lineup improves and marketing efforts intensify [5] Investment Recommendations - The company is projected to achieve net profits of 407 million yuan, 472 million yuan, and 537 million yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 0.95, 1.10, and 1.25 yuan. The PE ratios are expected to be 14.41, 12.42, and 10.91 times [5]

Investment Rating - The investment rating for the company is "Buy" [8][10]. Core Views - The company's overall performance is stable, with a slight fluctuation in Q4. In 2024, the company achieved revenue of 1.15 billion yuan, a year-on-year increase of 0.20%, with domestic revenue at 759 million yuan (down 6.16%) and international revenue at 372 million yuan (up 14.87%). The net profit attributable to the parent company was 345 million yuan, reflecting a year-on-year increase of 5.12% [8]. - The in vitro diagnostic (IVD) segment is experiencing rapid growth, with revenue reaching 911 million yuan in 2024, a year-on-year increase of 9.96%. The gross margin for this segment is 69.68%, up 5.71 percentage points year-on-year [8]. - The treatment and rehabilitation business saw a decline, with revenue of 220 million yuan in 2024, down 27.68% year-on-year. However, the company is enhancing its marketing efforts, particularly in e-commerce, to boost sales in this segment [8]. Summary by Sections Financial Performance - In 2024, the company reported a main business revenue of 1.15 billion yuan, with a gross margin of 67.21% and a net profit margin of 29.87% [8]. - The projected net profits for 2025, 2026, and 2027 are 407 million yuan, 472 million yuan, and 537 million yuan, respectively, with corresponding EPS of 0.95 yuan, 1.10 yuan, and 1.25 yuan [8][9]. Business Segments - The IVD segment is expected to maintain strong growth due to new product launches and technological advancements [8]. - The treatment and rehabilitation segment is anticipated to recover as the company improves its product lineup and marketing strategies [8]. Valuation Metrics - The company is projected to have a PE ratio of 14.41 for 2025, decreasing to 10.91 by 2027, indicating a favorable valuation trend [8][9].