Core Viewpoint - Sichuan University has announced multiple government procurement intentions for laboratory instruments, with a total budget of 88.45 million yuan, covering 32 items of equipment [3][4]. Procurement Overview - The procurement includes various advanced instruments such as X-ray residual stress analyzers, fully automated chemiluminescence immunoassay analyzers, fully automated blood culture systems, and more, with expected procurement time from June 2025 to January 2026 [4][5]. Instrument Details - **X-ray Residual Stress Analyzer**: Utilizes X-ray diffraction principles for non-destructive measurement of residual stress in materials, applicable in aerospace, mechanical manufacturing, and nuclear power [5]. - **Fully Automated Blood Cell Analyzer**: Employs electrical impedance and flow cytometry for rapid blood cell counting and classification, crucial for disease screening and diagnosis [6]. - **Glycated Hemoglobin Analyzer**: Detects glycated hemoglobin levels using high-performance liquid chromatography, essential for diabetes management and monitoring [7]. Detailed Procurement List - The procurement list includes specific instruments with detailed requirements, such as: - **Plant Live Imaging System**: For gene expression analysis and plant growth observation [10]. - **X-ray Residual Stress Analyzer**: For non-destructive testing of various materials [10]. - **Automated Blood Culture System**: Capable of processing at least 120 bottles simultaneously [12]. - **High-throughput Automated Thermoluminescence Measurement System**: Designed for high-capacity automated measurements [15]. Budget and Timeline - The total budget for the procurement is 88.45 million yuan, with specific timelines for delivery and installation ranging from 40 days to 180 days post-contract signing [4][10][12].

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].