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]