Investment Rating - The investment rating for the company is "Buy" (maintained) [2][4] Core Insights - The company reported a revenue of 227 million yuan for Q1-Q3 2025, representing a year-on-year growth of 23.54%. The net profit attributable to the parent company was 18.11 million yuan, a significant recovery from a loss of 4.68 million yuan in the same period of 2024. The company is expected to maintain strong growth in net profit for 2025-2027, with projections of 47 million yuan, 53 million yuan, and 64 million yuan respectively, corresponding to EPS of 0.55, 0.62, and 0.75 yuan per share [4][6] Financial Performance Summary - For 2025, the company is projected to achieve a revenue of 376 million yuan, with a year-on-year growth of 21.2%. The net profit is expected to be 47 million yuan, reflecting a substantial increase of 258.3% compared to 2024. The gross margin is forecasted to be 65.1%, and the net margin is expected to be 10.8% [6][9] - The company's total assets are estimated to be 610 million yuan in 2025, with total liabilities of 110 million yuan, resulting in a debt-to-asset ratio of approximately 18.1% [8][9] Industry Overview - The scientific instrument industry is crucial for high-quality economic development and technological innovation, with applications across various sectors including food, pharmaceuticals, agriculture, environmental monitoring, and new energy. The industry experienced a revenue growth of 7.0% year-on-year, reaching 509.42 billion yuan in the first half of 2025, with total profits amounting to 49.25 billion yuan, a year-on-year increase of 9.2% [6][8]