Investment Rating - The report gives a "Buy" rating for the company with a target price of 47.95 RMB per share, based on a 21x PE valuation for 2025 [4]. Core Insights - The company is a leading player in the domestic in vitro diagnostics industry, primarily focusing on immunodiagnostics. The implementation of centralized procurement is expected to accelerate the domestic production process and enhance market share through high-speed analyzers [2][32]. - The company is expanding its product offerings across multiple innovative business areas, including automated laboratory workflows, molecular diagnostics, and microbiological mass spectrometry, which are expected to drive future growth [2][3][58]. - The international market expansion is underway, with overseas sales projected to reach 286 million RMB in 2024, reflecting a year-on-year growth of 36.6% [3]. Summary by Sections Investment Logic - The centralized procurement led by Anhui Province is expected to boost the demand for the company's products, with successful bids in the first round of procurement [2]. - The high-throughput chemiluminescence immunoassay analyzer AutoLumo A6000 has a detection speed of 600 tests per hour, which will enhance the company's market share in high-end products [2][49]. Business Expansion - The company is actively developing automated laboratory workflows, molecular diagnostics, and microbiological mass spectrometry systems, which are anticipated to create new growth avenues [2][3][58]. - The Sikun2000 gene sequencer is expected to capture market share following the ban on foreign competitor sales in China [2][3]. Financial Forecast and Investment Advice - The projected net profits for 2025-2027 are 1.305 billion, 1.566 billion, and 1.884 billion RMB, respectively, with growth rates of 9%, 20%, and 20% [4]. - The company’s revenue is expected to grow from 4.471 billion RMB in 2024 to 7.081 billion RMB by 2027, with a compound annual growth rate of approximately 18.74% [8]. Market Trends - The domestic in vitro diagnostics market is expected to grow significantly, with the immunodiagnostics segment projected to reach 105.5 billion RMB by 2028, reflecting a compound annual growth rate of 19.1% [39][40]. - The company’s international sales have increased from 1.5% of total revenue in 2017 to an estimated 6.5% in 2024, indicating a growing focus on global markets [25][27]. Competitive Landscape - The company holds a market share of 4% in the domestic immunodiagnostics market, which is dominated by foreign brands, indicating significant potential for growth through domestic product enhancements and procurement policies [45][46].