Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong expectation for future returns exceeding the market benchmark by more than 15% over the next 6-12 months [5][14]. Core Insights - The company achieved a revenue of 4.535 billion yuan in 2024, representing a year-on-year growth of 15.41%, and a net profit of 1.828 billion yuan, up 10.57% year-on-year [1][2]. - In Q1 2025, the company reported a revenue of 1.125 billion yuan, a 10.12% increase year-on-year, and a net profit of 438 million yuan, growing 2.65% year-on-year [1][2]. - The company has seen significant growth in its overseas market, with a revenue of 1.686 billion yuan in 2024, marking a 27.60% increase year-on-year [2][3]. - R&D investment reached 454 million yuan in 2024, up 23.92% year-on-year, supporting continuous innovation and product development [2][3]. Revenue and Profit Growth - The company’s revenue and profit have shown steady growth, with reagent income at 3.268 billion yuan (up 14.32%) and instrument income at 1.259 billion yuan (up 18.67%) in 2024 [2]. - The revenue growth rate is projected to be 14.27% in 2025 and 18.55% in 2026 and 2027 [4]. Market Expansion - The company has expanded its domestic market presence, reaching 1,732 tertiary hospital clients by the end of 2024, achieving a coverage rate of 44.93% [3]. - Internationally, the company has established operational systems in 14 core countries, enhancing its brand influence and driving regional growth [3]. Financial Projections - The EPS forecast for 2025 is adjusted to 2.54 yuan, with further projections of 3.11 yuan for 2026 and 3.73 yuan for 2027 [3][4]. - The current price corresponds to a P/E ratio of 21 for 2025, 17 for 2026, and 14 for 2027 [3][4]. Profitability and Valuation Metrics - The company’s gross margin is projected to be 72.1% in 2024, with a gradual decline to 69.4% by 2027 [12]. - The report indicates a consistent ROE, estimated at 21.32% for 2024 and expected to rise to 22.68% by 2027 [12].