Investment Rating - The report assigns a "Buy-A" investment rating with a 6-month target price of 38.56 CNY, which corresponds to a dynamic P/E ratio of 60 times for 2025 [3][11]. Core Insights - The company experienced a slight decline in revenue and net profit in the first three quarters of 2025, with revenue of 285 million CNY, down 8.43% year-on-year, and a net profit of 32.55 million CNY, down 7.26% year-on-year. However, Q3 showed signs of improvement with a revenue of 92.91 million CNY, down 4.22% year-on-year, and a net profit of 11.45 million CNY, up 1.76% year-on-year [1][2]. - The company is focusing on both organic growth and external expansion, launching five new products in September 2025 that target emerging fields such as new materials and new energy [2][9]. - The projected revenue growth rates for 2025-2027 are 2.0%, 8.8%, and 8.9%, respectively, with net profit growth rates of 10.7%, 17.3%, and 36.3% [3][9]. Financial Performance - For the first three quarters of 2025, the overall gross margin was 45.80%, an increase of 0.94 percentage points year-on-year, and the net profit margin was 11.43%, up 0.14 percentage points year-on-year [1]. - The company has a total market capitalization of approximately 2.46 billion CNY and a circulating market capitalization of the same amount, with a total share capital of 67.45 million shares [5][8]. Revenue Breakdown and Forecast - The main business of analytical instruments has seen a steady increase in market share, with expected revenue growth rates for laboratory instruments of 3.00%, 10.00%, and 10.00% for 2025-2027 [9][10]. - The revenue from consumables and services is projected to grow by 2.00%, 5.00%, and 5.00% during the same period, while the clean and environmental laboratory solutions segment is expected to decline by 5.00% in 2025 before recovering [9][10].

Core Viewpoint - The BCEIA exhibition showcased the latest advancements in sample pretreatment technologies, highlighting the industry's focus on automation, intelligence, and high-throughput capabilities in analytical chemistry [2][22]. Group 1: Sample Pretreatment Technologies - Sample pretreatment is a critical step in analytical testing, ensuring the accuracy of results by selecting appropriate methods based on sample characteristics [3][25]. - Recent advancements in technology have led to significant improvements in sample pretreatment methods, including microwave digestion, solid-phase extraction, and automated systems [25]. - The industry is witnessing a shift from traditional methods to innovative solutions that enhance efficiency and reduce human error, marking sample pretreatment as a core technology in precise analysis [22][25]. Group 2: New Product Launches - Laibotai introduced several new pretreatment instruments, including the SPE2000 fully automated solid-phase extraction instrument, which enhances food testing efficiency [5]. - Zhongyi Yusheng launched the HS-9000 fully automated headspace sampler, capable of processing 80 samples continuously, improving high-throughput analysis [7]. - Shanghai Sida's HS-160D dynamic headspace sampler features an upgraded temperature control system for diverse detection needs [8]. Group 3: Industry Trends - The exhibition highlighted a trend towards automation and modular design in sample pretreatment technologies, which significantly reduces manual operation errors and enhances safety [22][25]. - The introduction of advanced systems, such as the E3 versatile organic sample pretreatment system, allows for simultaneous processing of 56 samples, greatly improving efficiency [13]. - The TANK MAX super microwave system can operate at temperatures up to 300°C and pressures up to 20MPa, suitable for challenging sample types across various analytical fields [16]. Group 4: Future Directions - The upcoming 2025 pharmacopoeia updates are expected to drive the standardization and regulation of sample pretreatment technologies, particularly in heavy metal detection in traditional Chinese medicine [25]. - The industry is encouraged to foster collaboration between academia and industry to enhance the development and application of sample pretreatment technologies [25].