导读： 2024年国产仪器行业营收分化，头部企业如安图生物逆势增长，高分红拉大老板收入差距，出海战略成关键驱动力，环境监测与工业过程领域面临挑战， 成本压力加剧。 特别提示 微信机制调整，点击顶部"仪器信息网" → 右上方"…" → 设为 ★ 星标，否则很可能无法看到我们的推送。 在宏观经济增速换挡与产业升级并行的2024年，国产仪器行业整体营收呈现显著分化特征： 头部企业通过战略调整实现逆势增长，部分领域 则因市场收缩与成本压力陷入困境。 在此背景下，仪器信息网聚焦14家代表性企业，通过分析其财务数据，从企业领导者收入情况入手，深入 透视行业发展与企业治理的共性。 备 注 ： 收 入 = 薪 酬 + 分 红 ； 薪 酬 指 报 告 期 内 从 公 司 获 得 的 税 前 薪 酬 ； 分 红 指 派 发 的 现 金 红 利 。 国内上市仪器公司老板们的收入主要由报告期内从公司获得的税前薪酬（基础薪酬）以及向股东派发的现金红利两部分构成。本次统计的14家 企业老板收入，相比去年，收入极差进一步拉大。 高收入主要是由于高分红。 安图生物董事长苗拥军是今年唯一收入破亿的老板，且已连续两年达到这一水平（去年收入1.3 ...

Investment Rating - The report suggests a positive outlook for the scientific instruments industry, particularly in the context of domestic substitution driven by tariffs and export restrictions [4]. Core Insights - The scientific instruments market is undergoing a transformation due to increased tariffs and export controls from the U.S., pushing domestic alternatives from an option to a necessity [3][7]. - The analysis instruments market is experiencing continuous growth, with the domestic market exceeding 30 billion yuan, and the global market growing from 57.8 billion USD in 2017 to 77.1 billion USD in 2023, reflecting a CAGR of 4.92% [3][17]. - Increased R&D investment and supportive policies are expected to accelerate domestic substitution in the scientific instruments sector [3][27]. - The mass spectrometry and chromatography sectors face significant barriers, with high-end applications still dominated by foreign brands, indicating a long road ahead for domestic high-end development [3][4]. Summary by Sections Section 1: Domestic Substitution in Scientific Instruments - Tariff uncertainties and U.S. export controls are reshaping the landscape, making domestic substitution essential [3][7]. - The analysis instruments segment is a major branch of the scientific instruments industry, with high added value and a domestic market exceeding 30 billion yuan [3][17]. - R&D investment intensity is increasing, with 2024 funding reaching 3.61 trillion yuan, a growth of 8.3% year-on-year, surpassing the EU average [3][26]. Section 2: Barriers in Mass Spectrometry and Chromatography - The mass spectrometry market in China reached 16.704 billion yuan in 2023, growing by 19.53% year-on-year, but remains dominated by foreign brands [3][4]. - The chromatography market is projected to reach around 16 billion yuan in 2024, with significant potential for domestic substitution as import amounts decline [3][4]. Section 3: Innovation and R&D Focus - Companies like 聚光科技 (Juguang Technology) are turning losses into profits and diversifying their business models [4]. - 皖仪科技 (Wanyi Technology) is a leader in leak detection instruments, continuously investing in R&D [4]. - 莱伯泰科 (Leibotai Technology) is expanding from sample preparation to high-end analytical instruments, exploring new mass spectrometry technologies [4]. - 雪迪龙 (Xuedilong) is actively positioning itself in the scientific instruments market, benefiting from the expansion of the carbon market [4].

内容概况：从生产地区来看，中国目前是全球激光气体分析仪的主要生产地区，占全球25%以上的市场 份额。近年来，随着国内环保政策的不断加强和工业化进程的加速推进，激光气体分析仪市场需求持续 增长。与此同时，国内激光气体分析仪企业在技术研发和市场拓展方面取得了显著进展，部分产品在性 能上已达到国际先进水平。国产激光气体分析仪凭借成本优势和定制化服务，在中低端市场具有较强的 竞争力，逐步缩小了与国外品牌的差距。此外，中国政府出台了一系列政策，旨在推动环保、能源、工 业等领域的技术进步和产业升级。这些政策为激光气体分析仪行业提供了良好的发展环境，促进了市场 的快速增长。据统计，2023年中国激光气体分析仪市场规模为1.36亿美元，约占全球的25.95%，预计 2030年将达到1.88亿美元，占全球的比重将达到26.23%。 相关上市企业：聚光科技（300203）、汉威科技（300007）、雪迪龙（002658）、ST天瑞 （300165）、ST先河（300137）、华工科技（000988）、中航电测（300114）、四方光电 （688665）、锐科激光（300747）、大族激光（002008）、杰普特（688025）等 ...

回顾2 0 2 4年，国内环境监测仪器领域上市公司的业绩成为业内瞩目的焦点。仪器信息网聚焦该行业，特别选取了8家具有代表性的 上市仪器公司作为分析样本，根据它们公开的财务数据，了解整个环境监测行业的发展。 由8家环境监测上市企业财报看市场进展 | | | | 2024 年 环境监测上市企业财报盘点 | | | | --- | --- | --- | --- | --- | --- | | 公司名称 | 营业收入 | 营收增幅 | 净利润 | 净利增幅 | 净资产 | | | (亿元) | (%) | (亿元) | (%) | (亿元) | | 聚光科技 | 36.14 | 13.58 | 2.07 | 164.11 | 31.16 | | 四方光电 | 8.73 | 26.23 | 1.13 | -15.03 | 15.54 | | 雪迪龙 | 14.20 | -5.97 | 1.69 | -16.90 | 25.82 | | 力合科技 | 7.74 | 15.01 | 0.40 | -15.56 | 20.22 | | 先河环保 (ST 先河) | 9.53 | -1.44 | -1.52 | -23.23 ...

环保板块 2024 年年报及 2025 年一季报总结：砥砺而上，穿出隧道 照见光 [Table_Industry] 环保工程及服务 [Table_ReportDate] 2025 年 05 月 13 日 证券研究报告 行业研究 [Table_ReportType] 行业深度研究 [Table_StockAndRank] 环保工程及服务 投资评级 看好 上次评级 看好 [Table_Author] 左前明 能源行业首席分析师 执业编号：S1500518070001 联系电话：010-83326712 邮 箱：zuoqianming@cindasc.com 郭雪 环保联席首席分析师 执业编号：S1500525030002 邮 箱：guoxue @cindasc.com 吴柏莹 环保行业分析师 执业编号：S1500524100001 邮 箱：wuboying@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦B 座 邮编：100031 [Table_Title] 环保板块 2024 年年报及 2025 年一季报总结： 砥砺而上， ...

导读： 雪迪龙2024年营收14.20亿，净利1.69亿，同比下降，生态环境监测系统实现销售收入11.38 亿元，工业过程分析系统实现销售收 入1.85 亿元。 特别提示 微信公众号机制调整，请点击顶部"仪器信息网" → 右上方"…" → 设为 ★ 星标，否则很可能无法看到我们的推送。 近 日 ， 北 京 雪 迪 龙 科 技 股 份 有 限 公 司 公 布 2024 年 年 度 报 告 ， 报 告 期 内 ， 公 司 实 现 营 业 收 入 14.20 亿 元 ， 较 同 期 下 降 5.97% ， 归 属 于 上 市 公 司 股 东 的 净 利 润 为 1.69 亿 元 ， 较 同 期 下 降 16.90% ， 归 属 于 上 市 公 司 股 东 的 净 资 产 为 25.82 亿 元，较同期下降3.09%。 | | 2024年 | 2023年 | 本年比上年增减 | 2022年 | | --- | --- | --- | --- | --- | | 营业收入(元) | 1,420,170,130.88 | 1,510,322,423.84 | -5.97% | 1,504,771,570.27 | | 归 ...

内容概要：在市场政策加持下，我国水环境监测市场迅速崛起，据统计，2024年我国水环境监测行业市 场规模达274.43亿元，同比增长5.28%，其中，水环境监测服务约占50.7%，水环境监测设备约占 49.3%，未来，随着我国环保政策的日益严格，下游企业为满足达标排放和可持续生产的要求，对水环 境监测的需求将不断增长，进一步带动水环境监测市场规模扩容。 上市企业：力合科技（300800）、雪迪龙（002658）、聚光科技（300203）、华测检测（300012）、先 河环保（300137）、节能环境（300140）、天瑞仪器（300165）、谱尼测试（300887）、国检集团 （603060）、理工环科（002322）、天鉴检测（870559.NQ） 相关企业：上海摩特威尔环境科技股份有限公司、青岛佳明测控科技股份有限公司、山东东润仪表科技 股份有限公司、上海摩威环境科技股份有限公司、宇星科技发展(深圳)有限公司 关键词：水环境监测市场政策、水环境监测产业链、水环境监测市场规模、水环境监测竞争格局、水环 境监测发展趋势 一、概述 水环境监测是指通过对影响水环境质量因素的代表值的测定，确定环境质量（或污染程度）及 ...

Investment Rating - The investment rating for the company is not explicitly stated in the report [1]. Core Viewpoints - The company reported a significant increase in performance in Q1 2025, with total revenue of 254 million yuan, a year-on-year growth of 9.65%, and a net profit attributable to the parent company of 10 million yuan, a remarkable increase of 257.2% [1][3]. - The expansion of the national carbon emission trading market is expected to accelerate the demand for monitoring services, benefiting the company as it has secured multiple carbon monitoring projects in various industries [3][4]. - The company is actively positioning itself in the scientific instrument sector, enhancing its high-end development through the establishment of research centers and the development of core technologies [3][4]. Financial Performance Summary - In 2024, the company achieved total revenue of 1.42 billion yuan, a decrease of 5.97% year-on-year, and a net profit of 169 million yuan, down 16.9% [1][5]. - The gross profit margin for 2024 was 41.97%, an increase of 0.56 percentage points year-on-year, with the ecological environment monitoring system and industrial process analysis system contributing revenues of 1.138 billion yuan and 185 million yuan, respectively [3][5]. - The company plans to distribute a cash dividend of 2.50 yuan per 10 shares for 2024, amounting to approximately 156.13 million yuan, which represents 92.64% of the net profit attributable to the parent company [6]. Earnings Forecast - The company is expected to generate revenues of 1.491 billion yuan, 1.690 billion yuan, and 1.878 billion yuan for 2025, 2026, and 2027, respectively, with growth rates of 5.0%, 13.4%, and 11.1% [6][5]. - The net profit attributable to the parent company is forecasted to be 206 million yuan, 231 million yuan, and 260 million yuan for the same years, with growth rates of 22.3%, 12.3%, and 12.3% [6][5].

Investment Rating - The report does not specify a current investment rating for the company [1] Core Insights - The company reported a significant increase in performance in Q1 2025, with total revenue reaching 254 million yuan, a year-on-year growth of 9.65%, and a net profit attributable to the parent company of 10 million yuan, a remarkable increase of 257.2% [1][3] - The expansion of the national carbon emissions trading market is expected to accelerate the demand for monitoring services, benefiting the company as it has secured multiple carbon monitoring projects in various industries [3][4] - The company is actively developing its scientific instruments segment, aiming for high-end growth by leveraging its five core technology platforms and establishing a strong industrialization capability [3][4] Financial Performance Summary - In 2024, the company achieved total revenue of 1.42 billion yuan, a decrease of 5.97% year-on-year, and a net profit of 169 million yuan, down 16.9% [1][5] - The company forecasts revenue growth for 2025-2027, with expected revenues of 1.49 billion yuan, 1.69 billion yuan, and 1.88 billion yuan, representing growth rates of 5.0%, 13.4%, and 11.1% respectively [5][6] - The gross margin for 2024 was reported at 41.97%, an increase of 0.56 percentage points year-on-year, indicating improved profitability despite a challenging market environment [3][5] Market and Industry Context - The chemical industry is anticipated to see a recovery in market demand, with the company’s main business segments, including ecological environment monitoring systems, facing a decline in revenue in 2024 [3] - The company is well-positioned to benefit from the government's initiatives to strengthen energy consumption and carbon emissions monitoring, as outlined in recent policy documents [3][4]

Financial Performance - The company reported a basic earnings per share (EPS) of 0.0200 yuan for Q1 2025, a significant increase of 300% compared to a loss of 0.0100 yuan in Q1 2024 [1] - Revenue for Q1 2025 was 2.54 billion yuan, reflecting a 9.48% increase from 2.32 billion yuan in Q1 2024 [1] - The net profit for Q1 2025 was 0.1 billion yuan, a substantial improvement from a loss of 0.06 billion yuan in Q1 2024, marking a 266.67% increase [1] - The return on equity (ROE) for Q1 2025 was 0.39%, up from -0.24% in Q1 2024, indicating a 262.5% improvement [1] Shareholder Information - The top ten unrestricted shareholders collectively hold 12,324.27 million shares, accounting for 34.36% of the circulating shares, which is a decrease of 193.29 million shares from the previous period [1] - Notable shareholders include Ao Xiaoqiang with 9,191.50 million shares (25.63% of total shares) and Ji Ping with 664.92 million shares (1.85%), with Ji Ping increasing holdings by 63.32 million shares [2] - The company will not distribute dividends or bonus shares in this period [3]