中信证券：供应链调整倒逼产业链自主升级 科学仪器迎来国产替代浪潮

Core Insights - The report from CITIC Securities highlights that the U.S. export controls and tariffs are forcing China's scientific instrument industry to upgrade towards self-sufficiency, presenting significant strategic opportunities for the sector [1] Industry Overview - The scientific instrument industry in China is experiencing rapid growth, with a strong need for domestic self-sufficiency. The market sizes for laboratory analytical instruments and electronic measurement instruments reached 38 billion and 37.8 billion CNY respectively in 2023, but the domestic production rate remains low, indicating substantial room for replacement [2] - The domestic production rate for analytical instruments has increased from 32.2% in 2011 to 44.6% in 2023, yet high-end models like mass spectrometers have a low domestic sales share of only 11.2% in 2023 [2] - For electronic measurement instruments, leading domestic companies' sales are only 5.5% of the import scale, indicating a critical need for domestic upgrades in high-precision scientific instruments [2] Competitive Landscape - Leading firms such as Zhuhai Guozhong Technology and Anhui Instrument Technology are enhancing their global competitiveness by developing core technologies in mass spectrometry, chromatography, and spectroscopy, with increasing penetration in energy, manufacturing, and pharmaceutical sectors [3] - In the electronic measurement instrument sector, companies like Puyuan Precision and Dingyang Technology are achieving significant advancements, with Puyuan's high-speed digital oscilloscopes addressing critical testing issues and Dingyang's new RF microwave products leading to a 30% year-on-year increase in orders for early 2025 [3] - The supply chain is crucial, with chips constituting 35%-45% of the BOM cost for electronic measurement instruments. The upgrade of domestic ADC, DAC, and FPGA chips will provide a solid foundation for domestic manufacturers to penetrate the mid-to-high-end market [3]