民生证券：给予禾信仪器增持评级

Core Viewpoint - HeXin Instruments reported a significant narrowing of losses in its traditional business while advancing into quantum computing, leading to an "accumulate" rating from Minsheng Securities [1] Financial Performance - For the first half of 2025, HeXin Instruments achieved revenue of 53 million yuan, a year-on-year decline of 48.9%, with a net loss attributable to shareholders of 17.65 million yuan, which is a 20.9% improvement compared to the same period last year [2] - In the second quarter of 2025, the company reported revenue of 21.44 million yuan, down 62.7% year-on-year and 33.2% quarter-on-quarter; the net loss attributable to shareholders was 10.39 million yuan, a decrease of 47.6% year-on-year and 47.0% quarter-on-quarter [2] Investment in Quantum Computing - The company plans to acquire a 56% stake in Shanghai Liangxi Technology Co., which specializes in quantum computing patents and low-temperature measurement equipment [3] - Liangxi Technology generated revenue of 70.8 million yuan in the first half of 2025, nearing its total revenue of 74.35 million yuan for 2024, with a gross margin of 62.1%, an increase of 2.3 percentage points from 2024 [3] - Research and development expenses for Liangxi Technology in the first half of 2025 were 4.21 million yuan, 10.66 million yuan, and 5.55 million yuan, representing 15.72%, 14.33%, and 7.85% of revenue, respectively [3] - Liangxi Technology achieved a net profit of 28.15 million yuan in the first half of 2025 [3] Industry Trends - Major global players are increasing investments in quantum computing, with Microsoft’s CEO stating that quantum computing will be a significant accelerator in cloud services [4] - NVIDIA's CEO indicated that the quantum computing sector is at a historic turning point, predicting that the next generation of supercomputers will integrate quantum processing units (QPU) with GPUs [4] - Amazon has launched a new 54-qubit superconducting quantum processor on its Amazon Braket platform [4] Future Outlook - Without considering the acquisition, the company is expected to achieve revenues of 210 million yuan, 230 million yuan, and 240 million yuan for 2025, 2026, and 2027, respectively, with corresponding price-to-sales ratios of 37x, 34x, and 32x based on the closing price on May 30, 2025 [5] - The company is anticipated to benefit from strong product capabilities and potential policy support, with its core product, the dilution refrigerator, expected to break the overseas monopoly [5] - The overall competitive advantage and resource reserves of the company are expected to accelerate its development in the quantum computing sector [5]