禾信仪器（688622）：首次覆盖报告：龙头的下一站，量子计算

Investment Rating - The report gives a "Cautious Recommendation" rating for the company [6]. Core Viewpoints - The company is a leading domestic manufacturer of mass spectrometers, focusing on environmental monitoring, medical health, and food safety applications, with stable financial growth [2][11]. - The company is entering the quantum computing sector through the acquisition of Liangxi Technology, which specializes in dilution refrigerators essential for superconducting quantum computers [3][40]. - The quantum computing market is experiencing rapid growth, with significant potential for the company to benefit from this trend [45]. Summary by Sections 1. Mass Spectrometer Domesticization Leader - The company integrates R&D, production, sales, and technical services of mass spectrometers, focusing on environmental monitoring and other applications [2][11]. - The company aims to reduce reliance on government procurement by diversifying its business models across various sectors [11]. - The company has a stable customer base, primarily consisting of environmental protection agencies and research institutions, which contributes to steady revenue growth [24]. 2. Quantum Computing Development - The acquisition of Liangxi Technology allows the company to enter the quantum computing market, leveraging synergies and resource sharing for growth [40][41]. - Dilution refrigerators are critical for the operation of superconducting quantum computers, and the company aims to produce these domestically to overcome foreign monopolies [46][48]. - The global market for dilution refrigerators is projected to grow significantly, providing a substantial opportunity for the company [46]. 3. Financial Forecast and Valuation - The company is expected to achieve revenues of 213 million yuan in 2025, with a projected P/S ratio of 25x [4][5]. - The company has experienced fluctuations in revenue due to economic conditions, but it maintains a compound annual growth rate of 12% from 2017 to 2024 [26]. - The company’s net profit is projected to improve as it expands into new markets and optimizes its sales strategies [31].