禾信仪器：首次覆盖报告：龙头的下一站，量子计算-20250519

Investment Rating - The report gives a "Cautious Recommendation" rating for the company [6]. Core Viewpoints - The company, HeXin Instruments, is a leading domestic manufacturer of mass spectrometers, focusing on environmental monitoring, medical health, and food safety applications. It has shown stable financial growth, with a projected revenue of 203 million yuan in 2024 and a compound annual growth rate (CAGR) of 12% from 2017 to 2024 [2][4]. - The company is entering the quantum computing sector through the acquisition of Shanghai Liangxi Technology, which specializes in dilution refrigerators essential for superconducting quantum computers. This acquisition is expected to enhance the company's capabilities and market position in the quantum computing supply chain [3][4][40]. - The quantum computing industry is rapidly developing, with significant advancements in both domestic and international markets. The report highlights the potential of quantum computing to overcome AI computing bottlenecks and the increasing investment in this field [2][45]. Summary by Sections 1. Mass Spectrometer Domesticization Leader - HeXin Instruments integrates R&D, production, sales, and technical services of mass spectrometers, focusing on environmental monitoring and other applications. The company aims to reduce reliance on government procurement and expand into various business models [11]. - The company has a stable customer base, primarily consisting of environmental protection agencies and research institutions, which contributes to its steady revenue growth [24]. - The company’s revenue from technical services is expected to grow significantly, with a CAGR of 33% from 2017 to 2024 [26]. 2. Quantum Computing Development - The acquisition of Liangxi Technology allows HeXin Instruments to enter the quantum computing market, leveraging synergies and resource sharing to enhance profitability [40][41]. - The dilution refrigerator, crucial for the operation of superconducting quantum computers, is currently dominated by a few Western companies, creating a significant opportunity for domestic production [46][48]. - The global market for dilution refrigerators is projected to grow from 193 million USD in 2022 to 275 million USD by 2025, indicating a strong demand for this technology [46]. 3. Profit Forecast and Valuation - The company is expected to achieve revenues of 213 million yuan in 2025, with a P/S ratio of 25x based on the closing price on May 19, 2025 [4][5]. - The report anticipates that the company will benefit from policy support and the successful integration of Liangxi Technology, which will contribute to revenue growth and enhance its competitive advantage in the market [4][45].