Xinda Securities·2025-06-11 05:23Investment 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].