从质谱、色谱看科学仪器的国产化之路

Investment Rating - The report suggests a positive outlook for the scientific instruments industry, particularly in the context of domestic substitution driven by tariff uncertainties and export restrictions [4]. Core Insights - The scientific instruments market is undergoing a transformation, with domestic alternatives becoming essential due to increased import costs and supply chain risks [3][7]. - The analysis instruments market is experiencing growth, with the domestic market exceeding 30 billion yuan, and global market growth from 57.8 billion USD to 77.1 billion USD from 2017 to 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 [3][4]. Summary by Sections Section 1: Domestic Substitution in Scientific Instruments - Tariff uncertainties and U.S. export controls are pushing for domestic alternatives in scientific instruments [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 [17][11]. - R&D investment intensity is increasing, with 2024 funding reaching 3.61 trillion yuan, a growth of 8.3% year-on-year [25][26]. Section 2: Barriers in Mass Spectrometry and Chromatography - The mass spectrometry market in China reached 16.7 billion yuan in 2023, with a year-on-year growth of 19.53% [3][4]. - The chromatography market is projected to grow to around 16 billion yuan in 2024, with significant potential for domestic substitution [3][4]. Section 3: Innovation and Domestic Substitution - Companies like 聚光科技 (Juguang Technology) are turning losses into profits and expanding their business layout [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 testing instruments [4]. - 雪迪龙 (Xuedilong) is actively positioning itself in the scientific instruments market, benefiting from the expansion of the carbon market [4].