海能技术：自研与并购共筑多产品矩阵，受益科学仪器国产份额提升-20260121

Investment Rating - The report assigns a "Buy" rating for the company, HaiNeng Technology (920476) [1]. Core Insights - HaiNeng Technology has established a multi-product matrix through self-research and acquisitions, benefiting from the growth in the scientific instrument sector and increasing domestic market share [3][9]. - The company is focusing on a full industry chain model, which enhances its competitive barriers and ensures stable cash flow from its core products [3][9]. - The market for experimental analysis instruments is expected to grow significantly, with the Chinese market projected to reach $11.66 billion by 2029, driven by increasing domestic demand and a shift towards local production [9][53]. Summary by Sections 1. Company Overview - HaiNeng Technology, founded in 2006, specializes in the research, production, and sales of experimental analysis instruments, initially focusing on Kjeldahl nitrogen analyzers and microwave digestion instruments, and later expanding into chromatography instruments [15]. - The company has developed a diverse product range, including organic element analysis, sample preparation, chromatography, and general instruments, serving various sectors such as food, pharmaceuticals, and environmental testing [15]. 2. Market Potential - The global market for experimental analysis instruments is expected to grow from $82.95 billion in 2024 to $101.58 billion by 2029, with a compound annual growth rate (CAGR) of 4.10% [53][55]. - The Chinese market is anticipated to grow from $9.28 billion in 2024 to $11.66 billion by 2029, with a CAGR of 4.7% [53][55]. 3. Business Strategy - The company employs a multi-brand and multi-product strategy, focusing on high-value and technology-intensive products, particularly in the chromatography sector, which has shown significant growth potential [9][25]. - HaiNeng Technology has made strategic acquisitions to enhance its product offerings and market reach, including investments in companies that possess core technologies [9][15]. 4. Financial Projections - The company is projected to achieve total revenue of 3.79 billion yuan in 2025, with a net profit of 420 million yuan, reflecting a significant recovery in performance driven by increased demand in the pharmaceutical and renewable energy sectors [1][10]. - The earnings per share (EPS) is expected to rise from 0.15 yuan in 2024 to 0.49 yuan in 2025, indicating a strong rebound in profitability [1][10]. 5. Competitive Landscape - The experimental analysis instrument market is characterized by high barriers to entry, with significant competition from established international players, while domestic manufacturers are gradually increasing their market share through improved product quality and customer service [9][58].