皖仪科技(688600)首次覆盖报告：科学仪器小巨人，产品线拓宽叠加高端化助力国产替代240522

Investment Rating - The report gives a "Buy" rating for the company [2][4][13]. Core Viewpoints - The company is positioned as a leader in the domestic chromatography market, expected to benefit significantly from the localization of scientific instruments and supportive policies. The high-end analytical instruments are anticipated to become a second growth curve for the company, while the expansion into the life sciences sector is expected to drive long-term performance growth [1][12][13]. - Revenue projections for 2024-2026 are estimated at 979 million, 1.238 billion, and 1.589 billion yuan, with net profits of 81 million, 118 million, and 169 million yuan respectively [2][3][13]. Summary by Sections Company Overview - Founded in 2003 and listed on the Sci-Tech Innovation Board in 2020, the company initially focused on leak detection instruments and has since expanded into environmental monitoring and laboratory analytical instruments, forming a comprehensive product line [1][17]. - The company has diversified into four main business areas: online monitoring, industrial detection, laboratory analytical instruments, and life sciences, with a focus on high-end instrument localization [1][18]. Business Segments - In 2023, the revenue contributions from online monitoring instruments, industrial detection instruments, and laboratory analytical instruments were 31.51%, 58.72%, and 5.96% respectively [21]. - The industrial detection segment has seen significant growth due to high demand in the new energy sector, while the online monitoring segment faced challenges due to macroeconomic factors [1][21]. Financial Analysis - The company reported a revenue of 787 million yuan in 2023, with a compound annual growth rate (CAGR) of 19.24% from 2018 to 2023. However, the first quarter of 2024 showed a revenue decline of 14.77% year-on-year [24]. - The gross margin for 2023 was 49.01%, with a notable increase in the contribution from high-margin industrial detection instruments [28]. Market Potential - The domestic analytical instrument market is projected to grow from 345 billion yuan in 2021 to 418 billion yuan by 2025, with a CAGR of 4.92%. The reliance on imports for high-end instruments remains a significant challenge [32][33]. - The global laboratory analytical instrument market is expected to grow from approximately 74.69 billion USD in 2022 to around 91.3 billion USD by 2027, with a CAGR of 4.10% [32][33]. Policy Support - Various government policies are aimed at promoting the localization of scientific instruments, including tax refunds for domestic equipment purchases and support for major scientific instrument development [35].