Waters (WAT) Q1 2025 Earnings Call May 06, 2025 08:00 AM ET Company Participants Caspar Tudor - Head, Investor RelationsUdit Batra - President and CEOAmol Chaubal - Senior VP & CFOTycho Peterson - Managing DirectorPuneet Souda - Senior MDBrandon Couillard - Managing DirectorVijay Kumar - Senior Managing DirectorDan Arias - Managing DirectorDaniel Brennan - Managing Director Conference Call Participants Jack Meehan - Equity Research AnalystCatherine Schulte - Senior Research AnalystSung Ji Nam - Managing Dir ...

证券研究报告：机械设备|深度报告 行业投资评级 强于大市 |维持 | 行业基本情况 | | --- | | 收盘点位 | | 1575.92 | | --- | --- | --- | | 52 | 周最高 | 1803.12 | | 52 | 周最低 | 1122.98 | 行业相对指数表现（相对值） 2024-04 2024-07 2024-09 2024-12 2025-02 2025-04 -19% -14% -9% -4% 1% 6% 11% 16% 21% 26% 机械设备 沪深300 资料来源：聚源，中邮证券研究所 研究所 分析师:刘卓 SAC 登记编号:S1340522110001 Email:liuzhuo@cnpsec.com 分析师:陈基赟 SAC 登记编号:S1340524070003 Email:chenjiyun@cnpsec.com 2020 年全球分析仪器市场规模约 670 亿美元，中国分析仪器市 场约为 385 亿元。根据 SDI 发布的全球实验分析仪器市场规模数据显 示，2020 年全球分析仪器市场规模预计达到 670 亿美元，2015-2020 年年均复合增长率约为5.5 ...

Industry Investment Rating - The investment rating for the mechanical equipment industry is "Outperform the Market" [1] Core Viewpoints - The report highlights the importance of domestic substitution in the analysis instrument sector, emphasizing the low current domestic production rate and the government's supportive policies for industry development [7][30] - The global market for analytical instruments is projected to reach approximately $67 billion, with China's market at around 38.5 billion yuan [5][24] - The report anticipates a growth rate of 6-10% for China's analytical instrument industry in 2025, driven by policy support and increased focus on product innovation [6][33] Summary by Relevant Sections Industry Overview - The closing index for the mechanical equipment sector is 1575.92, with a 52-week high of 1803.12 and a low of 1122.98 [1] Market Performance - The relative performance of the mechanical equipment sector against the CSI 300 index shows a projected decline of 19% to a growth of 26% from April 2024 to April 2025 [3] Market Size and Growth - The global analytical instrument market was approximately $67 billion in 2020, with a compound annual growth rate (CAGR) of about 5.5% from 2015 to 2020 [5][21] - China's analytical instrument market was about 38.5 billion yuan in 2020, significantly lower than the U.S. and Germany [24] Domestic Production and Policy Support - The domestic market share of analytical instruments has increased from 32.2% in 2011 to 44.6% in 2023, with specific categories like mass spectrometers seeing growth from 1.5% to 11.2% [7][30] - The report outlines various government policies aimed at promoting domestic production and innovation in the analytical instrument sector [32] Import Data Analysis - The import value of analytical instruments under the 9027 tariff code showed a decline from 696 billion yuan in 2020 to 570 billion yuan in 2024, indicating a shift towards domestic products [8][34] - The U.S. remains the largest source of imports for analytical instruments, accounting for approximately 23.4% of imports in 2024 [34] Key Companies to Watch - The report suggests monitoring companies such as 聚光科技 (Juguang Technology), 钢研纳克 (Gangyan Nake), and 莱伯泰科 (Leibotai Technology) for their roles in the analytical instrument market [10][44]

导读： 液相色谱仪市场正经历进口收缩与出口扩张的双重变局，国产替代加速，贸易摩擦倒逼产业升级，为中国液相色谱产业带来新的发展机遇。 作为分析化学领域的"分离利器"，色谱仪在制药、环保、食品检测等关键行业中占据核心地位。长期以来，中国高端色谱仪市场被进口品牌垄 断，特别是液相色谱仪的进口依存度超过8 5%。中美贸易战、新冠疫情、俄乌冲突等一系列黑天鹅事件的爆发，叠加全球供应链波动、国产替 代政策加码等多重因素，中国色谱仪进出口市场经历剧烈震荡。 仪器信息网基于海关总署数据（液相色谱仪HS 9 0 2 7 2 0 1 2），对2 0 1 7 - 2 0 2 4年色谱仪进出口趋势展开分析，揭示市场结构性变化与国产化突围 路径。 进口市场：冲高回落 主要进口国结构性调整 从总体看，从2 0 1 7年以来，液相色谱进口市场整体呈现一个冲高回落的趋势。2 0 1 7 - 2 0 2 0年整体相对稳定，年进口台数再1 6 0 0 0台套在左右； 2 0 2 1 - 2 0 2 2，进口量快速增长，到2 0 2 2年的最高2 2 4 6 3台，进口额超过9 . 6亿美元，反映出市场对液相色谱仪的需求在不断上升，特别是受下游 ...

导读： 2018-2024年中国质谱仪进口市场在贸易摩擦背景下不断变化。仪器信息网基于海关总署数据，深入剖析七年间质谱仪进口趋 势、国别进口数量及金额变化，揭示市场格局演变与未来机遇。 特别提示 微信公众号机制调整，请点击顶部"仪器信息网" → 右上方"…" → 设为 ★ 星标，否则很可能无法看到我们的推送。 根据中华人民共和国海关总署最新数据，中国质谱仪进口市场近年来呈现出明显的阶段性特征。 七年间，进口质谱仪数量在2 0 1 9年降到最低，为11 6 9 3台，而进口质谱仪金额在2 0 2 3年达到峰值，为1 8 . 9 8亿美元。根 据数据显示，2 0 1 8年进口质谱仪总量为1 2 , 4 2 4台，进口总额达1 4 . 4 3亿美元。随后市场走势可分为三个典型阶段： 第一阶段（2 0 1 8 - 2 0 2 0年）：量价波动，贸易战阴霾初现。 从图中明显得出， 2 0 1 9年进口数量及金额双双跌至七年间 最低点 ，随后在2 0 2 0年开始回升，并较2 0 1 8年有小幅增长，呈现出明显的"正V型"走势。尽管我们无法定论质谱仪进 口量及金额的下降是否只是由中美贸易战引起的，但贸易战无疑对质谱仪等高 ...

Core Viewpoint - The article emphasizes the rapid technological advancements in the semiconductor industry, highlighting the critical role of PerkinElmer in providing essential analytical instruments for semiconductor detection and quality control [1][6][30]. Group 1: Technological Advancements - The semiconductor industry is experiencing rapid iterations in technology, with chip manufacturing processes evolving from 14nm to 1nm nodes [1]. - Traditional detection methods struggle to meet the demands for detecting metal impurities at ppt (parts per trillion) and ppq (parts per quadrillion) levels, necessitating advanced analytical techniques [1][6]. - Non-metal impurities and organic contaminants in the air have emerged as significant factors affecting chip yield, further complicating the quality control process [1]. Group 2: PerkinElmer's Historical Significance - PerkinElmer has a rich history of innovation in analytical instruments, dating back to its founding in 1937, with milestones including the launch of the first commercial infrared spectrometer in 1944 [3][4]. - The company has consistently pushed technological boundaries, introducing groundbreaking products such as the first commercial ICP-MS in 1983, which revolutionized trace metal detection [4][11]. Group 3: Product Offerings and Applications - PerkinElmer's product line includes a wide range of analytical instruments essential for semiconductor testing, such as ICP-MS, ICP-OES, and gas chromatography [6][8]. - The NexION 5000 ICP-MS is highlighted as a leading tool for detecting trace impurities in silicon wafers and semiconductor-grade chemicals, capable of achieving detection limits below 1 ppt [10][17]. - The GCMS 2400 platform is designed for the rapid screening of organic contaminants in cleanroom environments, addressing the challenge of maintaining high purity standards in semiconductor manufacturing [25][27]. Group 4: Market Commitment - PerkinElmer has demonstrated a long-term commitment to the Chinese market, evolving from a supplier to a localized enterprise with comprehensive R&D, production, and service capabilities [8]. - The company actively participates in industry events, showcasing its innovations and reinforcing its position as a key player in semiconductor detection [8][30].