2025 业绩快报点评：行业回暖与高端产品放 量共驱，全年扣非业绩同比+821% 证券研究报告·北交所公司点评报告·通用设备 买入（维持） 海能技术（920476） ◼ 利润端实现跨越式提升，2025 全年扣非业绩同比+821%。公司发布 2025 年业绩快报，全年实现营业收入 3.62 亿元，同比增长 16.63%， 营收保持稳健增长态势；利润端实现跨越式提升，利润总额 4355.55 万 元，同比大增 622.02%，归属于上市公司股东的净利润 4211.72 万元， 同比增长 222.20%，扣除非经常性损益的净利润 3557.01 万元，同比高 升 821.24%。单季度来看，2025Q4 公司实现营业收入 1.35 亿元，同环 比增速分别为+6.56%/+47.64%；归母净利润 2401.09 万元，同环比增速 分别为 35.28%/+90.04%。 ◼ 业绩大幅高增原因：行业回暖与高端产品放量共驱，内生优化筑牢盈利 根基。1）行业景气回暖：国内高端科学仪器行业迎来多重政策利好， 2025 年国家科学技术支出突破 1.2 万亿元，同比+4.8%，为仪器行业研 发创新筑牢资金根基；超长期特别国债专项 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected performance that will exceed the market by over 20% [4]. Core Insights - The company forecasts a significant increase in net profit attributable to shareholders for 2025, estimated between 41 to 44 million yuan, representing a year-on-year growth of approximately 213.65% to 236.61% [1]. - The expected operating revenue for 2025 is around 362 million yuan, reflecting a year-on-year increase of about 16.77% [1]. - The company is actively investing in high-end instruments and has made progress in their smart and digital capabilities, with new products like organic element analyzers and liquid chromatography instruments gaining market recognition [2]. - The company has received multiple invention patents, enhancing its intellectual property moat and supporting future product iterations and market expansion [3]. Financial Summary - The projected financial metrics for the company are as follows: - Operating revenue (million yuan): 341 in 2023, 310 in 2024, 362 in 2025, 435 in 2026, and 499 in 2027, with a year-on-year growth of 18.7% in 2023, -9.1% in 2024, and 16.7% in 2025 [6]. - Net profit attributable to shareholders (million yuan): 45 in 2023, 13 in 2024, 43 in 2025, 53 in 2026, and 64 in 2027, with a year-on-year growth of 1.4% in 2023, -71.0% in 2024, and 225.7% in 2025 [6]. - Earnings per share (EPS): 0.53 in 2023, 0.15 in 2024, 0.50 in 2025, 0.62 in 2026, and 0.75 in 2027 [6]. - Price-to-earnings ratio (P/E): 48.3 in 2023, 166.5 in 2024, 51.1 in 2025, 41.0 in 2026, and 33.9 in 2027 [6].

Investment Rating - The report assigns a "Buy" rating for the company, HaiNeng Technology (920476) [1]. Core Insights - HaiNeng Technology is focusing on the scientific instrument sector, leveraging both self-research and acquisitions to build a diverse product matrix, benefiting from the increasing domestic market share in scientific instruments [3][9]. - The company has established a strong competitive barrier through a full industry chain model, ensuring stable cash flow from its core products while expanding into high-growth areas such as chromatography instruments [3][10]. - The global market for analytical instruments is projected to grow significantly, with China's market expected to reach $11.66 billion by 2029, driven by increasing demand across various sectors [9][53]. Summary by Sections Company Overview - HaiNeng Technology, founded in 2006, specializes in the research, production, and sales of analytical instruments, initially focusing on Kjeldahl nitrogen analyzers and microwave digestion instruments, and later expanding into chromatography instruments [15]. - The company has developed a product matrix that includes organic element analysis, sample preparation, chromatography, and general instruments, serving various industries such as food, pharmaceuticals, and environmental testing [15][9]. Market Potential - The analytical instrument market is characterized by high technical barriers and diverse applications, with significant growth expected in the Chinese market, which is projected to grow at a compound annual growth rate (CAGR) of 4.7% from 2024 to 2029 [53][50]. - The demand for analytical instruments is widespread across sectors, including food safety, pharmaceuticals, and environmental monitoring, indicating a robust market potential [50][53]. Financial Performance - The company is expected to see a recovery in performance, with projected revenues of 3.79 billion yuan in 2025, reflecting a 22.25% year-on-year growth, and net profits expected to reach 420 million yuan [1][10]. - The earnings per share (EPS) are forecasted to improve from 0.15 yuan in 2024 to 0.49 yuan in 2025, indicating a positive trend in profitability [1][10]. Competitive Landscape - The Chinese analytical instrument market is currently dominated by foreign brands, with a high import rate for advanced products. However, domestic manufacturers like HaiNeng Technology are gradually gaining market share by offering competitive pricing and tailored services [9][58]. - The report highlights the importance of innovation and quality improvement in enhancing the competitive position of domestic firms in the analytical instrument sector [9][58].

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].

Core Viewpoint - The company has recently obtained a patent for an AI-based automated control and adjustment system for the Kjeldahl nitrogen determination process, enhancing its R&D capabilities and competitive edge in the scientific instrument market [3][4]. Group 1: Patent Details - The patent is titled "AI-based Automated Control and Adjustment System for Kjeldahl Nitrogen Determination" with patent number ZL 2025 1 1357945.3, applied on September 23, 2025, and announced on December 16, 2025 [3]. - The patent is co-owned by the company and the Shandong Institute for Food and Drug Inspection [3]. Group 2: Impact on the Company - The patented technology will be applied to the company's Kjeldahl nitrogen analyzer, which is used for measuring nitrogen/protein content in various fields, including biopharmaceuticals, food safety, and soil nutrient analysis [3]. - The integration of AI technology into the Kjeldahl analyzer will enable full automation and adaptive adjustment of experimental analysis processes, thereby enhancing the company's core product's intelligence and autonomy [4].

Core Viewpoint - The Chinese Academy of Agricultural Sciences has announced procurement intentions for 18 types of instruments and equipment, with a total budget of 100 million yuan, expected to be purchased between April and October 2025 [1][2]. Procurement Overview - The procurement includes advanced instruments such as laser scanning confocal microscopes, high-speed cameras, gas chromatography-mass spectrometry systems, continuous flow analyzers, near-infrared spectrometers, Kjeldahl nitrogen analyzers, stereofluorescence microscopes, real-time quantitative PCR systems, and liquid chromatography systems [2][6]. Specific Instruments - **Kjeldahl Nitrogen Analyzer**: A precision instrument used to determine nitrogen content in samples, widely applied in food, agriculture, environment, and pharmaceuticals [3]. - **Continuous Flow Analyzer**: An advanced chemical analysis instrument that mixes samples with specific reagents for quantitative analysis, crucial in environmental monitoring and food testing [4]. - **Real-time Quantitative PCR System**: An advanced instrument for nucleic acid quantification, essential in molecular biology research and clinical diagnostics [5]. Detailed Procurement List - The procurement plan includes various instruments across different research areas, with specific budget allocations for each type of equipment, such as: - Laser scanning confocal microscopes and high-speed cameras for agricultural environmental research, budgeted at 8.22 million yuan [7]. - Gas chromatography-mass spectrometry systems and continuous flow analyzers for tobacco research, with a budget of 6.5 million yuan [8]. - Digital PCR systems and other advanced instruments for crop breeding research, with a budget of 900,000 yuan [9]. Summary of Budget Allocations - The total budget for the procurement is 100 million yuan, with specific allocations for various instruments and research projects, indicating a significant investment in agricultural research and development [1][2].

Summary of Haineng Technology Conference Call Company Overview - **Company**: Haineng Technology - **Industry**: Scientific Instruments Key Points and Arguments 1. **Revenue Growth**: In the first half of 2025, Haineng Technology's revenue increased by 34% year-on-year, driven by the introduction of new products such as chromatography and spectroscopy series, as well as significant R&D investments [2][4][3] 2. **Profitability**: The company turned a profit with a net income exceeding 5 million yuan, marking an increase of over 20 million yuan compared to the same period last year. The gross margin remained around 65% due to prior industry positioning and optimization of expense structures [2][4][3] 3. **Share Buyback**: Haineng Technology has completed over 30 million yuan in share buybacks and adjusted the buyback limit to 25 yuan to manage market capitalization [2][5] 4. **Market Coverage**: The company's products span various sectors including marine machinery, equipment, food, environment, biopharmaceuticals, and basic research, although precise revenue contributions from marine-related sectors are difficult to quantify [2][6] 5. **Domestic Policy Impact**: The "first set" policy has encouraged domestic replacements for imported products, significantly boosting sales of liquid chromatography and other products, particularly in the pharmaceutical sector [2][9][10] 6. **International Expansion**: Haineng Technology's overseas business has grown rapidly, especially in underdeveloped regions such as Southeast Asia, the Middle East, Russian-speaking areas, and South America, with a strategy to establish a presence in developing countries before moving to developed markets [2][11][12] 7. **Future Performance Outlook**: The company expects to maintain over 30% growth in the second half of 2025, with overall performance anticipated to surpass levels from 2024 and 2023, driven by product maturity and increased customer recognition [3][13] 8. **Market Dynamics**: The scientific instruments industry is characterized by gradual growth rather than explosive increases, with the marine economy potentially driving related business but overall growth remaining steady and less affected by macroeconomic fluctuations [7][8] Additional Important Insights 1. **Product Development**: Haineng Technology has made substantial investments in new product development and quality improvements, which have contributed to the strong revenue growth despite challenging macro conditions [4][13] 2. **Customer Segmentation**: The company serves a diverse customer base, including government agencies, research institutions, and various industries, making it challenging to isolate marine economy-related revenue [8] 3. **Long-term Confidence**: Haineng Technology expresses confidence in its long-term development, supported by domestic policy and international market expansion efforts [14]

Investment Rating - The report gives a "Buy" rating for the company, indicating a positive outlook on its future performance [3][5]. Core Viewpoints - The company is positioned as a "small giant" in the scientific instruments sector, with a comprehensive product lineup and a strong focus on high-end analytical instruments. It aims to reduce reliance on upstream supply chains through vertical integration [1][3]. - The company has shown significant recovery in its performance, with a notable reduction in net losses and a year-over-year revenue growth of 38% in Q1 2025 [1][3]. - The chromatography market in China is expanding rapidly, with a projected growth from 9.2 billion to 16 billion yuan from 2019 to 2024, and the company is well-positioned to capitalize on this trend through its innovative products [2][3]. Summary by Sections 1. Company Overview - Established in 2006, the company focuses on scientific instruments, offering a wide range of products including organic element analysis, sample preparation, chromatography, and general instruments [1][14]. - The company has received multiple certifications and accolades, including being recognized as a "small giant" enterprise and a high-tech enterprise [14][15]. 2. Market Position and Product Strength - The company leads in the organic element analysis sector, with successful products like the Kjeldahl nitrogen analyzer and microwave digestion systems, which have seen significant sales growth in various industries [1][2]. - The sample preparation segment has also performed well, particularly in the lithium battery and petrochemical sectors, with notable clients including BYD and PetroChina [1][2]. 3. Chromatography Market Potential - The chromatography market is characterized by high import rates, with only 16.4% domestic production in 2024, indicating substantial room for domestic players to grow [2][3]. - The company is expanding its product offerings in this area with the "Wukong" high-efficiency liquid chromatography and "GAS" gas chromatography-ion mobility spectrometry instruments, which are gaining acceptance in various industries [2][3]. 4. Financial Projections - The company is expected to achieve revenues of 3.7 billion, 4.5 billion, and 5.4 billion yuan from 2025 to 2027, with corresponding net profits of 0.5 billion, 0.7 billion, and 1.0 billion yuan [3][4]. - The projected earnings per share (EPS) for the same period are 0.54, 0.82, and 1.13 yuan, reflecting a positive growth trajectory [3][4]. 5. Investment and Growth Strategy - The company employs a multi-brand strategy to enhance brand recognition and market penetration across various product lines, which supports its revenue growth and cash flow stability [29][35]. - It has engaged in strategic acquisitions and partnerships to bolster its capabilities and expand into new markets, including pharmaceuticals and environmental monitoring [15][32].

Investment Rating - The report gives a "Buy" rating for the company, indicating a positive outlook on its future performance [3]. Core Viewpoints - The company is positioned as a "small giant" in the scientific instruments sector, with a comprehensive product lineup and a strong focus on domestic market growth, particularly in chromatography instruments [1][3]. - The company has shown significant recovery in its performance, with a notable year-on-year revenue growth of 38% in Q1 2025, and a projected revenue increase to 3.1 billion yuan in 2024 [1][3]. - The report highlights the potential for domestic substitution in the chromatography market, with the market size expected to grow from 9.2 billion yuan in 2019 to approximately 16 billion yuan by 2024, reflecting a compound annual growth rate of about 11.7% [2][3]. Summary by Sections 1. Company Overview - Established in 2006, the company focuses on scientific instruments, developing a full range of products including organic element analysis, sample preparation, chromatography, and general instruments [1][14]. - The company has achieved high levels of product localization and profitability, reducing reliance on upstream supply chains [1]. 2. Market Position - The company leads in the organic element analysis sector, with successful products like the Kjeldahl nitrogen analyzer and Dumas nitrogen analyzer, securing contracts with major clients [1][2]. - In the sample preparation segment, the company has seen substantial sales growth, particularly in the lithium battery and petrochemical sectors [1]. 3. Chromatography Market Potential - The chromatography market is expanding rapidly, with liquid chromatography instruments capturing 38% of the market share in early 2025, followed closely by gas chromatography at 35% [2]. - The company is actively developing its "Wukong" high-efficiency liquid chromatography and "GAS" gas chromatography-ion mobility spectrometry instruments, which are gaining acceptance in various industries [2][3]. 4. Financial Projections - The company is expected to achieve revenues of 3.7 billion yuan in 2025, with a net profit of 500 million yuan, and projected earnings per share (EPS) of 0.54 yuan [3][4]. - The report anticipates a steady increase in revenue and profit margins, with a projected net profit growth rate of 253.2% in 2025 [4]. 5. Competitive Advantages - The company has established a strong R&D foundation, with a significant number of patents and ongoing projects that align with national standards [22][26]. - The strategic acquisitions and partnerships have enhanced the company's capabilities and market reach, positioning it well for future growth [15][32].

Core Insights - The establishment of the wheat technology center in Xiaomeng Town represents a significant shift from traditional farming to modern, technology-driven agriculture, enhancing efficiency and productivity in wheat cultivation [1][2][3] Group 1: Agricultural Innovation - The Xiaomeng Town wheat technology center integrates research, education, and practical application, creating a full industrial chain for grain production [1][2] - Advanced wheat varieties such as Nongda 753, Nongda 761, and Shan Nong 116, along with innovative farming techniques, have contributed to a total grain output of over 130 million jin annually in Xiaomeng Town [2] - The center has developed various water-saving and nitrogen-efficient cultivation techniques, promoting sustainable agricultural practices [2][3] Group 2: Economic Impact - The technology center has enabled farmers to increase their income by over 100 yuan per mu through improved grain storage and drying solutions [2] - A complete industrial chain has been established, encompassing seed cultivation, large-scale planting, drying, storage, and order-based purchasing, providing financial stability for farmers [2] - The center has trained over 500 new professional farmers, facilitating the adoption of modern agricultural technologies and practices [2] Group 3: Technological Advancements - The use of tractors equipped with Beidou navigation systems for wheat sowing has improved land utilization and reduced labor intensity [3] - The transition from traditional to smart farming is being driven by the integration of cutting-edge technologies, enhancing overall agricultural productivity [3] - The strategy of "storing grain in the land and technology" is being effectively implemented in the fields, promoting a sustainable agricultural future [3]