Core Viewpoint - SanDe Technology announced on November 14 that its overseas business primarily focuses on analytical instruments due to differences in coal commodity commercialization, settlement models, and product standards in international markets [2] Company Summary - The company is currently exploring the possibility of exporting intelligent equipment, although the conditions for such exports are not yet fully mature [2] - SanDe Technology is experiencing rapid growth in its unmanned intelligent equipment business, which has become a second growth curve for the company [2] - The company aims to accumulate valuable market experience through the digital transformation of downstream industries such as thermal power, coal, and metallurgy, which will support future export efforts [2] Industry Summary - China is the largest producer and consumer of coal globally, with abundant application scenarios for coal detection intelligent equipment [2] - The ongoing digital upgrade in industries related to coal and metallurgy presents significant opportunities for the development and maturation of related products, technologies, and standards [2]

Company Overview - Founded in 1993, the company operates in two product segments: analytical instruments and unmanned intelligent equipment, along with three service areas related to these products [2][3] - The company's products are primarily used for analyzing coal quality indicators, which are essential for trading and application in various industries [2][3] Market Position - The company is a leading player in the coal testing equipment and unmanned intelligent equipment sectors, being the only A-share listed company in this niche [3] - It focuses on a "vertical extension" and "horizontal expansion" strategy, with unmanned intelligent equipment representing a successful example of its growth strategy [3] Order Status and Sustainability - As of the first half of the year, the company has over 800 million CNY in signed contracts yet to be fulfilled, primarily from unmanned intelligent equipment orders [3] - The demand for unmanned intelligent equipment is expected to remain strong due to ongoing digital transformation in key downstream industries like thermal power and coal [3] Industry Applications - Unmanned intelligent equipment is also being applied in industries such as steel and cement, with significant projects awarded to major companies like Baowu and Shougang [4][5] - The cost of coal typically exceeds 70% in thermal power plants, making coal testing and management a critical need [5] Non-Coal Sector Expansion - The company has established a long-standing application of analytical instruments in non-coal sectors, including biomass and hazardous waste [6] - There are ongoing research projects in other non-coal fields [6] International Market Potential - Current international business mainly involves analytical instruments, as conditions for exporting intelligent equipment are not yet fully mature [7] - The company aims to explore opportunities for international expansion in intelligent equipment as domestic demand continues to grow [7] Financial Management - In 2023, the company fully provisioned for asset impairment related to overdue financial products, with no new developments reported [8][9] - Shareholder reduction plans were disclosed, with no current plans for further reductions from major shareholders [9]

陕西作为我国科教高地与国防工业核心基地，在分析仪器及相关领域积淀了深厚的创新底蕴。其 中，依托中国西部科技创新港这一国家级创新平台，西安交通大学建成了总价值2.65亿元的大型仪器设 备共享实验中心，将101台（套）尖端设备向社会开放共享。1.2万平方米的"科研宝藏库"构建起"设备 共享+技术支撑+检测认证"三位一体服务体系，年均服务超2万人次、测样量突破10万个，既为中小企 业破解了"买不起、用不上"高端设备的困局，也支撑了陕西镁产业标准研制、环境新污染物检测等一批 关键技术突破。"西安交通大学将以本次大会为契机，与行业同仁共筑学科交叉创新生态、共建仪器共 享与转化平台、共育高水平创新人才，一同推动我国高端装备制造业高质量发展。"西安交通大学教授 单文华表示。 省科技厅相关负责人表示，当前，陕西正全力构建现代化产业体系，聚焦航空航天、电子信息、智 能装备、新材料等重点产业建设，对高端科学仪器的需求日益迫切。希望依托此次大会，与行业各方持 续深化合作，共建高端创新平台，推动先进分析仪器技术产业化落地。（记者：张梅） 11月7日，2025秦创原发展论坛、硬科技创新大会期间，第十届中国分析仪器学术大会在西安召 开。 ...

Core Viewpoint - SanDe Technology is a leading enterprise in the field of analytical instruments and intelligent equipment in China, with a comprehensive service capability across the entire industry chain [1] Group 1: Business Performance - In Q3 2025, SanDe Technology reported revenue of 430 million yuan, ranking 27th out of 61 in the industry, significantly lower than the top competitor, ChuanYi Co., which had 4.89 billion yuan [2] - The main business segments include analytical instruments generating 113 million yuan (45.54%), unmanned intelligent equipment at 90.71 million yuan (36.46%), and operation and maintenance services at 44.79 million yuan (18.00%) [2] - The net profit for the same period was 116 million yuan, ranking 12th in the industry, again lower than ChuanYi Co. and KeLi Sensor, but above the industry average of 58.97 million yuan [2] Group 2: Financial Ratios - As of Q3 2025, the asset-liability ratio was 35.31%, an increase from 33.41% year-on-year, exceeding the industry average of 27.43% [3] - The gross profit margin was reported at 56.42%, down from 58.63% year-on-year, but still above the industry average of 43.50% [3] Group 3: Executive Compensation - Chairman Zhu Xiande's salary for 2024 is 1.4753 million yuan, an increase of 377,500 yuan from 2023 [4] - General Manager Zhu Qing's salary for 2024 is 1.0524 million yuan, up by 309,100 yuan from the previous year [4] Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 4.50% to 18,500, while the average number of shares held per shareholder increased by 4.71% to 10,900 [5] - The company is expected to see significant growth in unmanned intelligent equipment, which has a low current penetration rate but a large market size [5] Group 5: Future Outlook - CITIC Securities forecasts net profits of 185 million yuan and 235 million yuan for 2025 and 2026, respectively, maintaining a "buy" rating [5] - Guangda Securities noted that the company achieved record revenue and net profit in the first half of 2025, with significant growth in both traditional and intelligent equipment businesses [5]

Core Insights - SanDe Technology's stock price has increased by 80.43% year-to-date, with a recent decline of 2.01% on October 30, 2023, trading at 20.96 CNY per share [1] - The company reported a revenue of 430 million CNY for the first nine months of 2025, reflecting a year-on-year growth of 26.94%, and a net profit of 115 million CNY, up 47.52% [2] Company Overview - SanDe Technology, established on April 7, 2004, and listed on June 8, 2016, is located in Changsha, Hunan Province, focusing on the research, manufacturing, sales, implementation, and operation of analytical instruments and intelligent equipment [1] - The company's revenue composition includes 45.54% from analytical instruments, 36.46% from unmanned intelligent equipment, and 18.00% from operation and maintenance services [1] Market Performance - As of October 30, 2023, SanDe Technology's market capitalization stands at 4.313 billion CNY, with a trading volume of 29.269 million CNY and a turnover rate of 0.69% [1] - The stock has appeared on the "Dragon and Tiger List" three times this year, with the latest instance on March 7, 2023, where it recorded a net purchase of 29.3799 million CNY [1] Shareholder Information - As of September 30, 2023, the number of shareholders is 18,500, a decrease of 4.50% from the previous period, with an average of 10,933 circulating shares per person, an increase of 4.71% [2] Dividend Information - Since its A-share listing, SanDe Technology has distributed a total of 271 million CNY in dividends, with 125 million CNY distributed over the past three years [3]

Group 1 - The article highlights the upcoming "10th China Analytical Instrument Academic Conference" (ACAIC 2025) scheduled for November 6-8, 2025, in Xi'an, Shaanxi, focusing on the theme "AI Empowerment and Innovation Transformation" [2][5][7] - The conference aims to explore the impact of AI on the performance enhancement, functional expansion, application development, research processes, and innovation management of analytical instruments [2][5] - The event is expected to attract over 500 participants, including government officials, industry leaders, academic experts, and technology investors [7][8] Group 2 - The conference will feature various activities, including keynote speeches, specialized forums, and exhibitions, providing a platform for knowledge exchange among participants [5][8] - Registration fees are set at 1800 RMB for members, 2800 RMB for non-members, and 1000 RMB for students, with accommodation and transportation costs to be borne by attendees [9][10] - The conference will include a detailed agenda with specific sessions dedicated to different topics related to analytical instruments and AI applications [8][25] Group 3 - The conference will host multiple specialized forums on topics such as AI and mass spectrometry, thermal analysis, biomedical optical imaging technology, and flow cytometry technology [28][32][40][43] - Each forum will feature presentations from leading experts in the field, discussing innovations, applications, and the future of analytical instruments [30][32][40][45] - The event aims to foster collaboration between academia and industry, promoting the transfer and transformation of scientific achievements in analytical instrumentation [49]

Core Insights - The article focuses on high-paying job opportunities in the instrument research and development sector during the National Day holiday period, encouraging job seekers to update their resumes and explore new positions [2]. Job Opportunities - **Tianmei**: R&D Project Supervisor in Shanghai with a salary range of 25k-35k, requiring a bachelor's degree in electronics or related fields, proficiency in digital and analog circuits, and experience in firmware development [2]. - **Shanghai Kailai**: R&D Project Manager (LIBS direction) in Shanghai with a salary range of 20k-30k, requiring a master's degree in analytical chemistry or related fields, with over 5 years of experience in LIBS technology [3][4]. - **Shenghan**: Senior Liquid Phase System Engineer in Qingdao with a salary range of 15k-30k, requiring a bachelor's degree in precision instruments or related fields, with experience in product development [7][8]. - **Dongxi Analysis**: Mechanical Design Engineer in Beijing with a salary range of 13k-20k, requiring over 5 years of experience in structural design for analytical instruments [9][10]. - **Shanghai Bang'an**: MCU Development Engineer in Shanghai with a salary range of 7k-10k, requiring experience in MCU programming and circuit design [11][12]. - **Zhonghang Shijinshi**: Structural Strength Engineer in Langfang, salary negotiable, responsible for structural design and strength analysis of products [13][14]. - **Zhipu**: Senior Software Engineer in Beijing with a salary range of 10k-20k, requiring experience in software development for medical or scientific instruments [16]. - **Gangyan Nake**: Algorithm Engineer in Beijing, salary negotiable, requiring proficiency in programming and experience in deep learning frameworks [18]. - **COFCO Engineering Testing**: R&D Engineer in Zhengzhou, salary negotiable, requiring a bachelor's degree in electrical or mechanical engineering [19].

Core Viewpoint - JD Industrial and SCINCO have formed a strategic partnership to enhance the procurement experience of analytical instruments in China, leveraging each other's strengths in supply chain technology and product development [1][4]. Company Overview - SCINCO, established in 1990, is the largest analytical instrument manufacturer in South Korea and a significant player in the global analytical instrument industry, exporting products to over 60 countries [3]. - JD Industrial, a subsidiary of JD Group, is a leading provider of industrial supply chain technology and services in China, serving over 10,000 key enterprise clients and millions of SMEs, including about 50% of China's Fortune 500 companies [3]. Strategic Collaboration - The partnership will see SCINCO's analytical instruments fully integrated into JD Industrial's self-operated business, making JD Industrial the launch channel for SCINCO's new products in the Chinese market [1][4]. - The collaboration aims to improve supply chain efficiency and reduce costs in the laboratory supplies industry, addressing the challenges of traditional procurement models [4][5]. Market Impact - The partnership is expected to enhance the digital transformation of the analytical instrument supply chain, making it more efficient, reliable, and agile, thereby accelerating innovation in research and development [5]. - SCINCO's CEO expressed confidence in the collaboration, highlighting JD Industrial's quality assurance and technical service capabilities as a significant opportunity for SCINCO's growth in China [5].

Core Insights - The company reported a significant increase in revenue and net profit for the first half of 2025, achieving operating income of 249 million yuan, a year-on-year growth of 33.44%, and a net profit attributable to shareholders of 61 million yuan, up 45.74% [1] - The company's traditional analytical instruments business showed recovery with revenue of 113 million yuan, a growth of 7.05%, despite a slight decline in gross margin [1] - The intelligent equipment business experienced a remarkable growth, with revenue doubling to 91 million yuan, reflecting a year-on-year increase of 117.09% [2] - The company has a strong order backlog of 800 million yuan, primarily from unmanned intelligent equipment, indicating robust future demand [2] - The operation and maintenance services are expected to contribute to new growth, with revenue of 45 million yuan, a growth of 15.38% [2] - Profit forecasts for 2025-2027 indicate a steady increase in net profit, with expectations of 184 million yuan in 2025, 221 million yuan in 2026, and 269 million yuan in 2027 [3] Revenue and Profit Analysis - The company achieved a historical high in both revenue and net profit for the first half of 2025, with basic earnings per share reaching 0.31 yuan, a growth of 46.71% [1] - The analytical instruments segment's gross margin was 64.34%, down 1.18 percentage points from the previous year [1] - The intelligent equipment segment's gross margin improved to 46.13%, up 0.19 percentage points year-on-year [2] Business Segment Performance - The analytical instruments business growth was driven by increased procurement from government sectors and recovery in industries like steel and metallurgy [1] - The intelligent equipment business is benefiting from the digital transformation trends in key downstream industries such as thermal power and coal [2] - The operation and maintenance services are being productized and promoted across various downstream industries, indicating a strategic growth initiative [2]

Investment Rating - The report assigns a "Buy" rating for the company, with an initial coverage forecast for net profit of 7.51 billion, 8.67 billion, and 9.43 billion yuan for 2025-2027, corresponding to PE ratios of 15, 13, and 12 respectively [9][11]. Core Viewpoints - The company, Chuan Yi Co., is a leading enterprise in China's industrial automatic control system manufacturing industry, focusing on expanding its product categories and promoting domestic substitution to enhance market share. The company is also expected to benefit from overseas business growth [2][6][9]. - With the support of the state-owned enterprise Guo Ji Group, Chuan Yi Co. is anticipated to achieve multi-dimensional synergy in research and development, products, and channels, facilitating its growth into a world-class instrumentation enterprise [2][9]. Summary by Sections Company Overview - Chuan Yi Co. has a comprehensive product system covering temperature, pressure, level, and flow measurement, and has established itself as a leader in the industrial automatic control system manufacturing sector in China. The company has a diverse product range, including smart control valves, smart actuators, smart transmitters, and various other industrial control devices [2][6][19]. Market Potential - The market for instrumentation and control systems is vast, with the revenue of China's instrumentation manufacturing industry expected to exceed 1 trillion yuan by 2024. The company is positioned to capture significant market share through product category expansion and domestic substitution, as the global competitive landscape is still dominated by foreign enterprises [7][43]. Domestic and International Opportunities - Chuan Yi Co. is well-positioned to benefit from ongoing capital expenditures in key industries such as petrochemicals, metallurgy, and nuclear power. The company is also expanding into overseas markets, particularly in the Middle East, which presents substantial growth opportunities [8][9]. Synergy from State-Owned Enterprise Control - The acquisition by Guo Ji Group is expected to create synergies in R&D, product development, and distribution channels, enhancing the company's competitive edge and facilitating its entry into high-end markets [9][11]. Financial Performance - The company has demonstrated steady revenue growth, with a projected revenue of 7.592 billion yuan in 2024, reflecting a 2.4% year-on-year increase. The compound annual growth rate (CAGR) for revenue from 2016 to 2024 is 11.1%, while net profit has shown a CAGR of 25.2% during the same period [17][25]. Product Development and Market Strategy - Chuan Yi Co. is actively pursuing the localization of its products and enhancing its manufacturing capabilities through the establishment of smart production lines and digital workshops. The company aims to improve its product offerings and market competitiveness by focusing on high-end product development and expanding its product categories [19][23][25]. Joint Ventures and Collaborations - The establishment of the joint venture with Yokogawa Electric Corporation, known as Yokogawa Chuan Yi, is aimed at expanding into the high-end market for pressure transmitters and industrial automation control systems. This partnership is expected to contribute significantly to the company's investment income [29][30]. Competitive Landscape - The company faces competition from established global players in the instrumentation sector, such as Emerson and Yokogawa. However, there remains substantial potential for domestic substitution, particularly in the control valve and transmitter markets, where the current domestic market share is still below 50% [49][58].