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].

事件：公司发布2025 年半年度报告，25H1 实现营业收入2.49 亿元，同比增长33.44%；归母净利润0.61 亿元，同比增长45.74%；基本每股收益 0.31 元，同比增长 46.71%。公司主要经营指标均保持较高幅度 的同比正增长，2025 年上半年营收和净利润数据均创历史同期新高。 公司传统业务分析仪器上半年恢复增长。上半年，公司分析仪器业务营收1.13亿元、同比增长7.05%； 毛利率为64.34%，较上年同期下滑1.18 个百分点。 截至2025 年6 月底，公司在手订单为8 亿元，其中大部分为无人化智能装备订单。上半年无人化智能装 备产品的新签订单为历史新高。 运维业务有望贡献新的增长动力。运维等衍生服务业务上半年实现收入0.45 亿元，同比增长15.38%； 毛利率为73.60%，较上年同期下滑5.59 个百分点。公司将无人化智能装备的运维服务产品化，并积极 地向下游不同行业推广。公司运维服务主要分为按需运维与承包式运维两大类，未来有望为公司成长贡 献新的增长动力。 盈利预测、估值与评级：我们维持预测公司2025-2026 年归母净利润分别为1.84、2.21 亿元，新增2027 年归母 ...

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].

Core Viewpoint - The company is experiencing rapid growth in the delivery of unmanned intelligent equipment orders, driving significant performance increases [1]. Financial Performance - The company maintains a "Buy" rating, with net profit forecasts for 2025-2027 at 184 million, 217 million, and 253 million yuan, respectively, corresponding to EPS of 0.90, 1.05, and 1.23 yuan [2]. - In the first half of 2025, the company achieved revenue of 249 million yuan, a year-on-year increase of 33%, and a net profit of 58 million yuan, up 48% year-on-year, driven by the rapid increase in unmanned intelligent equipment order deliveries [2]. - Operating cash flow for the first half of 2025 was 10.13 million yuan, down from 43.53 million yuan in the same period last year, primarily due to increased procurement and employee compensation expenses [2]. - The company effectively managed expenses, with sales, management, finance, and R&D expense ratios changing by -3.88pct, -1.29pct, +0.38pct, and -4.93pct to 14.95%, 7.73%, -0.14%, and 12.88%, respectively [2]. Business Segments - The analysis instrument business saw a revenue increase of 7% to 113 million yuan in the first half of 2025, with a gross margin decrease of 1.18pct to 64.34% [3]. - The unmanned intelligent equipment business experienced a revenue surge of 117% to 91 million yuan, with a slight gross margin increase of 0.19pct to 46.13%, driven by accelerated order deliveries and strong demand from the digital transformation of downstream industries [3]. - The operation and derivative technology service revenue grew by 15% to 45 million yuan, although the gross margin declined by 5.59pct to 73.6% [3]. Industry Trends - The acceleration of intelligent upgrades for existing thermal power units, along with the commissioning of new units, is expected to release demand for coal quality analysis instruments and intelligent equipment [3]. - The energy sector is advancing in digitalization and intelligence, with regulatory bodies emphasizing the need for improved operational technology levels for power units, prompting commitments from power groups towards digital transformation [3]. - The "Three 80 Million" project is expected to drive an increase in new thermal power installations, accelerating the demand for supporting analysis instruments [3].

Group 1 - The company reported a revenue of 596 million yuan, representing a year-on-year growth of 3.70%, and a net profit attributable to shareholders of 61.97 million yuan, with a year-on-year increase of 25.51% [2] - The company focuses on environmental monitoring, carbon monitoring and measurement, and industrial process analysis, providing a comprehensive solution of "intelligent equipment + smart operation + digital application" to support environmental quality improvement and the achievement of carbon neutrality goals [2] - The industry environment is favorable, with accelerated construction of a modern industrial system and digital China, leading to new opportunities for the instrument and meter industry as digital technology integrates with the real economy [2] Group 2 - In the second half of 2025, the company will continue to implement its business strategy of "deepening customer value and achieving high-quality development," focusing on profit and optimizing resource allocation [3] - The company aims to consolidate its core competitiveness by leveraging its rich product reserves and market presence in the analysis instrument market and ecological environment monitoring industry [2] - The company has established five core technology platforms and two basic software platforms, continuously engaging in technological research and innovation to meet market demands [2]

Group 1 - The core viewpoint of the article is that SanDe Technology (300515) reported a year-on-year revenue growth of 7.05% in its analytical instruments segment, driven by increased procurement demand from government-related markets and recovery in various industries [1] Group 2 - The increase in revenue is attributed to several factors: (1) heightened procurement demand from downstream government markets such as customs, inspection, and academic research, leading to a recovery in the revenue of its subsidiary SanDe Environmental [1] - (2) New projects in the thermal power and coal chemical industries have contributed to growth [1] - (3) Recovery in downstream industries like steel and metallurgy has also generated restorative demand [1] Group 3 - The company reported a double-digit year-on-year growth in orders for analytical instruments in the first half of the year, establishing a solid foundation for achieving annual revenue targets [1]

Core Viewpoint - The company reported a gross margin of 46.13% for its unmanned intelligent equipment in the first half of the year, showing a year-on-year improvement due to factors such as order abundance and the scale effect of the business line [1] Group 1 - The increase in gross margin is attributed to the scale effect and the lower gross margin of some projects recognized last year, which had previously depressed the overall margin [1] - The company anticipates continued and potential improvement in the gross margin of unmanned intelligent equipment due to cost reductions and shorter delivery cycles [1] - However, the expected gross margin for unmanned intelligent equipment is unlikely to reach the level of analytical instruments due to differences in product composition and attributes [1]

Core Viewpoint - The company SanDe Technology (300515) has announced its long-standing application of analytical instruments in various non-coal sample analysis, indicating a mature product line and ongoing development in unmanned intelligent equipment [1] Group 1: Product Applications - The analytical instruments have been successfully applied in the analysis and detection of non-coal samples such as coke, biomass, solid hazardous waste, cement black raw materials, and heavy oil [1] - The unmanned intelligent equipment has also secured orders in the solid hazardous waste sector [1] Group 2: Research and Development - The company is actively working on research projects related to analytical instruments and unmanned intelligent equipment in other non-coal fields [1]

Group 1: Financial Performance - The company's revenue for the first half of 2025 reached 2.49 billion yuan, a year-on-year increase of 33.44% [2] - Net profit amounted to 613.53 million yuan, reflecting a year-on-year growth of 45.74% [2] - Basic earnings per share were 0.31 yuan, up 46.71% compared to the previous year [2] Group 2: Business Segment Performance - Revenue from the analytical instruments segment was 1.13 billion yuan, with a year-on-year increase of 7.05% and a gross margin of 64.34% [2] - Revenue from unmanned intelligent equipment reached 907.13 million yuan, showing a significant year-on-year growth of 117.09% [2] - The operation and maintenance services generated revenue of 447.97 million yuan, reflecting a year-on-year increase of 15.38% [2] Group 3: Market Drivers and Trends - The growth in analytical instruments revenue was driven by increased procurement demand from government sectors and recovery in industries like steel and metallurgy [3] - The demand for unmanned intelligent equipment is fueled by the digital transformation in key industries such as thermal power and coal [4] - The company expects sustained growth in unmanned intelligent equipment revenue due to a robust order backlog and increased project acceptance [4][5] Group 4: Profitability and Cost Management - The gross margin for unmanned intelligent equipment was 46.13%, showing improvement due to scale effects and reduced costs [6] - There is potential for further improvement in gross margins, although it may not reach the levels of analytical instruments due to product differences [7] Group 5: Strategic Outlook - The company has no immediate plans for external acquisitions but is open to exploring opportunities for resource integration and market expansion [7]