2025H1 归母净利润同比增48%，符合预期。1）2025H1 实现收入2.49 亿元，同比增长33%；归母净利 润0.58 亿元，同比增长48%；无人化智能装备订单交付快速增加驱动业绩高增长。2）2025H1 经营活动 现金流流量净额1013 万元，上年同期4353 万元，现金流下降主要由于采购备货、员工薪酬支出增加所 致。3）费用管控良好，2025H1 销售、管理、财务、研发费用率分别同比变动-3.88pct、-1.29pct、 +0.38pct、-4.93pct 至14.95%、7.73%、-0.14%、12.88%。 本报告导读： 公司无人化智能装备订单交付快速增加，驱动业绩高增长。 投资要点： 维持"增持" 评级。我们维持2025-2027年净利润预测分别为1.84、2.17、2.53 亿元，对应EPS 分别为 0.90、1.05、1.23 元。参考可比公司估值，考虑到公司是煤质分析仪器行业头部企业和唯一A股上市公 司，技术实力和产品创新优势突出，火电存量机组智能化改造及新建机组落地有望持续释放无人化装备 采购需求，驱动公司快速成长，考虑估值切换给予公司2026 年26 倍PE，上调目标价至27. ...

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]

Summary of the Conference Call for SanDe Technology Company Overview - **Company**: SanDe Technology - **Industry**: Automation and Environmental Instrumentation Key Points and Arguments Financial Performance - **Revenue Growth**: Company reported a revenue growth of approximately 100% year-on-year for the first half of 2025, driven by the recovery of the environmental subsidiary and a 15.38% increase in operation and maintenance services [2][3] - **Gross Margin**: The gross margin for the unmanned intelligent equipment business increased to 46%, with expectations to maintain between 40% and 50% in the future [2][3] - **Order Backlog**: As of June 30, 2025, the company had an order backlog of approximately 800 million RMB (about 90 million USD), with new orders nearing 300 million RMB [5][7] Business Segments - **Unmanned Intelligent Equipment**: - Significant demand from new power plants, with over 83% of new projects incorporating unmanned intelligent equipment [4][8] - Expected revenue growth for the unmanned intelligent equipment segment, with approximately 360 million RMB anticipated in the second half of the year [7] - **Analysis Instruments**: - Growth driven by the recovery of the environmental subsidiary and increased demand from steel and metallurgy sectors, with expectations for double-digit growth for the year [4][17] Market Trends - **Power Generation**: - Thermal power generation is projected to account for 67% of total power generation in 2024, despite the rapid growth of wind and solar energy [9] - New policies require thermal power plants to enhance peak load regulation capabilities and equipment intelligence, benefiting unmanned intelligent equipment systems [10][15] Future Outlook - **Market Demand**: The company is optimistic about future performance due to the digitalization trend and the increasing need for upgrades in existing facilities [13] - **R&D Focus**: Future R&D investments will focus on optimizing product costs and delivery speed, with an emphasis on customer customization, particularly in software management systems [25] Operational Insights - **Cash Flow**: A decline in net cash flow was noted due to increased procurement expenses, but improvements are expected in the second half of the year as large-scale inventory purchases are not anticipated [20] - **Maintenance Services**: The operation and maintenance business grew nearly 15%, with equipment maintenance services showing a significant increase in acceptance among clients [26][27] Strategic Initiatives - **Acquisition Strategy**: The company is cautious about external acquisitions, focusing on projects that align with existing business for certainty [23] - **Non-Coal Detection**: Progress in non-coal detection fields, particularly in cement and steel industries, is ongoing, with a focus on automation [21][24] Additional Important Information - **Client Preferences**: Clients prefer conventional maintenance contracts over bundled service models due to concerns about cost efficiency [28] - **Government Support**: The recovery of the environmental subsidiary was aided by government funding, particularly in the customs equipment update demand [19] This summary encapsulates the key insights from the conference call, highlighting the company's performance, market trends, and strategic direction.

Core Viewpoint - The article emphasizes the increasing importance of multidisciplinary integration in modernizing public safety and forensic systems, highlighting advancements in forensic science driven by technology, including high-sensitivity detection instruments, breakthroughs in biotechnology, data analysis tools, and artificial intelligence [1]. Event Overview - A network seminar titled "Application of Analytical Technology in Forensic Science" is scheduled for July 22, 2025, organized by Instrument Information Network, focusing on the latest technological advancements and applications in criminal investigation, drug enforcement, and food and drug safety [1][3]. Conference Agenda - The seminar will feature various sessions, including: - Application progress of analytical instruments in forensic toxicology [4] - Rapid detection and precise screening of forensic toxins based on mass spectrometry [4] - Application of analytical instruments in clinical toxicology treatment [4] - Integration of Waters chromatography-mass spectrometry platform in forensic science [4] - Application of hyperspectral technology in forensic science [4] - Exploration of liquid chromatography column selection in toxicology analysis [4] - New developments in wastewater epidemiology research and applications [4] - Use of miniaturized mass spectrometers for rapid toxin screening [4] - Application of GC-MS in trace evidence examination [4] Participants - The conference will gather experts from various fields, including: - Forensic toxicology specialists from judicial identification institutions [5] - Application scientists from leading technology companies [5] - Professors and researchers from universities focusing on forensic science and toxicology [5]

Core Viewpoint - The article highlights various high-paying job opportunities in the scientific instrument sector, focusing on positions related to after-sales service and sales roles, emphasizing the qualifications and experience required for each position. Group 1: After-Sales Service Positions - Agilent Technologies (China) is hiring for a Service Engineer role with a salary range of 13k-18k, requiring a bachelor's degree in relevant fields and 2-4 years of experience in laboratory operations [2] - Puxi is looking for a Customer Service Manager with a salary range of 8k-14k, requiring a bachelor's degree in chemistry and prior experience with analytical instruments [3] - Jinyi Shengshi is seeking a Service Engineer in Hangzhou with a salary range of 8k-15k, requiring a background in mechanical or electrical engineering and experience in the pharmaceutical industry [4] - Innovative Power is hiring a Validation Engineer in Beijing with a salary range of 10k-15k, requiring experience in pharmaceutical quality management systems [7] - Oushisheng is looking for a Service Engineer in Beijing with a salary range of 15k-25k, requiring a master's degree and over 3 years of experience in analytical instrument application validation [9] - Labtech is hiring a Mass Spectrometry Maintenance Engineer in Guangzhou with a salary range of 10k-12k, requiring a bachelor's degree in analytical chemistry and over 1 year of experience [11] - Beiyu Analysis is seeking a Service Engineer in Jinhua with a negotiable salary, requiring over 3 years of experience in equipment maintenance [12] - Dazhu Technology is looking for an Electron Microscope Service Engineer in Beijing with a salary range of 12k-24k, requiring experience with electron microscopes [14] - Puyou is hiring a Service Engineer in Hohhot with a salary range of 6k-10k, requiring a bachelor's degree and at least 1 year of relevant experience [15] Group 2: Sales Positions - Oubotong is hiring a Sales Manager in the electronic semiconductor industry with a salary range of 20k-30k, requiring over 3 years of sales experience in related fields [16] - Jinyi Shengshi is looking for a Sales Manager in Beijing with a salary range of 10k-20k, requiring similar experience as above [17] - Shanghai Jiahang is seeking a Sales Engineer in Fuzhou with a salary range of 5k-20k, requiring a background in chemistry or biology [18] - Kailai is hiring a Sales Engineer for analytical testing services in Qingdao with a salary range of 15k-25k, requiring a degree in relevant fields and sales experience [20] - Shanghai Licheng is looking for a Private Domain Sales Engineer in Changsha with a salary range of 6k-9k, requiring 2 years of sales experience [21] - Anton Paar is hiring a Sales Engineer in Wuhan with a negotiable salary, requiring over 3 years of sales experience in related industries [22] - Jingwei Gaobo is seeking a Sales Engineer for thermal analysis in Beijing with a salary range of 15k-30k, requiring over 3 years of sales experience in laboratory analysis instruments [23] - Xiamen Shangshan is looking for a Regional Manager in Fuzhou with a salary range of 6k-20k, requiring over 2 years of sales experience in scientific instruments [24] - Chengbang Haoran is hiring a Sales Engineer for centrifuges in Chengdu with a salary range of 5k-10k, requiring 2 years of sales experience in scientific instruments [26]

Group 1: Company Overview - Founded in 1993, the company operates in two main product categories: analytical instruments and unmanned intelligent equipment, along with related technical services [1] - The company's products are primarily used for analyzing coal quality indicators and can be extended to other solid combustible materials [1] - The company is the only A-share listed company in its niche market, focusing on the "instruments" and "automation" sectors [2] Group 2: Market Position and Strategy - The company has established a competitive advantage in the coal detection and unmanned intelligent equipment sectors, being a leading player in this market [3] - The unmanned intelligent equipment business is a successful example of the company's "vertical extension" strategy, with revenue surpassing analytical instruments in 2024 [2] Group 3: Market Demand and Competition - The market for unmanned intelligent equipment is growing, but high market barriers exist due to the complexity of the products and the specific needs of downstream clients [4] - The company believes that the barriers to entry, such as technological requirements and customer expectations, create a "moat" around its business [4] Group 4: Impact of Coal Prices - Historical data indicates that fluctuations in coal prices have minimal impact on the company's performance due to the balanced nature of its client base [5] - The company's products are essential for clients' operations, making them a "necessity" despite price changes [5] Group 5: Business Expansion and Workforce - The company's operational services accounted for 14.11% of revenue in 2024, indicating a stable growth outlook for this segment [8] - The workforce has increased in recent years to support the growth of the unmanned intelligent equipment business, with a dedicated sales team established for this product line [8]

Company Overview - Founded in 1993, Hunan Sand Technology Co., Ltd. operates in two main product categories: analytical instruments and unmanned intelligent equipment, along with three service sectors derived from these products [1] - The company's products are primarily used for analyzing and managing coal quality indicators, with applications extending to coke, biomass, solid hazardous waste, and cement raw materials [1] - The company is a leading player in the coal testing instrument and unmanned intelligent equipment sectors, being the only A-share listed company in this niche market [2] Strategic Development - The company focuses on a "vertical extension" and "horizontal expansion" strategy, with unmanned intelligent equipment representing a successful example of the vertical extension strategy [2] - In 2024, the revenue from unmanned intelligent equipment is expected to surpass that of analytical instruments, establishing a second growth curve for the company [2] Market Demand and Trends - The demand for unmanned intelligent equipment is driven by several factors: 1. Traditional industries are undergoing transformation and upgrading, increasing the need for automation and intelligence due to rising labor costs and the need for cost control [2] 2. The slowing population growth in China and the increasing demands for work and living environments make automation a trend [2] 3. Major state-owned enterprises in the energy sector are actively pursuing intelligent upgrades, creating strong demand for relevant products [2] 4. The company has accumulated extensive technical reserves and industry experience over decades in coal analysis and testing [2] Non-Coal Sector Expansion - The company has established a long-standing application of analytical instruments in non-coal sectors such as coke, biomass, solid hazardous waste, and cement [3] - Unmanned intelligent equipment has also received orders in the solid hazardous waste sector, with ongoing research projects in other non-coal areas [3] Future Outlook - The company is optimistic about the future growth of unmanned intelligent equipment, as traditional industries are increasingly adopting digital and intelligent solutions [4] - The demand for unmanned intelligent equipment is expected to remain strong, driven by both existing upgrades and new constructions [4] Capital Operations and Incentives - Currently, the company has no plans for refinancing or mergers and acquisitions, but it is open to exploring opportunities for resource integration [4] - The company has implemented two phases of employee stock ownership plans since its IPO in 2018 and 2020, achieving the desired incentive effects [4]

Company Overview - Founded in 1993, the company operates in two main product groups: analytical instruments and unmanned intelligent equipment, along with three service sectors related to these products [1] - The company's products are primarily used for analyzing coal quality indicators and intelligent management, applicable to various solid combustible materials [1][2] - The company is a leading player in the coal testing equipment and unmanned intelligent equipment market, being the only A-share listed company in this segment [2] Market Dynamics - The demand for analytical instruments is primarily driven by existing customers' need for upgrades, despite a decline in overall market demand [3] - The company maintains a cautious optimism regarding revenue stabilization and growth in 2025, following a decline in its subsidiary's revenue [3][4] Product Transition - The shift towards unmanned intelligent systems has not reduced the overall demand for the company's products; rather, it has led to a transition from traditional analytical instruments to unmanned systems [5][6] - Approximately 60% of new orders for unmanned intelligent equipment in 2024 are from existing power plants undergoing smart upgrades, with an increasing trend in new project orders [8] Profitability and Growth Potential - The gross margin for unmanned intelligent equipment is around 40%, with potential for improvement, although it is unlikely to reach the analytical instruments' level of over 60% [8] - The penetration rate of unmanned intelligent equipment varies by industry, with higher rates in the coal power sector compared to other industries [7] Strategic Focus - The company is focused on deepening its market presence in the "instruments" and "automation" sectors, implementing both vertical and horizontal growth strategies [2] - The ongoing digital transformation in the coal power industry is expected to drive demand for the company's products, supported by favorable policies and market conditions [6]

Core Viewpoint - The article discusses the naming conventions of analytical instruments as per the standard GB/T12519-2021, emphasizing the importance of adhering to established naming principles to avoid confusion in the industry [1][2]. Group 1: Naming Principles - The naming of analytical instruments is guided by specific principles that consider the measurement method and the object being measured [2]. - Instruments that measure a single substance (excluding gases) and assign values are typically referred to as "meters," such as pH meters and salinity meters [2]. - Instruments designed to measure gases are generally called "analyzers," for example, carbon monoxide analyzers and carbon dioxide analyzers [2]. - Instruments that analyze images to study the morphology of substances are referred to as "microscopes," such as transmission electron microscopes and scanning electron microscopes [2]. - Systems that encompass sample processing, analytical instruments, data management, and auxiliary facilities are usually called "systems," like air quality detection systems and water quality detection systems [2]. - Other analytical instruments not fitting the above categories are generally referred to as "instruments" [2]. - Safety alarm instruments that only provide sound or light warnings are typically called "alarm devices," while those with other display methods are referred to as "explosion detectors" or "detectors" [2].

Core Viewpoint - Agilent Technologies has appointed August Specht as the Chief Technology Officer, bringing over 25 years of experience in the design, development, and marketing of analytical instruments, software, and consumables [1]. Group 1: Appointment Details - August Specht previously served as the Vice President of Global R&D for the Chromatography and Mass Spectrometry Division at Thermo Fisher Scientific [1]. - Specht will join Agilent on June 9 [1]. - Agilent's President and CEO, Padraig McDonnell, expressed enthusiasm about Specht's appointment, highlighting his deep understanding of the evolving needs of the scientific community [1]. Group 2: Educational Background - August Specht holds a Bachelor’s degree in Chemistry (Honors) from Queen's University, a PhD in Analytical Chemistry from the University of British Columbia, and an MBA from the University of California, Berkeley [2].