摘要 ： 近日，工信部公示首台（套）重大技术装备保险补偿项目资格评审结果，五款国产液相色谱质谱联用仪入围，分别来自杭州谱育、安徽皖仪、合肥引力波 智谱、博奥赛斯和中元汇吉。 特别提示 微信机制调整，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。 1 2 月 16 日 ， 工 业 和 信 息 化 部 公 示 了 《 首 台 （ 套 ） 重 大 技 术 装 备 保 险 补 偿 项 目 资 格 评 审 结 果 》 ， 经 评 审 ， 全 国 共 有 47 个 高 端 装 备 项 目 拟 入 选，覆盖高端制造、能源、医疗、船舶等关键领域。 值得关注的是，在本次名单中，有五款国产液相色谱质谱联用仪成功入选。 谱育的液质联用平台在"国家重大科学仪器设备开发专项"的支持下，研制了包含LC-MS/MS等多款性能优越的创新产品，卓越的灵敏度、优 异的稳定性，可对复杂样品基质中的未知化合物到低丰度蛋白质、污染物、农残或药物代谢物，精准识别、精确定量，打造国产色谱质谱联用 高端产品。 安徽皖仪科技股份有限公司：液相色谱三重四极杆质谱联用仪 皖仪科技TQ 9200系列由自主研发的LC 3 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market index [4][6]. Core Insights - The company has significantly improved its performance in 2024, achieving a revenue of 3.61 billion yuan, a year-on-year increase of 13.6%, and a net profit of 210 million yuan, reflecting a substantial year-on-year growth of 164.1% [1][2]. - The improvement in performance is attributed to optimization in business and product structure, enhanced contract quality, and increased operational efficiency [1]. - The company is focusing on high-end scientific instruments, with its subsidiary, Puyutech, reporting a revenue of 1.45 billion yuan in 2024, a year-on-year increase of 20.5% [3]. - The company has a strong product matrix in high-end mass spectrometry and life sciences, which is expected to accelerate domestic substitution in high-level scientific research fields [3]. Financial Performance Summary - In 2024, the company achieved a gross margin of 44.4%, an increase of 3.2 percentage points year-on-year, with specific segments showing varying margins [2]. - The operating cash flow improved significantly, with a net cash flow from operating activities of 690 million yuan in 2024, a year-on-year increase of 152.3% [2]. - The company is projected to achieve revenues of 4.12 billion yuan, 4.72 billion yuan, and 5.42 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 340 million yuan, 480 million yuan, and 670 million yuan [4][5].

Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Views - The company has significantly improved its performance in 2024, achieving a revenue of 3.61 billion yuan (up 13.6% year-on-year) and a net profit of 210 million yuan (up 164.1% year-on-year) [1][2]. - The improvement in performance is attributed to optimization in business and product structure, enhanced contract quality, and increased operational efficiency [1]. - The company is focusing on high-end scientific instruments, with its subsidiary, Puyutech, achieving a revenue of 1.45 billion yuan (up 20.5% year-on-year) and a net profit turnaround to 133 million yuan [3]. Financial Performance - In 2024, the company achieved a gross margin of 44.4%, an increase of 3.2 percentage points year-on-year [2]. - The operating cash flow improved significantly, with a net cash flow from operating activities of 690 million yuan, up 152.3% year-on-year [2]. - The company expects revenues of 4.12 billion yuan, 4.72 billion yuan, and 5.42 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 340 million yuan, 480 million yuan, and 670 million yuan [4][5]. Business Strategy - The company is optimizing its business layout to focus on high-end scientific instruments, which is expected to drive future revenue growth [3]. - The product matrix is continuously improving, with a focus on high-end mass spectrometry and life sciences, which are anticipated to enhance revenue and profit [3]. - The company has announced a cash dividend of 2.50 yuan per 10 shares, reflecting its strong financial position [3].