证券研究报告 2025年07月11日 行业报告 | 行业深度研究 科学仪器行业深度：雄关漫道真如铁，自主可控势如潮 作者： 分析师 朱晔 SAC执业证书编号：S1110522080001 1 行业评级： 上次评级： 强于大市 强于大市 维持 （ 评级） 请务必阅读正文之后的信息披露和免责申明 机械设备 摘要 科学仪器行业：高端化海外品牌占主导，政策推动国产替代 科学仪器是指以检出、测量、观察、计算各种物理量、物质成分、物性参数等的器具或设备。分为分析仪器类、生命科学类、物理实验类和化学实 验四大类。2023年我国科学仪器市场规模突破2200亿元，增幅超过12%。目前我国科学仪器行业国产品牌市场占有率远低于国外品牌，国产替代任 重道远。国务院、发改委、国家税务总局等部门陆续出台政策性文件，推动国产仪器设备发展、鼓励国内厂商创新，促进国产设备应用、支持国内 科学实验仪器设备厂商发展。 科学分析仪器：市场广阔，质谱、色谱仪器国产化率仍偏低 质谱仪：2023年国内达167.12亿元，国外公司占据了全球超90%的质谱仪市场份额。与此同时，质谱仪整体进口率呈现逐步降低的态势。根据测算， 2018~2023进口率从89%降 ...

Core Viewpoint - ShanghaiTech University has announced procurement intentions for 40 items of scientific instruments, with a total budget of 135 million yuan, scheduled for procurement between June and December 2025 [1][2]. Group 1: Procurement Overview - The total budget for the procurement of scientific instruments is 135 million yuan [1]. - The procurement includes various high-tech instruments such as high-performance oscilloscopes, scintillation detectors, and high-precision high-voltage power supplies [1][3]. Group 2: Specific Instruments and Budgets - High-performance oscilloscope: Budget of 200,000 yuan, procurement expected in August 2025 [3]. - Scintillation detector: Budget of 120,000 yuan, procurement expected in December 2025 [3]. - Air purification equipment: Budget of 105,000 yuan, procurement expected in August 2025 [3]. - High-precision high-voltage power supply: Budget of 160,000 yuan, procurement expected in September 2025 [4]. Group 3: Technical Specifications - The high-performance oscilloscope will have a bandwidth of 350 MHz to 6 GHz and a sampling rate of 16 GSa/s [3]. - The air purification equipment will maintain a cleanroom environment with ISO6 cleanliness level and temperature control precision of ±1℃ [3]. - The scintillation detector will be used for debugging and maintaining semiconductor detection systems [4]. Group 4: Future Implications - The procurement is aimed at enhancing research capabilities in various scientific fields, including quantum materials and advanced semiconductor technologies [1][6]. - The investment in high-tech instruments reflects the university's commitment to advancing its research infrastructure and supporting cutting-edge scientific exploration [1][7].

Investment Rating - The investment rating for the company is "Outperform" (maintained) [1] Core Views - The company has signed a cooperation agreement with Xi'an University of Electronic Science and Technology to promote its high-end strategy, focusing on deep integration of industry, academia, and research [6] - The company is committed to high-end product development and has seen significant sales growth in its DS80000 series high-end digital oscilloscopes, with strong demand from strategic customers [6] - The electronic measurement instrument industry is expected to continue steady growth, with domestic companies accelerating their technological advancements and narrowing the gap with overseas competitors [6] Financial Data and Profit Forecast - Total revenue is projected to grow from 776 million in 2024 to 1,332 million by 2027, with a compound annual growth rate (CAGR) of approximately 18.2% [5][8] - The net profit attributable to the parent company is expected to increase from 92 million in 2024 to 262 million by 2027, reflecting a significant growth trajectory [5][8] - The company's gross margin is forecasted to improve from 59.1% in 2024 to 62.7% in 2027, indicating enhanced profitability [5]

导读： 近日，华中科技大学发布多批政府采购意向，仪器信息网特对其中的仪器设备品目进行梳理，统计出25项仪器设备采购意向， 预算总额达9758万元。 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。 近日，华中科技大学发布25项仪器设备采购意向，预算总额达9758万元，涉及烟气深度净化子系统、高频率光谱仪、低噪声 光谱仪、高频率近红外光谱仪、可见光光栅光谱仪等，预计采购时间为2025年4~9月。 华中科技大学 202 5 年 4~9 月仪器设备采购 意向汇总表 | 采购 | 需求概况 | 预算 | 采购 | | --- | --- | --- | --- | | 项目 | | 万元 | 时间 | | | 拟采购的烟气深度净化子系统的装置，包括布袋除尘器 | | | | | 系统1套、SCR脱硝系统1套、湿法脱硫循环系统1套、 | | | | | 辅助装置配套系统1套、测试与控制系统1套。主要功 | | | | | 能是实现烟气中粉尘、SO2、NOx排放浓度的协同控 | | | | | 制，为碳捕集利用和封存平台的各类烟气进行深度净 | | | ...

示波器是应用最广泛的测量仪器产品，而其中数字示波器在市场规模、应用范围上均占主导地位。数字 示波器自上个世纪七十年代诞生以来，其应用越来越广泛，已成为测试工程师必备的工具之一。随着近 几年来电子技术取得突破性的发展，全世界数字示波器市场进一步扩大，据统计，2024年全球示波器行 业市场规模为107.4亿元，2018-2024年市场规模CAGR为6.11%。 作为在世界经济发展中扮演重要角色的中国，飞速发展的电子产业也催生了更庞大的数字示波器需求市 场。据统计，我国示波器市场规模从2018年的24.53亿元增长至2024年的39.28亿元，市场规模年复合增 长率为8.16%；随着电子工业的持续高速发展，信息技术产品的智能化、网络化以及集成化程度逐步提 高以及半导体、5G、人工智能、新能源、航天航空等行业驱动，数字示波器具有良好的发展前景。 从我国示波器进口量来看，2024年300MHz以下示波器进口10877台，其他示波器进口6014台，即低端 产品需求量大>中端产品>高端产品。从价格端，24年300MHz以下示波器进口均价2万元/台，其他示波 器进口均价21万元/台；从总金额看，2024年300MHz以下示波 ...

Meeting Overview - The annual general meeting of Puyuan Precision Electric Technology Co., Ltd. is scheduled for June 25, 2025, at 1:00 PM [3][4] - The meeting will be held at the company's conference room located at 8 Keling Road, Suzhou High-tech Zone [3][4] - Shareholders must present their securities account card and identification to attend the meeting [2][3] Meeting Procedures - The meeting will include sign-in, distribution of materials, and registration for speaking [4] - The agenda includes the announcement of the number of shareholders present, reading of meeting rules, and voting on various proposals [4][5] - Voting will be conducted both on-site and through the Shanghai Stock Exchange's online voting system [3][4] Financial Performance - For 2024, the company reported a revenue of CNY 775.83 million, a 15.70% increase from CNY 670.54 million in 2023 [6][8] - The net profit attributable to shareholders decreased by 14.50% to CNY 92.30 million [8] - The company's total assets reached CNY 3.85 billion, up 17.98% from CNY 3.27 billion in 2023 [7][8] Key Financial Metrics - Basic earnings per share decreased by 18.33% to CNY 0.49 [6][7] - The company's R&D expenditure as a percentage of revenue increased to 26.64% from 21.30% [7] - The weighted average return on equity fell to 3.11% from 4.00% [7] Corporate Governance - The board of directors held 11 meetings in 2024, ensuring compliance with legal and regulatory requirements [13][14] - Independent directors actively participated in meetings and provided oversight on financial reports and significant corporate actions [14][21] - The company completed the acquisition of Beijing Nais Electronics Co., Ltd., marking a strategic shift towards comprehensive solution provision [21][22]

中国能建：中标145.86亿元重大煤电项目 5月28日晚，中国能建（601868）发布公告称，公司所属子公司组成的联合体中标中新建电力兵准园区 6×66万千瓦煤电项目（EPC），中标金额约145.86亿元。该项目包括6台66万千瓦超超临界燃煤发电机 组及配套环保设施，总工期约36.5个月。目前尚未正式签署合同。 资料显示，中国能建成立于2014年12月，主营业务是勘测设计及咨询、工程建设、工业制造、投资运 营。 所属行业：建筑装饰–基础建设–基建市政工程 友讯达：中标国家电网1.76亿元项目 5月28日晚，友讯达（300514）发布公告称，公司在国家电网有限公司2025年第三十一批采购（营销项 目第一次计量设备招标采购）中中标10个包，中标金额约为1.76亿元，占公司2024年经审计营业收入的 17.44%。 资料显示，友讯达成立于2002年9月，主营业务是各行业综合物联网问题的服务、帮助和解决。 所属行业：电力设备–电网设备–电工仪器仪表 岱勒新材：与专业机构共同设立投资基金 5月28日晚，岱勒新材（300700）发布公告称，公司与泰诺（深圳）私募股权基金管理有限公司等机构 签署协议，共同投资设立深圳泰诺协 ...

Group 1 - Company X plans to purchase servers from multiple suppliers for a total amount not exceeding 4 billion yuan, primarily for providing computing power leasing services [1] - The transaction amount accounts for over 50% of the company's latest audited net assets and total assets, requiring approval from the shareholders' meeting [1] Group 2 - Company Y's stock has hit the limit up for four consecutive trading days, with a cumulative increase of 46.44%, indicating significant market interest in its cultural and creative business [2] - The volatility of the cultural and creative business is substantial, with projected revenues of 88.68 million yuan, 54.17 million yuan, and 184.62 million yuan for the years 2022 to 2024 respectively [2] - The main business remains focused on cigarette labels despite the fluctuations in the cultural and creative sector [2] Group 3 - Company Z's controlling shareholder is planning a change in control, intending to transfer 72.4276 million shares, representing 22.396% of the total share capital, to another investment group [3] - The stock will be suspended from trading starting May 28, 2025, for a period not exceeding two trading days [3] Group 4 - Company A has submitted an application for the issuance and listing of H-shares on the Hong Kong Stock Exchange [4] - The application materials are subject to updates and revisions as per the requirements of the Hong Kong Securities and Futures Commission and the Hong Kong Stock Exchange [4] Group 5 - Company B's wholly-owned subsidiary plans to acquire 100% of the Czech IMI company for approximately 9.425567 million euros, aiming to enhance its global strategy and production layout [5] - The acquisition does not constitute a related party transaction or a major asset restructuring and does not require shareholder approval [5] Group 6 - Company C reported that its production costs and sales have not experienced significant fluctuations, despite its stock price deviating by over 20% in recent trading days [6] - The company confirmed that there are no undisclosed significant matters related to its operations or its controlling shareholders [6] Group 7 - Company D's stock has been trading with high volatility, with a TTM price-to-earnings ratio of 73.68, significantly above the industry median of 31.76 [7] - The company has a trading turnover rate of 19.65% as of May 27 [7] Group 8 - Company E has confirmed that its recent operational conditions and external business environment have not undergone significant changes, despite stock price fluctuations [9] - The company has no undisclosed significant matters or ongoing major plans [9] Group 9 - Company F's actual controller sold 0.26% of the company's shares during a period of stock price volatility, with proceeds partially allocated for land purchases and factory construction [10] - The actual controller may consider further stock purchases based on market conditions [10] Group 10 - Company G announced that a recent certification for its subsidiary's products will not have a direct impact on its revenue or profits [11] - The stock has also experienced significant price fluctuations recently [11] Group 11 - Company H has decided to terminate the restructuring plan for its subsidiaries due to a lack of consensus on transaction terms and changes in market conditions [12] - The decision is expected to have no adverse effects on shareholder interests [12]

一、停牌 1、罗平锌电：控股股东筹划公司控制权变更事项，拟向曲靖发投转让22.3960%股份，明日停牌。 二、并购 1、四川路桥：筹划购买新筑股份持有的成都市新筑交通科技100%股权及债权。 2、亚普股份：拟以78亿元购买赢双科技约54.50%股份。 晚间公告 *免责声明：文章内容仅供参考，不构成投资建议 *风险提示：股市有风险，入市需谨慎 2、杭华股份：协丰投资完成询价转让1091.67万股。 3、邦彦技术：拟以3000万元-5000万元回购股份。 2、牧原股份：向香港联交所递交境外上市外资股（H股）发行并上市的申请并刊发申请资料。 3、南京公用：拟吸收合并全资子公司金宫实业。 4、鼎阳科技：正式发布SDS7000L系列高端紧凑型高分辨率数字示波器。 5、中科海讯：签订1.63亿元信息处理分系统采购项目合同。 6、国泰海通：拟向国泰君安期货有限公司增资15亿元。 7、博源化工：控股股东质押1.05亿股股份。 8、风神股份：拟对外投资设立全资子公司。 9、爱克股份：控股子公司收到比亚迪等客户项目定点通知书。 3、科博达：全资子公司拟收购捷克IMI公司100%股权。 三、股权转让、回购 1、宇信科技：股东拟转让 ...

金十数据5月27日讯，鼎阳科技公告，公司于2025年5月27日发布最高带宽达8GHz、12-bit的SDS7000L 系列高端紧凑型高分辨率数字示波器。该系列产品采用2U标准机架尺寸设计，精准适配机柜安装，支 持多设备密集部署，兼顾了机架部署的空间效率与专业测量的精度需求，可广泛应用于工业自动化、通 信、新能源等领域。本次发布的产品属于高端系列产品，进一步丰富了公司的产品矩阵和产品形态，拓 宽了公司产品的应用场景和使用范围，将有助于巩固和提升公司的综合竞争力。 鼎阳科技：发布最高带宽达8GHz新产品 ...