证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 雪迪龙(002658.SZ) 投资评级 —— 上次评级 —— 郭雪 环保公用联席首席分析师 执业编号：S1500525030002 邮 箱：guoxue @cindasc.com 吴柏莹 环保行业分析师 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦 B座 邮编：100031 [Table_Title] 业绩稳步增长，碳监测与碳计量市场有望提 [Table_Author] 速进而加速监测需求释放 [Table_ReportDate] 2025 年 08 月 25 日 化工行业： [Table_S 事件：公司ummar发布y] 2025 年半年报，2025H1 公司实现总营业收入 5.96 亿元， 同比增长 3.7%；实现归母净利润 0.62 亿元，同比增长 25.5%；实现扣非归 母净利润 0.51 亿元，同比增长 37.27%；基本每股收益 0.1 元/股，同比增 长 25%，业绩稳步增长。 [Table_OtherRepo ...

导读： 北京市经济和信息化局组织开展《北京市仪器仪表及智能检测装备创新产品推荐目录（2025）》编制工作，征集范围涵盖仪器仪表、智能检测装备。 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。 8月22日，北京市经济和信息化局发布《关于开展北京市仪器仪表及智能检测装备创新产品征集遴选工作的通知》。为推动北京市智能制造装 备产业发展，加快提升北京市仪器仪表及智能检测装备高质量技术供给能力，促进产需对接，北京市经济和信息化局组织开展《北京市仪器仪 表及智能检测装备创新产品推荐目录（2025）》编制工作。 征集范围涵盖 仪器仪表、智能检测装备 ，具体涉及 质谱仪、色谱仪、光谱仪、波谱仪、显微镜、物性测试仪器、电子测量仪器 等 科学 研 究 仪器仪表； 工业在线分析仪器、 无损检测仪器、真空检测仪器、试验机、机械量测试仪 等工业仪器仪表； 空间导航仪器仪表、地质勘探与 测绘仪器仪表、气象海洋仪器仪表、环境监测仪器仪表、核辐射仪器仪表、航空航天仪器仪表 等其他行业专用仪器仪表；以及机械行业、汽车 行业、航空航天行业、电子行业、钢铁行业、石化行业、纺织行 ...

特别提示 微信公众号机制调整，请点击顶部"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。 仪粉e r们，今天是高薪精品仪器职位专辑 哦！ 销售精英，热招职位 Ho t r e c r u itme n t p o siti o n s 安捷伦 应用工程师 - 气相色谱 上海-25k-35k ·13薪 任职要求： 大学本科、硕士研究生以上学历，分析化学、应用化学专业；7年以上环境、化工等气相色谱相关工作或研究经历；气相色谱及顶 空、吹扫捕集、热脱附前处理的丰富经验优先；有气相色谱操作、实验室工作、销售团队支持经验。 日立 电镜市场工程师 广州-10k-30k ·12薪 任职要求： 具有理科或工科硕士或者博士学历；具有2年以上电子显微镜相关的工作经验；具有良好的沟通和表达能力；具有快速学习能力； 能适应出差。 销售工程师(实验室仪器) 哈尔滨-面议 任职要求： 具备实验室仪器的相关知识以及实际操作经验；大专及以上学历，化学、医药、食品工程等相关专业；三年以上相关产品行业经 验，有一定的行业客户基础；有独立开发业务的能力，积极主动地开拓市场；有出色的内外部沟通协调能力；良好的团队 ...

Core Viewpoint - The resignation of Xu Xiangdong as the General Manager of Guangzhou Hexin Instrument Co., Ltd. is a significant event, as it marks an early departure from his planned tenure, which raises questions about the company's management stability and future direction [2][5]. Company Overview - Guangzhou Hexin Instrument Co., Ltd. is a high-tech enterprise engaged in the research, production, sales, and technical services of mass spectrometers [5]. - The company has experienced significant fluctuations in its financial performance since its listing on the Sci-Tech Innovation Board in 2021 [6]. Management Changes - Xu Xiangdong submitted his resignation due to personal reasons, having served as General Manager since May 2024, with an original term set to end in May 2028 [2][5]. - Post-resignation, Xu will continue to serve as a non-independent director and a member of the Strategic Development Committee of the fourth board of directors [5]. Financial Performance - In 2021, the company reported revenues of 464 million yuan, with a net profit of 78.57 million yuan, reflecting year-on-year growth of 48.66% and 13.13%, respectively [6]. - However, in 2022, revenues plummeted by 39.63%, resulting in a net loss of 63.33 million yuan [6]. - The financial situation worsened in 2023, with revenues showing some recovery but net losses expanding to 96.11 million yuan [6]. Workforce and Cost Management - Under Xu's leadership, the company underwent significant workforce reductions, decreasing from approximately 1,000 employees to about 276, a reduction of around 60% [7]. - The 2024 annual report indicated a revenue decline of 44.70%, with a net loss of 45.99 million yuan, although this represented an improvement compared to the previous year [8]. - The 2025 semi-annual report showed revenues of approximately 52.82 million yuan, down 48.88% year-on-year, but with a reduced net loss of 17.46 million yuan, a 20.86% improvement [8]. Market Risks - The company faces potential delisting risks if it continues to shrink its business scale, with annual revenues falling below 100 million yuan while remaining in a loss position [8].

Core Viewpoint - The article highlights various high-paying job opportunities in the analytical instrument sector, emphasizing the demand for skilled professionals in sales and technical roles across different companies [2][3][4][5][7][9][10][12][16][18]. Group 1: Job Opportunities - Shimadzu is hiring for a Sales Representative position in Chengdu with a salary range of 8k-13k per month [2]. - Agilent is looking for an Application Engineer specializing in Gas Chromatography in Shanghai, offering a salary between 25k-35k per month [4]. - Pannuo is seeking a Mass Spectrometry Technical Leader in Shanghai, with a salary range of 50k-90k per month [5]. - Zhonghang Shijinshi is recruiting a Nuclear Power Materials Sales Representative in Langfang, with a salary of 15k-20k per month [7]. - Meipuda is hiring a Client Manager in Shanghai, offering a salary range of 10k-15k per month [9]. Group 2: Job Requirements - For the Sales Representative position at Shimadzu, candidates should have a bachelor's degree in relevant fields and at least 2 years of sales experience, with a strong emphasis on communication skills and customer satisfaction [3]. - The Application Engineer role at Agilent requires a bachelor's or master's degree in analytical chemistry or related fields, along with over 7 years of relevant work experience [4]. - The Mass Spectrometry Technical Leader position at Pannuo demands a master's or doctoral degree with over 5 years of R&D experience in mass spectrometry [6]. - The Nuclear Power Materials Sales Representative role requires a bachelor's degree and at least 3 years of sales experience in the nuclear power or electricity industry [8]. - The Client Manager position at Meipuda requires a bachelor's degree and at least 2 years of relevant work experience, with strong communication skills [10].

Core Insights - The trend of local procurement for scientific reagents in China is increasing, particularly after the pandemic and amid uncertainties in US-China tariff negotiations [2][3] - Domestic companies are gaining market share in the scientific reagent sector, with firms like Titan Technology and Novogene seeing significant stock price increases [2] - The Chinese government is actively promoting the innovation and development of domestic scientific instruments and reagents, aiming for substantial growth in the industry by 2027 [3] Industry Dynamics - Major multinational suppliers of scientific reagents include Thermo Fisher, Merck, Danaher, and Agilent, which have historically dominated the market [2] - Domestic manufacturers are noted for their cost advantages and delivery flexibility, which are becoming increasingly attractive to local drug research and development companies [2][3] - Despite the rise of local firms, multinational companies still maintain a strong technological edge, particularly in high-end products [4][5] Market Trends - The Chinese reagent market is projected to grow by over 10% annually, driven by government support and increasing drug research activities [3] - Multinational companies are responding to market changes by investing in local manufacturing capabilities, such as Merck's €70 million investment in a new reagent production facility in Nantong [5][6] - Collaborations between multinational instrument manufacturers and local reagent companies are emerging, indicating a shift towards integrated solutions in the market [6]

Core Insights - Hubei Normal University has announced procurement intentions for 26 items of laboratory equipment, with a total budget of 88.55 million yuan, expected to be purchased between May and August 2025 [2][3]. Equipment Overview - High-Performance Liquid Chromatography (HPLC) is widely used in various fields such as chemistry, biochemistry, pharmaceuticals, and food science for the analysis of complex mixtures [4]. - Environmental In-situ Spherical Aberration Corrected Transmission Electron Microscope (TEM) allows atomic-level observation and analysis of materials under real operational conditions, crucial for understanding catalysts and nanomaterials [5]. - Functional Fluorescence Spectrometer is designed for detecting and analyzing the fluorescence characteristics of substances, applicable in chemistry, biology, medicine, and materials science [6]. Detailed Procurement List - The procurement includes various instruments such as infrared instruments, other analytical instruments, and motion rehabilitation equipment, with specific requirements for quality assurance, technical support, and safety measures [8][9]. - The budget allocations for specific instruments include: - Infrared instrument: 202.5 million yuan [8] - Other analytical instruments: 201.5 million yuan [9] - Environmental In-situ Spherical Aberration Corrected TEM: 35 million yuan [9]. Project Goals - The procurement aims to enhance research capabilities, improve talent training quality, and achieve high-level scientific outcomes, with a focus on building a provincial-level key laboratory [9][10]. - The projects are expected to contribute to significant breakthroughs in research and development, particularly in environmental monitoring and analysis [9][10].

Group 1 - The company, Steel Research Nake, primarily engages in metal material testing services, including capabilities related to aerospace materials [2] - The company undertakes material testing tasks in significant aerospace projects [2] - Some of the analytical instruments, such as spectrometers and mass spectrometers, are applicable for aerospace material testing [2]

Core Viewpoint - HeXin Instruments (688622.SH) is restructuring to enter the quantum computing sector, aiming to overcome challenges in its core business, which has been under pressure due to market conditions and declining demand [1][4]. Group 1: Restructuring Details - HeXin Instruments plans to acquire 56% of Shanghai Liangxi Technology Co., Ltd. for approximately 384 million yuan, with a total valuation of Liangxi Technology at 686 million yuan, reflecting a significant premium of 1083.71% [1][2]. - The acquisition will be financed through a combination of cash and stock, with up to 246 million yuan raised from specific investors to support the transaction and improve liquidity [2][3]. - Post-acquisition, Liangxi Technology will become a subsidiary of HeXin Instruments, enhancing its product offerings in high-end scientific instruments [3][6]. Group 2: Financial Performance - HeXin Instruments reported a revenue of 52.82 million yuan in the first half of 2025, a decline of 48.88% year-on-year, with a net loss of 17.46 million yuan, although this represents a reduction in losses by 20.86% compared to the previous year [1][4]. - The company has experienced continuous losses over the past three and a half years, with cumulative net losses amounting to approximately 222 million yuan [5]. - In contrast, Liangxi Technology demonstrated stronger profitability, with revenues of 26.79 million yuan, 74.35 million yuan, and 70.80 million yuan from 2023 to the first half of 2025, and net profits of 0.20 million yuan, 2.20 million yuan, and 2.81 million yuan during the same period [6]. Group 3: Performance Commitments - The transaction includes performance commitments from Liangxi Technology, ensuring net profits of no less than 35 million yuan, 50 million yuan, and 65 million yuan for the years 2025 to 2027, with a cumulative target of at least 150 million yuan [3][4]. - If the cumulative net profit falls between 90% and 100% of the target, the performance guarantors will not be obligated to compensate for the shortfall [4].

Core Viewpoint - The article emphasizes the importance of accelerating the digital transformation and intelligent upgrade of the machinery industry, particularly focusing on the development of high-resolution scientific instruments and intelligent detection equipment [2][6]. Summary by Sections Overall Requirements - The digital transformation of the machinery industry is essential for high-quality development and supports the digital transformation of various sectors of the national economy [6][7]. - The focus is on integrating equipment technology with new-generation information technology, aiming for product intelligence, production digitization, and service wisdom [7]. Key Tasks - The plan includes actions for innovative development of intelligent equipment, promoting the application of smart detection equipment across various sectors such as new energy and healthcare [3][9]. - Specific tasks include enhancing the integration of intelligent components in existing machinery, developing new industrial software, and establishing testing platforms for key products [10][11]. Intelligent Manufacturing Expansion - The initiative aims to accelerate the digital transformation of enterprises, supporting projects that modernize old equipment and promote the integration of production and information systems [24]. - The establishment of smart factories at various levels is outlined, focusing on enhancing digital capabilities and optimizing production processes [25][26][27]. Wisdom Service Enhancement - The article discusses improving service functions of equipment, encouraging the development of intelligent operation and maintenance platforms [30]. - It highlights the importance of creating smart scenarios in transportation, agriculture, and healthcare to enhance service delivery [31]. Foundation Support Strengthening - The need for a robust standard system for digital transformation is emphasized, focusing on key areas such as intelligent manufacturing and smart services [33]. - The article also mentions the importance of enhancing digital infrastructure and ensuring data security within the industry [36][37]. Organizational Implementation - The plan calls for strengthened collaboration among departments to promote technological breakthroughs and talent cultivation in the machinery industry [38][39]. - It encourages international cooperation to enhance the global competitiveness of the machinery sector [39].