Investment Rating - The report indicates a positive investment outlook for the small molecule liquid chromatography equipment industry, particularly in emerging markets such as South Asia and Southeast Asia, where there is high potential and lower entry barriers [5][8]. Core Insights - The report highlights that China's small molecule liquid chromatography equipment exports reached approximately 230 million yuan in 2024, accounting for 3%-5% of the global market share, with industrial-grade equipment making up 75% of this figure [5]. - The competitive advantage of domestic equipment lies in its price, which is 50%-60% lower than imported counterparts, making it attractive in regions like India and Southeast Asia [5][6]. - Future growth trends are polarized, with industrial-grade equipment expected to see a compound annual growth rate (CAGR) of 18%-20% by 2030, while laboratory-grade equipment will depend on technological breakthroughs [5][8]. Market Analysis - The report identifies key overseas markets with high potential, including Southeast Asia, South Asia, Russia, the Middle East, Europe, and North America, each with varying market potential ratings and core demand characteristics [6]. - Southeast Asia and South Asia are viewed as short-term core markets due to their high potential and lower entry barriers, with India being a significant hub for generic drug production [6][8]. - The report outlines a "stair-step" strategy for market entry, focusing on short-term gains in South Asia and Southeast Asia, mid-term strategies in Russia and the Middle East, and long-term goals in Europe and North America [8]. Challenges Faced by Domestic Manufacturers - Domestic manufacturers face challenges in technical barriers, compliance certifications, after-sales response, and brand recognition [12][14]. - The report notes that laboratory-grade equipment has significant software and sensitivity gaps compared to imported brands, which dominate the global market [14]. - Compliance with stringent standards such as EU GMP and North American ASME BPE poses additional challenges for domestic manufacturers [14].