BERNSTEIN：美国生命科学工具与诊断_为何我们现在对该行业比 2024 年更乐观

Summary of US Life Science Tools & Diagnostics Sector Conference Call Industry Overview - The conference call focuses on the US Life Science Tools & Diagnostics sector, discussing its current state and future outlook compared to 2024 [1] Core Insights and Arguments 1. Market Sentiment Shift: The sector is now viewed more positively than at the beginning of 2024, with the worst-case scenario already priced in, suggesting potential for better-than-expected outcomes [1][12] 2. Academic & Government Market Risks: A potential 40% cut to the NIH budget for 2026 could significantly impact revenue, but there are signs that this cut may not materialize [20][27] 3. China Market Dynamics: Economic challenges in China, including tariffs and local competition, pose risks, but the "in China for China" policy may mitigate some impacts [3][34] 4. Pharma/Biotech Market Concerns: The Most Favored Nation (MFN) pricing policy could negatively affect pharma revenues, but the tools sector is currently facing greater punishment than pharma [4][64] 5. Investor Interest: There is a renewed interest in the sector from investors, indicating a potential shift in market dynamics [5] Additional Important Points 1. Potential for Recovery: The tools sector could see recovery if Q2 and Q3 results show stability or improvement, which would reassure investors [6][86] 2. Valuation Metrics: The tools sector is trading at a valuation not seen since 2012, indicating it may be undervalued relative to the S&P [12][14] 3. Funding Environment: The funding landscape for biotech remains cautious, with smaller companies struggling to secure funding, impacting overall sector growth [66] 4. AI Impact: The role of AI in pharma R&D could either be a risk or a tailwind for the tools sector, depending on how it influences research spending [68][78] 5. Investment Ratings: The call maintains Outperform ratings on TMO, WAT, and PACB, while A, AVTR, ILMN, and RVTY are rated Market-Perform [8] Conclusion - The US Life Science Tools & Diagnostics sector is at a critical juncture, with potential for recovery and growth, but significant risks remain. Investors are advised to monitor upcoming quarterly results closely to gauge the sector's trajectory [6][86]