This week’s special topic: the mass spectrometer industry has the dual logic of 1) increasing penetration driven by industrial upgrading and 2) high dependence on imports and large domestic substitution space. The growth rate of the global mass spectrometer industry is significantly higher than the average growth rate of experimental and analytical instruments, mainly due to the industrial upgrading and the continuous tightening of detection requirements in some fields. As a high-end experimental and analytical instrument, the penetration rate of mass spectrometer continues to increase. In 2020, the total demand scale of China’s mass spectrometer industry was about 14.2 billion yuan, accounting for about 1 / 3 of the global total scale. In recent years, the demand for mass spectrometer has increased rapidly, significantly higher than the global average. From 2014 to 2020, the total demand scale CAGR of China’s mass spectrometer reached 20.2%, far higher than the global average level of 7%. The global mass spectrometer market is mainly occupied by international industry giants. The main participants in the global mass spectrometer market are watsch, Danaher, Brooke, Agilent, semefi, bio merier, Shimadzu and other companies, accounting for about 90% of the global market share. China’s mass spectrometer market is basically occupied by foreign capital, and domestic brands account for about 5%. After the rapid development in recent years, the product types of domestic mass spectrometry have also expanded from single quadrupole to ion trap, time-of-flight mass spectrometry, triple quadrupole mass spectrometry, and from laboratory desktop mass spectrometry to online, vehicle mounted, portable mass spectrometry. According to the data of instrument information network, at present, there are about 30 major hardware R & D institutions in China, including scientific academies and universities, and nearly 30 mass spectrometry product manufacturers in China. In recent years, the Chinese market, including domestic and foreign brands, has maintained an innovative and enterprising trend, constantly pushing through the old and bringing forth the new, foreign brands have continuously consolidated their competitive advantages, and local brands have continued to catch up. China’s leading mass spectrometer enterprises represented by Guangzhou Hexin Instrument Co.Ltd(688622) and spectral Education Technology ( Focused Photonics (Hangzhou) Inc(300203) subsidiary) have made rapid technological progress, continuously strengthened their competitive strength, continuously narrowed the technological gap with international giants, rapidly increased market share, large domestic substitution space and accelerated the process of localization.
Risk factors: the spread of the global epidemic is accelerating, the demand boost after overseas resumption of work is lower than expected, and China’s subsequent economic growth is weak.
