Core Viewpoint - Shenzhen Dingyang Technology Co., Ltd. has officially launched the SDM4075A series 7-digit digital multimeter and the SAP8000D active differential probe, showcasing the company's technological innovation and market adaptability [1][2][4]. New Product Overview - The SDM4075A series features a 7-digit resolution (11,000,000 counts) and a maximum reading rate of 50k readings/second, capable of detecting minute changes in voltage, current, and resistance, making it suitable for low-power circuit design and high-precision sensor testing [1][3]. - The SAP8000D active differential probe offers an 8GHz bandwidth and 300fF ultra-low input capacitance, supporting differential and single-ended measurements, and is ideal for high-speed serial bus validation such as PCIe, DDR, and USB3.0 [2][3]. Impact on the Company - The launch of these new products enhances the company's product matrix and application scenarios, reinforcing its competitive edge and positively influencing future development [2][4]. - The company aims to integrate customer needs with product development, continuously creating market-relevant products to improve overall capabilities [3][4].

Core Insights - The company, Dingyang Technology (688112.SH), announced the official release of the SDM4075A series 7-digit digital multimeter and the SAP8000D active differential probe on September 17, 2025, which are designed for precise signal capture and testing applications [1][2] Product Details - The SDM4075A features a 7-digit resolution capable of detecting nano-volt level voltages, pico-ampere level currents, and micro-ohm level resistances, making it suitable for low-power circuit design, high-precision sensor testing, and new material research [1] - It has a wide dynamic measurement range that covers low-power currents up to 30A, allowing for accurate analysis of IoT device power consumption in both standby and operational states, as well as meeting the testing needs of high-power devices [1] - The SAP8000D active differential probe offers an 8GHz bandwidth and 300fF ultra-low input capacitance, supporting both differential and single-ended measurements with excellent common-mode rejection performance, suitable for high-speed serial bus validation and signal integrity analysis [1] - The probe can be used in various testing scenarios, including welding, handheld, or fixture applications, enhancing its versatility [1] Strategic Implications - The launch of these new products demonstrates the company's technological innovation, market adaptability, and product development capabilities, further enriching its product matrix and expanding application scenarios [2] - This development is expected to strengthen and enhance the company's overall competitiveness, positively impacting its future growth [2]

| 产品名称 | 产品型号 | 产品性能指标 | | --- | --- | --- | | SDM4075A 系列 7½位数字万用表 | SDM4075A | 读数分辨率：7½位 | | | | 读数速率：高达 50k rdgs/s | | | | 采样间隔：0.001PLC-100PLC | | | | 内部存储空间：大至 点（支持时间戳） 2M | | | | 内置数字化仪：采样率最高 2MSa/s，最大单次可 | | | | 采集 点，带宽 2M 15kHz | | | | 支持机械开关切换前后面板信号输入 带宽：8GHz | | | | 差分输入电容：300 fF | | SAP8000D | SAP8000D | 差分输入电阻：20kΩ | | 有源差分探头 | | 单端输入电阻：10kΩ | | | | 直流衰减比：10:1 | | | | 输入动态范围：±2.5V | 重要内容提示： 2025 年 9 月 17 日，深圳市鼎阳科技股份有限公司（以下简称"鼎阳科 技"、"公司"）正式公开发布可精准捕获微小信号的 SDM4075A 系列 7½位数字万用表和具备8GHz带宽与300fF超低输入电容的 ...

Core Insights - The company, Dingyang Technology, announced the official release of the SDM4075A series 7½-digit digital multimeter and the SAP8000D active differential probe on September 17, 2025, which can accurately capture small signals [1][2] Product Details - The SDM4075A features a 7½-digit resolution, capable of detecting nanovolt-level voltage, picoamp-level current, and micro-ohm-level resistance changes, aiding in low-power circuit design, high-precision sensor testing, and new material research [1] - It has a wide dynamic measurement range from low-power currents to 30A high currents, allowing precise analysis of IoT device power consumption in both standby and operational states, and meeting the testing needs of high-power devices [1] - The SAP8000D active differential probe offers an 8GHz bandwidth and 300fF ultra-low input capacitance, supporting both differential and single-ended measurements with excellent common-mode rejection performance, suitable for high-speed serial bus validation and signal integrity analysis [1] Strategic Implications - The launch of these new products demonstrates the company's technological innovation, market adaptability, and product development capabilities, enriching its product matrix and expanding application scenarios [2] - This development is expected to strengthen and enhance the company's overall competitiveness, positively impacting its future growth [2]

Group 1 - The company announced the launch of the SDM4075A series 7-digit digital multimeter and the SAP8000D active differential probe, which can accurately capture small signals [1] - The SDM4075A features a 7-digit resolution, capable of detecting nano-volt level voltage, pico-ampere level current, and micro-ohm level resistance, aiding in low-power circuit design, high-precision sensor testing, and new material research [1] - The wide dynamic measurement range of the SDM4075A covers low-power currents up to 30A, allowing precise analysis of IoT device power consumption in standby and operational states, as well as testing for high-power devices [1] Group 2 - The SAP8000D active differential probe has an 8GHz bandwidth and 300fF ultra-low input capacitance, supporting both differential and single-ended measurements with excellent common-mode rejection performance [1] - The probe is suitable for high-speed serial bus validation, signal integrity analysis, and high-frequency circuit debugging, applicable in various testing scenarios such as welding, handheld, or fixture setups [1] - The launch of these new products reflects the company's technological innovation, market adaptability, and product development capabilities, enriching the product matrix and expanding application scenarios [2]

Group 1 - The company, Dingyang Technology, officially launched the SDM4075A series 7½-digit digital multimeter and the SAP8000D active differential probe on September 17, 2025, which can accurately capture small signals [1] - The SDM4075A features a resolution of 7½ digits, capable of detecting nanovolt-level voltage, picoamp-level current, and micro-ohm-level resistance changes, aiding in low-power circuit design, high-precision sensor testing, and new material research [1] - The wide dynamic measurement range of the SDM4075A covers low-power currents to 30A, allowing precise analysis of IoT device power consumption in standby and operational states, as well as meeting testing needs for high-power devices [1] Group 2 - The SAP8000D active differential probe has an 8GHz bandwidth and 300fF ultra-low input capacitance, supporting differential and single-ended measurements with excellent common-mode rejection performance [1] - The probe is suitable for high-speed serial bus validation, signal integrity analysis, and high-frequency circuit debugging, applicable in various testing scenarios such as welding, handheld, or fixture setups [1] - The launch of these new products reflects the company's technological innovation, market adaptability, and product development capabilities, enriching the product matrix and expanding application scenarios, which will positively impact the company's future development and enhance its overall competitiveness [2]

Group 1 - The company, Dingyang Technology, officially launched the SDM4075A series 7½-digit digital multimeter and the SAP8000D active differential probe on September 17, 2025, which can accurately capture small signals [1] - The SDM4075A features a resolution of 7½ digits, capable of detecting nanovolt-level voltage, picoamp-level current, and micro-ohm-level resistance changes, aiding in low-power circuit design, high-precision sensor testing, and new material research [1] - The wide dynamic measurement range of the SDM4075A covers low-power currents to 30A high currents, allowing precise analysis of IoT device power consumption in standby and operational states, as well as meeting testing needs for high-power devices [1] Group 2 - The SAP8000D active differential probe has an 8GHz bandwidth and 300fF ultra-low input capacitance, supporting differential and single-ended measurements with excellent common-mode rejection performance [1] - The SAP8000D is suitable for high-speed serial bus validation, signal integrity analysis, and high-frequency circuit debugging, applicable in various testing scenarios such as welding, handheld, or fixture setups [1] - The launch of these new products reflects the company's technological innovation, market adaptability, and product development capabilities, enriching the product matrix and expanding application scenarios, which will positively impact the company's future development and enhance its overall competitiveness [2]

Investment Rating - The investment rating for the company is "Outperform the Market" [5][3][21] Core Views - The company achieved a revenue of 279 million yuan in the first half of 2025, representing a year-on-year growth of 24.61%, while the net profit attributable to the parent company reached 77 million yuan, up 31.54% year-on-year [1][3] - The company maintains a high gross margin of 60.06% and a net margin of 27.57%, with a focus on high R&D and sales investments to support future growth [2][3] - The proportion of high-end products continues to increase, with high-end product revenue growing by 71.92% year-on-year, indicating a successful high-end strategy [2][3] Financial Performance - For the first half of 2025, the company reported a gross profit margin of 60.06% and a net profit margin of 27.57%, with R&D expenses at 21.60% of revenue [2][3] - The company forecasts net profits of 167 million yuan, 217 million yuan, and 279 million yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 36, 28, and 22 [3][4] - The projected revenue growth rates for the years 2025 to 2027 are 24.8%, 24.9%, and 25.5% respectively, indicating a stable growth trajectory [4][3]

Group 1 - The core point of the article is that Dingyang Technology (688112) has filed an international patent application for a data processing method and device for physical downlink shared channels, with the application number PCT/CN2024/135003 and an international publication date of August 28, 2025 [1] Group 2 - In 2023, Dingyang Technology has published three international patent applications, which is a 25% decrease compared to the same period last year [4] - The company invested 60.22 million yuan in research and development in the first half of 2023, representing a year-on-year increase of 37.08% [4]

Core Viewpoint - Dingyang Technology experienced a decline of 1.18% on August 27, with a trading volume of 179 million yuan, indicating a potential shift in investor sentiment [1] Financing Summary - On August 27, Dingyang Technology had a financing buy-in amount of 23.68 million yuan and a financing repayment of 24.86 million yuan, resulting in a net financing buy of -1.18 million yuan [1] - The total financing and securities balance as of August 27 was 177 million yuan, which accounts for 2.88% of the circulating market value, indicating a high level compared to the past year [1] - The company had no short selling activity on August 27, with a short selling balance of 0.00 yuan, also reflecting a high level compared to the past year [1] Business Performance - As of June 30, Dingyang Technology reported a total of 5,205 shareholders, a decrease of 7.24% from the previous period, while the average circulating shares per person increased by 7.80% to 30,585 shares [2] - For the first half of 2025, Dingyang Technology achieved an operating income of 279 million yuan, representing a year-on-year growth of 24.61%, and a net profit attributable to shareholders of 76.88 million yuan, up 31.54% year-on-year [2] Dividend Information - Since its A-share listing, Dingyang Technology has distributed a total of 362 million yuan in dividends, with 312 million yuan distributed over the past three years [3] Institutional Holdings - As of June 30, 2025, among the top ten circulating shareholders, E Fund Active Growth Mixed Fund held 2.72 million shares, a decrease of 236,000 shares from the previous period [3] - China Europe Information Technology Mixed Fund A entered as a new shareholder with 2.02 million shares, while Hong Kong Central Clearing Limited reduced its holdings to 1.65 million shares [3]