RIGOL(SH:688337) Sou Hu Cai Jing·2025-10-14 09:05Core Viewpoint - Puyuan Precision Electric Technology Co., Ltd. (Puyuan Precision) is seeking to list on the Hong Kong Stock Exchange, aiming to enhance its competitiveness and brand image while utilizing international capital markets for diversified financing [2][11]. Company Overview - Puyuan Precision, established in 2000 and listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board since April 2022, has a market capitalization exceeding 7.9 billion RMB [3]. - The company is a leading provider of electronic measurement instruments in China, offering a comprehensive range of products and solutions, including digital oscilloscopes and RF instruments, primarily serving high-growth sectors such as communications, new energy, and semiconductors [3][6]. Market Position - According to Frost & Sullivan, Puyuan Precision is the largest electronic measurement instrument supplier in China and ranks eighth globally, with a market share of 1.1% [5][10]. - The company is recognized for its innovative products, being the first in China to commercialize digital oscilloscopes equipped with self-developed ASICs [5]. Financial Performance - Puyuan Precision's revenue from 2022 to 2025 is projected to grow from 631 million RMB to 776 million RMB, with stable profit margins and an EBITDA showing resilience [7][8]. - The company has maintained a gross profit margin of around 50% to 55% during this period, indicating strong operational efficiency [7]. Product and Revenue Breakdown - The revenue contribution from digital oscilloscopes has been significant, accounting for approximately 52.7% in 2022, gradually decreasing to 44.5% by 2025 [8]. - International sales represent a substantial portion of total revenue, with overseas sales accounting for 42.4% in 2022, although this is expected to decline slightly to 35.3% by 2024 [9]. Strategic Initiatives - The funds raised from the Hong Kong IPO will be allocated towards enhancing R&D capabilities, expanding production capacity, strategic investments, and strengthening global sales and marketing networks [13]. - The company has a significant cash reserve, with financial assets valued at 1.773 billion RMB as of July 2025, indicating a strong liquidity position [11].