RIGOL(SH:688337) Zhi Tong Cai Jing·2025-10-16 12:06Core Viewpoint - Puyuan Precision Electric, a leading domestic supplier of electronic measurement instruments, is preparing to expand into the Hong Kong market, aiming for further global growth and brand recognition [1][14]. Financial Performance - The company has shown consistent revenue growth, with projected revenues of 631 million RMB, 671 million RMB, and 776 million RMB from 2022 to 2024, respectively, and 355 million RMB in the first half of 2025, reflecting a year-on-year increase [2]. - The gross profit figures for the company from 2022 to the first half of 2025 are 321 million RMB, 358 million RMB, 426 million RMB, and 184 million RMB, with corresponding gross profit margins of 50.9%, 53.4%, 54.9%, and 51.9% [5]. Product and Solution Breakdown - The majority of revenue comes from digital oscilloscopes, which accounted for 84.93% of sales in the previous year, although the revenue share has shown a slight decline from 52.7% in 2022 to 44.5% in the first half of 2025 [3][5]. - Other significant revenue sources include microwave RF instruments and precision DC instruments, contributing 13% and 23% of revenue, respectively, in the first half of 2025 [3]. - The solutions business has also seen growth, with revenue increasing from 57.93 million RMB in 2022 to 130.21 million RMB in 2024, representing a rise in revenue share from 9.2% to 16.8% [4]. Market Position and Growth Potential - The global electronic measurement instrument market is projected to reach 57.1 billion RMB in 2024, with a compound annual growth rate (CAGR) of 5% from 2025 to 2029, driven by strong demand for digital oscilloscopes, which are expected to grow at a CAGR of over 6% [6][8]. - Puyuan Precision Electric's market share is expected to reach approximately 1.1% by 2024, ranking eighth globally, with significant potential for growth in the high-end product segment where domestic market penetration is currently below 10% [8][9]. Strategic Initiatives - The company is implementing a "G-THSA" strategy framework focused on global expansion, aiming to establish a customer-centric global sales and service network, enhance global supply chains, and invest in research and development [14]. - Puyuan Precision Electric has developed proprietary core chipsets for oscilloscopes, achieving an 85% shipment rate for products utilizing these self-developed chips, indicating strong technological capabilities and market readiness [9][14].