RIGOL(SH:688337) 智通财经网·2025-10-16 10:10Core 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 from 307 million RMB [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 last year, up 8.9 percentage points from 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 Industry Trends - 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]. - Despite the dominance of foreign companies in the market, Puyuan Precision Electric's market share is gradually increasing, projected to reach approximately 1.1% by 2024, ranking eighth globally [8]. - The domestic market for high-end electronic measurement instruments has significant room for growth, with current domestic production rates below 10% [9]. Strategic Initiatives - The company is focusing on high-end product development and global expansion through its "G-THSA" strategy, which emphasizes building a customer-centric global sales and service network [14]. - Puyuan Precision Electric has invested heavily in self-developed core chipsets, enhancing its technological independence and competitive edge in the high-end market [14].