Transcom Instruments(BJ:831961) Hua Yuan Zheng Quan·2025-06-16 09:23Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [5]. Core Views - The company, Chuangyuan Xinke, is recognized as a national-level specialized and innovative "little giant" in the field of radio frequency communication testing instruments, with a 27% year-on-year revenue increase in Q1 2025. It focuses on wireless communication testing, vehicle networking, and satellite internet testing, holding numerous patents and core technologies [5][6]. - The company is expected to benefit from emerging opportunities in vehicle networking and low-altitude economies, driven by advancements in 5G/6G technology and government initiatives [5][7]. - The company has a strong R&D focus, with 44.63% of its revenue allocated to R&D in 2024, and has made significant technological breakthroughs in key areas [6][12]. Summary by Sections Market Performance - The closing price as of June 13, 2025, is 22.39 yuan, with a market capitalization of 3,198.20 million yuan and a circulating market value of 2,360.77 million yuan [3]. Financial Forecast and Valuation - Revenue projections for 2025 are estimated at 269 million yuan, with a year-on-year growth rate of 15.51%. The net profit attributable to the parent company is forecasted to be 19 million yuan, reflecting a growth rate of 54.97% [11]. - The report anticipates a gradual improvement in profitability, with EPS expected to rise from 0.09 yuan in 2024 to 0.34 yuan by 2027 [11][12]. Industry Outlook - The global electronic measurement instrument market is projected to reach 20 billion USD by 2028, driven by advancements in automation, smart laboratories, and the rapid growth of vertical industries [12]. - In China, the electronic measurement instrument market has grown from 30.9 billion yuan in 2019 to 37.8 billion yuan in 2023, with a forecasted growth rate of 5% to 7% from 2024 to 2030 [12].