Summary of Conference Call Company and Industry - The conference call discusses the performance and strategic direction of a technology company specializing in electronic measurement instruments and solutions, particularly focusing on high-end products and self-developed core technology platforms. Key Points and Arguments Financial Performance - In 2024, the company's revenue increased by 15.7% year-on-year, reaching 775.8 million yuan, aligning with the growth target set at the beginning of the year [1] - Gross margin improved significantly, with a 3 percentage point increase compared to 2023, attributed to high-margin core technology platforms and structural changes in high-end product offerings [1][2] - R&D expense ratio rose by 8.93 percentage points year-on-year to 26.64%, reflecting increased investment in R&D centers in Xi'an, Shanghai, and Malaysia [2] Product Development and Sales - The sales proportion of the core technology platform product increased from 38.78% in 2022 to 50.19% in 2024, indicating strong growth and market acceptance [2] - The high-resolution digital receiver product line saw a sales increase of 54.55% year-on-year, outperforming the company's average growth rate [3] - High-end product sales accounted for 32.92% of total revenue, up 2.5 percentage points year-on-year, with a 14.85% increase in sales revenue [4] Strategic Initiatives - The company is transitioning towards solution-oriented offerings, with a focus on meeting diverse customer needs through customized solutions [5][14] - Direct sales accounted for 33.47% of total sales, nearing the target of over 40% set at the time of listing, reflecting strong customer engagement [6] - The company aims to achieve a gross margin of 60% in a stable environment, with potential for higher margins as solution products gain traction [7] Market Outlook - The company anticipates significant contributions from new product launches in 2025, including digital oscilloscopes and RF instruments, which are expected to enhance market share [8][19] - The Chinese market remains a crucial foundation, contributing over 50% of sales, while Southeast Asia shows promising growth, exceeding the company's average growth rate [10][36] - The company is embracing AI technology to enhance measurement efficiency and product capabilities, indicating a commitment to innovation [11][39] Competitive Landscape - The competitive landscape in the digital oscilloscope market remains stable, with the company maintaining a leading position in China [24][25] - The company emphasizes the importance of core technology and differentiation in maintaining its competitive edge [28][29] Future Directions - The company plans to continue investing heavily in R&D, maintaining a consistent expense ratio while aiming to control costs through increased sales from new products [22] - The strategy includes potential acquisitions to enhance core business capabilities and achieve synergistic growth [45][46] Other Important Content - The company has successfully integrated the acquired company, Beijing Naisu Electronics, into its operations, enhancing its solution-oriented approach [15] - The company is focused on addressing customer-specific needs through customized solutions, which are increasingly in demand [14] - The company has a strong presence in educational institutions, with over 1,900 universities using its products, highlighting its market dominance [33] This summary encapsulates the key insights from the conference call, providing a comprehensive overview of the company's performance, strategic initiatives, and market outlook.