Group 1 - The 2025 DEMO WORLD Enterprise Innovation and Investment Conference will be held in Songjiang, Shanghai, on July 3-4, 2025, aimed at promoting the deep integration of technological and industrial innovation [1] - The conference will feature a special session on "Smart Terminals (Instruments and Meters, Optoelectronic Equipment) & Songjiang New Bridge Town," focusing on sharing the latest technologies and products, and exploring cross-industry collaboration [1] - The smart terminal industry in Songjiang is a key focus area, with a projected scale of nearly 40 billion yuan in 2024, and the new generation information technology industry expected to exceed 130 billion yuan [1] Group 2 - Songjiang is developing a new highland for the instrument and meter industry, with 84 enterprises and a total industrial output value of 8.626 billion yuan as of 2024, showing a year-on-year growth of 2.0% [2] - New Bridge Town, located in the northeastern part of Songjiang, is a hub for innovation, hosting numerous tech companies and achieving breakthroughs in technology and product innovation [2] - The region boasts 10 listed companies, 13 specialized and innovative "little giants," and 407 high-tech enterprises, indicating a strong industrial base [2] Group 3 - The "New Quality Talk" segment will gather over 10 smart terminal tech companies to share their latest technologies, products, and future collaboration needs [3]

本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 事件： 点击注册小程序 查看完整报告 特别申明： 2024年，公司进一步加大传感器研发投入，开发出了高温耐辐照、水下高冲击、深水振动等高性能传感 器，替代进口，打破进口技术垄断。同时，公司推出可靠性高、应用范围广的工业级传感器，缩小与进口 传感器的差距，满足工业物联网对传感器的需求。公司六维力传感器技术较为成熟，目前处于小批量试制 阶段，下游应用领域主要包括工业机器人、人形机器人、航空航天、汽车、电子、医疗等，未来有望在人 形机器人领域打开新的成长空间。 风险提示： 新产品项目推进不达预期风险；延迟交货风险；内外部经营环境变化的风险。 发布日期： 2025-04-26 免责声明 本订阅号是光大证券股份有限公司研究所（以下简称"光大证券研究所"）依法设立、独立运营的官方 ...

特别提示 微信公众号机制调整，请点击顶部"仪器信息网" → 右上方"…" → 设为 ★ 星标，否则很可能无法看到我们的推送。 近日，中国科学院上海技术物理研究所研究员陆卫、李冠海、陈效双团队，研制出基于非线性忆阻计算技术的新型微型光谱仪，通过结合光子 忆阻器与神经网络算法，为解决光谱仪小型化与高性能难以兼容的行业难题提供新的解决方案，并为材料科学、工业检测和智能传感领域的发 展提出新方向。相关成果发表在《光：科学与应用》（Li g h t: Sc i e n c e & Ap p li c a ti o n s）上。 光谱分析技术作为现代科学的重要表征手段，在材料科学、工业检测和光电传感领域发挥着重要作用。近年来，市场对兼具便携性、测量精 度、高光谱分辨率与宽谱段响应特性的光谱设备的需求激增。然而，传统光谱仪受制于复杂光学系统架构，依赖空间色散元件构建的长程传播 路径，与微型化发展趋势形成结构性矛盾，制约了集成化光谱设备的工程实现。 当前，微型化技术路线主要有两种：一是通过光子晶体、超表面等亚波长结构实现光场调控；二是利用微型干涉系统替代传统色散式架构。尽 管上述技术缩小了设备体积，但微型化过程普遍伴随着光谱 ...

Financial Data and Key Metrics Changes - In Q1 2025, total sales increased by 7.4%, marking the highest growth rate in years, with organic sales growth in every segment [5][10] - Non-GAAP earnings per share and GAAP earnings per share reached record levels for any first quarter [5] - Cash flow from operating activities was $242.6 million, down from $291 million in 2024, while free cash flow decreased to $224.6 million from $275.1 million [17][18] - The company ended the quarter with $2.5 billion in net debt, with a leverage ratio of 1.8 [18] Business Segment Performance - Digital Imaging segment sales increased by 2.2% year-over-year, with improved non-GAAP operating margin [11] - Instrumentation segment sales rose by 3.9%, with marine instruments seeing a 9.5% increase [13] - Aerospace and Defense Electronics segment organic sales grew by 7.8%, while total sales increased by 30.6% due to acquisitions [14] - Engineered Systems segment revenue increased by 14.9%, with operating profit also rising [15] Market Data and Key Metrics Changes - Approximately 80% of sales are from US-based locations to US customers or international locations to international customers, with only 2% of total sales being US exports to China [7][8] - The company anticipates a negative sales impact of about 1% due to market uncertainty, offset by the KeyOptik acquisition, leading to estimated sales of approximately $6 billion for 2025 [10] Company Strategy and Industry Competition - The company maintains a balanced mix of commercial and government businesses across various geographies, focusing on margin improvement and strategic acquisitions [5][16] - Management believes that the current economic stress presents more long-term opportunities than risks, supported by a healthy acquisition pipeline [16][55] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the resilience of the business despite economic uncertainties, with expectations of continued revenue growth [16] - The company is preparing for potential impacts from tariffs and supply chain challenges, with plans to mitigate costs through pricing actions and exemptions [9][32][75] Other Important Information - The backlog reached an all-time high of approximately $4 billion, with $60 million attributed to the KeyOptik acquisition [78] - The company is actively exploring acquisition opportunities, with a healthy pipeline for both small and mid-sized acquisitions [55][106] Q&A Session Summary Question: Impact of tariffs on revenue - Management indicated that the 1% revenue reduction was primarily due to anticipated GDP impacts, with specific segments like digital imaging and instrumentation expected to be affected [25][26] Question: Government spending cuts - Management does not foresee significant impacts from potential government spending cuts, particularly in defense programs, which are expected to grow [41][42] Question: Short cycle sales trends - Management noted some weakness in test and measurement sales but overall expects growth in instrumentation [44][47] Question: Margin improvement strategies - Management projected a 60 basis point margin improvement for the year, with expectations that newly acquired businesses will improve margins over time [50][52] Question: Acquisition opportunities in the current environment - Management is optimistic about acquisition opportunities, with a healthy pipeline and a focus on strategic fit [55][106] Question: Backlog details - The backlog is at an all-time high, with a significant portion attributed to recent acquisitions, and management is closely monitoring short cycle businesses [78][79] Question: Margin profiles of different business segments - Management clarified that lower-margin businesses like NASA contracts may be at risk, but higher-margin defense programs are expected to grow [82][84] Question: Sales to China and tariff impacts - Management acknowledged a decline in sales to China due to tariffs but emphasized that the overall impact is manageable [85][87]