Core Viewpoint - The company, 康斯特 (300445), specializes in measurement calibration instruments primarily used in industries such as petrochemicals and power generation, focusing on calibration laboratories and on-site detection of pressure and temperature instruments [1] Company Overview - 康斯特's main business products are measurement calibration instruments [1] - The company serves clients including medium to large enterprises with self-built laboratories and third-party testing organizations [1] Industry Application - The products are mainly applied in measurement calibration laboratories or thermal laboratories within the petrochemical and power sectors [1] - The instruments are also utilized for on-site calibration and testing of automatic control system-related pressure and temperature instruments [1]

Group 1: Business Overview - The company's main products are calibration instruments used in industries such as petrochemicals and power generation, serving clients like medium to large enterprises and third-party testing agencies [1] - The product lifecycle is generally 5 to 8 years, with actual replacement cycles depending on usage frequency [2] Group 2: Market Demand and Pricing - Demand varies by industry; process industries like power and petrochemicals have higher procurement needs, while small enterprises often opt for outsourcing calibration services due to cost considerations [1] - Manual instruments are priced between 10,000 to 20,000 yuan, while fully automated and smart products average around 150,000 yuan, reflecting differences in functionality and technology complexity [3] Group 3: International Operations - The Singapore subsidiary focuses on expanding non-US market operations and handling product certification, mitigating the impact of US tariffs [4] - The US tariff rate has increased from 25% to 55%, causing short-term order disruptions; the company is addressing this through price adjustments and shifting non-US orders to the Singapore subsidiary [5] Group 4: Financial Performance - High-margin portable products dominate international sales, with better payment terms compared to domestic sales; the revenue distribution is approximately 54% from the Americas, 30% from Europe and the Middle East, and 16% from Asia and Oceania [6] Group 5: Competitive Landscape - Major competitors include Fluke, Druck, and Wika; the company differentiates itself by addressing customer pain points, rapid product iteration, and high production efficiency, focusing on technical solutions rather than price competition [7] Group 6: Long-term Strategy - The company adopts a conservative growth strategy, emphasizing technology accumulation and product strength, with plans to deepen its presence in the high-end instrument market and develop high-end pressure sensors and digital platforms as a second growth curve [8] Group 7: Digital and Sensor Development - The digital platform, primarily managed by the subsidiary Mingde Software, currently contributes about 5% to 6% of total revenue, offering smart metering solutions that enhance customer loyalty [9] - The company is advancing the development of high-end pressure sensors using silicon piezoresistive technology, aiming for domestic production and application in high-precision fields [9]