9月29日，普源精电科技股份有限公司(以下简称"普源精电")在港交所提交上市申请，公司上市材料被正式受理，独家保荐人为中信证券。 资料显示，普源精电2022年4月登陆上交所，主营业务为通用电子测量仪器的研发、生产和销售。 据招股书，普源精电是中国领先的电子测量仪器公司，拥有先进的技术实力和遍布全球的庞大版图。根据弗若斯特沙利文的资料，公司是中国最大的电子 测量仪器供货商，按收益计，于2024年在全球排名第八。 财务数据方面，2022年至2024年，普源精电分别实现收入6.31亿元、6.71亿元、7.76亿元，净利润分别为9248.84万元、1.08亿元、9230.31万元，2024年净 利润有所下滑。 有机会获商报君送出的礼品 朋友们千万别错过！ ↓↓↓ 公司毛利率近年来一路提升，由2022年的50.9%升至2024年的54.9%，不过2025年上半年降至51.9%，显示公司盈利能力存在一定压力。 公司的原材料包括IC芯片、电子元件、结构件、印刷电路板、显示器等辅助材料。2022年至2024年及2025年上半年，原材料成本分别占销售成本的 73.9%、72.3%、67.8%及69.0%。普源精电坦言，原材料价 ...

截至6月30日，普源精电股东户数6124.00，较上期增加5.53%；人均流通股11087股，较上期减少 2.12%。2025年1月-6月，普源精电实现营业收入3.55亿元，同比增长15.57%；归母净利润1621.58万元， 同比增长112.10%。 分红方面，普源精电A股上市后累计派现2.55亿元。 机构持仓方面，截止2025年6月30日，普源精电十大流通股东中，易方达积极成长混合（110005）位居 第二大流通股东，持股285.26万股，为新进股东。富国天惠成长混合(LOF)A/B（161005）位居第三大流 通股东，持股228.87万股，为新进股东。易方达战略新兴产业股票A（010391）位居第七大流通股东， 持股119.92万股，为新进股东。富国新活力灵活配置混合A（004604）位居第八大流通股东，持股99.60 万股，为新进股东。金信深圳成长混合A（002863）位居第十大流通股东，持股79.68万股，为新进股 东。景顺长城成长龙头一年持有期混合A类（011058）、景顺长城电子信息产业股票A类（010003）、 景顺长城优选混合（260101）、景顺长城创新成长混合（006435）退出十大流通 ...

Core Viewpoint - Puyuan Precision Electric has shown significant growth in revenue and net profit, indicating strong operational performance and increasing investor interest in the company [2][3]. Financial Performance - For the first half of 2025, Puyuan Precision Electric achieved operating revenue of 355 million yuan, representing a year-on-year increase of 15.57% [2]. - The net profit attributable to shareholders reached 16.22 million yuan, marking a substantial year-on-year growth of 112.10% [2]. - Cumulative cash dividends since the company's A-share listing amount to 255 million yuan [2]. Stock Market Activity - On August 28, Puyuan Precision Electric's stock price increased by 3.34%, with a trading volume of 285 million yuan [1]. - The company recorded a financing buy-in amount of 21.41 million yuan and a net financing buy of 3.15 million yuan on the same day [1]. - As of August 28, the total margin trading balance was 110 million yuan, accounting for 4.16% of the circulating market value, indicating a high level of investor engagement [1]. Shareholder Composition - As of June 30, 2025, the number of shareholders increased to 6,124, a rise of 5.53% from the previous period [2]. - The average circulating shares per shareholder decreased by 2.12% to 11,087 shares [2]. - New institutional shareholders include E Fund Active Growth Mixed Fund and others, indicating growing institutional interest in the company [3].

Core Insights - The report from GF Securities highlights the increasing domestic competition in the general electronic testing and measurement instruments industry, driven by the intensifying US-China technological rivalry and the demand for new productive forces [1] - The global market for general electronic measurement instruments is expected to exceed 40 billion, with the Chinese market projected to reach 16 billion by 2024, indicating significant potential for domestic companies to increase their market share [1] - The current domestic market penetration rate is only 7%, suggesting a vast space for replacement and growth [1] Group 1: Market Dynamics - The general electronic measurement instruments include digital oscilloscopes, RF instruments, and waveform generators, with a low domestic penetration rate and high barriers to entry [1] - According to Frost & Sullivan, the domestic market share of key players like Puyuan Precision, Dingyang Technology, and Urit has increased from 3% to 7% from 2018 to 2024, indicating a gradual shift towards domestic alternatives [1] Group 2: Factors Supporting Growth - The combination of geopolitical tensions and the need for high-end product localization is driving a surge in domestic demand for high-end products [2] - Domestic companies are increasingly developing self-researched chips, which mitigates reliance on foreign suppliers and accelerates product iteration [2] - The established R&D teams and distribution channels of domestic firms are well-prepared for the implementation of domestic alternatives [2] Group 3: Industry Recovery - The industry has experienced a downturn for nearly three years, but signs of recovery are emerging, with a positive growth rate of around 5% expected by March 2025 [3] - The strong demand from high-end manufacturing sectors such as new energy, automotive, and semiconductors is driving the commercialization of domestic brands [3] - Domestic high-end products, such as 13GHz oscilloscopes and 50GHz spectrum analyzers, are increasingly meeting the needs of local industrial enterprises [3]