Investment Rating - The investment rating for the company is "Outperform" (maintained) [1] Core Views - The company has signed a cooperation agreement with Xi'an University of Electronic Science and Technology to promote its high-end strategy, focusing on deep integration of industry, academia, and research [6] - The company is committed to high-end product development and has seen significant sales growth in its DS80000 series high-end digital oscilloscopes, with strong demand from strategic customers [6] - The electronic measurement instrument industry is expected to continue steady growth, with domestic companies accelerating their technological advancements and narrowing the gap with overseas competitors [6] Financial Data and Profit Forecast - Total revenue is projected to grow from 776 million in 2024 to 1,332 million by 2027, with a compound annual growth rate (CAGR) of approximately 18.2% [5][8] - The net profit attributable to the parent company is expected to increase from 92 million in 2024 to 262 million by 2027, reflecting a significant growth trajectory [5][8] - The company's gross margin is forecasted to improve from 59.1% in 2024 to 62.7% in 2027, indicating enhanced profitability [5]

证券研究报告·公司点评报告·通用设备 普源精电（688337） 2025 年一季报点评：营收同比+11%，高端产 品&解决方案增速亮眼 增持（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 670.54 | 775.83 | 919.70 | 1,077.58 | 1,258.17 | | 同比（%） | 6.34 | 15.70 | 18.55 | 17.17 | 16.76 | | 归母净利润（百万元） | 107.95 | 92.30 | 134.04 | 183.85 | 241.77 | | 同比（%） | 16.72 | (14.50) | 45.22 | 37.16 | 31.50 | | EPS-最新摊薄（元/股） | 0.56 | 0.48 | 0.69 | 0.95 | 1.25 | | P/E（现价&最新摊薄） | 65.79 | 76.95 | 52.99 | 38.63 | 29.38 | [ ...

国产电子测量仪器领军企业普源精电(688337)4月29日晚间交出2025年首季成绩单。报告显示，公司实 现营收1.68亿元，同比增长11.14%，在宏观经济承压背景下延续稳健增长态势。 普源精电今年一季度解决方案业务收入2785.72万元，同比增长47.89%。这一增速不仅远超营收整体增 幅，更在2024年全年125.84%增长基础上维持强劲势头，标志着公司从设备商向系统方案服务商的转型 进入收获期。 技术突破直接转化为盈利质量提升，普源精电一季度毛利率逆势提升1.34个百分点至56.15%，创下近三 年同期新高。 研发投入构筑技术护城河 一季报显示，普源精电的研发费用率高达31.54%。目前公司持续加码西安、上海、马来西亚槟城三大 研发中心建设，一季度研发投入达5292.76万元，同比增幅22.92%。这种超行业均值的投入强度，正转 化为核心技术突破的加速度。 细剖研发投向，普源精电表示，比起单一产品，公司未来战略更聚焦解决方案。公司此前在年报中便指 出，在5G通信测试所需的毫米波技术、新能源检测必备的高压隔离方案、半导体量测等领域持续输出 电子测量方案，致力于为尖端领域提供技术突破的"火眼金睛"。 尽管 ...