Investment Rating - The investment rating for the company is "Outperform the Market" [6] Core Views - The company is a leading player in the domestic general electronic measurement instrument sector, benefiting from a large industry space and steady growth. The high-end product strategy is driving rapid new product launches and improving profitability, with solutions becoming a new important growth point. The 2024 revenue is expected to grow by 15.70% to 776 million yuan, while the net profit is projected to decrease by 14.50% to 92 million yuan [4][10] Financial Performance Summary - In 2024, the company achieved operating revenue of 776 million yuan, a year-on-year increase of 15.70%, while the net profit attributable to the parent company was 92 million yuan, a decrease of 14.50%. The first quarter of 2025 saw revenue of 168 million yuan, up 11.14%, but net profit dropped by 40.03% to 4 million yuan [1][10] - The gross margin for 2024 was 59.14%, an increase of 2.70 percentage points year-on-year, while the net margin was 11.90%, a decrease of 4.20 percentage points [2] - The company’s R&D expenses increased significantly due to the establishment of new R&D centers in Xi'an and Shanghai, leading to higher personnel costs and depreciation of R&D equipment [2][4] Product Development and Growth - The company is advancing its high-end product offerings, with a 39.21% year-on-year increase in revenue from products equipped with self-developed core technology platforms, accounting for 46.69% of total revenue. The sales of high-end digital oscilloscopes (bandwidth ≥ 2GHz) increased by 52.07% [3] - The company completed the acquisition of 100% of the shares of a company in the solutions field, marking a strategic deployment in this area [3] Share Buyback and Incentive Plans - The company announced a share buyback plan of 30 to 50 million yuan to be used for equity incentives at an appropriate time. Additionally, a new equity incentive plan was proposed, granting 2 million shares to 99 individuals, with performance targets set for 2025-2026 [4] Earnings Forecast - The forecast for net profit attributable to the parent company for 2025-2027 is 140 million, 184 million, and 237 million yuan respectively, with corresponding P/E ratios of 50, 38, and 29 [4][10]