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]

Meeting Overview - The annual general meeting of Puyuan Precision Electric Technology Co., Ltd. is scheduled for June 25, 2025, at 1:00 PM [3][4] - The meeting will be held at the company's conference room located at 8 Keling Road, Suzhou High-tech Zone [3][4] - Shareholders must present their securities account card and identification to attend the meeting [2][3] Meeting Procedures - The meeting will include sign-in, distribution of materials, and registration for speaking [4] - The agenda includes the announcement of the number of shareholders present, reading of meeting rules, and voting on various proposals [4][5] - Voting will be conducted both on-site and through the Shanghai Stock Exchange's online voting system [3][4] Financial Performance - For 2024, the company reported a revenue of CNY 775.83 million, a 15.70% increase from CNY 670.54 million in 2023 [6][8] - The net profit attributable to shareholders decreased by 14.50% to CNY 92.30 million [8] - The company's total assets reached CNY 3.85 billion, up 17.98% from CNY 3.27 billion in 2023 [7][8] Key Financial Metrics - Basic earnings per share decreased by 18.33% to CNY 0.49 [6][7] - The company's R&D expenditure as a percentage of revenue increased to 26.64% from 21.30% [7] - The weighted average return on equity fell to 3.11% from 4.00% [7] Corporate Governance - The board of directors held 11 meetings in 2024, ensuring compliance with legal and regulatory requirements [13][14] - Independent directors actively participated in meetings and provided oversight on financial reports and significant corporate actions [14][21] - The company completed the acquisition of Beijing Nais Electronics Co., Ltd., marking a strategic shift towards comprehensive solution provision [21][22]