Investment Rating - The report maintains an "Accumulate" rating for the company [1][6]. Core Views - The company's Q3 2025 performance met expectations, with revenue of 240 million yuan, a year-on-year increase of 6.4%, and a net profit of 24 million yuan, nearly doubling from Q2 2025. Cumulative revenue for the first three quarters reached 597 million yuan, up 11.7% year-on-year, while net profit decreased by 32.4% year-on-year [3]. - The company continues to show strong advantages in time-domain products, with high-bandwidth oscilloscope revenue accounting for 30% of total sales, and the DS80000 series oscilloscope revenue doubling year-on-year. The frequency-domain products are also rapidly developing, with the RSA6000 spectrum analyzer generating nearly 10 million yuan in revenue within a month of its launch [4]. - The company has submitted an IPO application to the Hong Kong Stock Exchange, indicating an acceleration in internationalization and a focus on global resource acquisition and market expansion [5]. Financial Summary - For 2025, the company adjusted its revenue forecast from 918 million yuan to 890 million yuan, and net profit from 157 million yuan to 81 million yuan. The earnings per share (EPS) forecast was revised from 0.81 yuan to 0.42 yuan. The closing price on October 28, 2025, was 39.30 yuan, corresponding to price-to-earnings (PE) ratios of 93.8, 45.8, and 35.9 for 2025-2027 [6][8]. - The financial summary indicates a projected revenue growth of 14.8% in 2025, with a net profit decline of 11.9%. The gross margin is expected to improve to 64.4% in 2025 [8][11]. Performance Metrics - The company reported a gross margin of 54.4% for Q3 2025, a decrease of 3.4 percentage points year-on-year, attributed to external factors such as cost changes in the Malaysian factory and tariff impacts [3]. - The company's R&D expenses are projected to increase, reflecting its commitment to maintaining a competitive edge in the electronic measurement instrument sector [5][11]. Market Position - The company is recognized as a leader in electronic measurement instruments, particularly in oscilloscopes, and is expected to benefit from the domestic substitution trend in high-end equipment [6][8]. - The ongoing development of high-end new products is anticipated to accelerate, enhancing the company's competitive position in the market [6].