自主可控系列：电子测量仪器

Summary of the Electronic Measurement Instruments Industry Conference Call Industry Overview - The electronic measurement instruments industry is a multidisciplinary field with widespread downstream applications and a diverse customer base. The global market is characterized by an oligopolistic structure, with Keysight Technologies holding nearly 30% market share [1][3][4]. - The global electronic measurement instruments market is approximately $17 billion, with the Chinese mainland and Hong Kong, Macau, and Taiwan accounting for about 20% of this market. The global market is expected to grow at an annual rate of 3%-5%, while the Chinese market is projected to grow at 5%-8% [1][3]. Market Characteristics - The industry requires knowledge from various disciplines, including software, physics, mathematics, communication, and semiconductors, to produce high-quality products [3]. - The customer base is highly diversified, with applications across nearly all industries involving electrical and electromagnetic signals [3]. - The domestic market has a low localization rate, with high-end market share below 2%, indicating a significant reliance on foreign suppliers [2][5]. Key Players - Major global players include Keysight Technologies, Tektronix, Agilent, Viavi Solutions, National Instruments, Rohde & Schwarz, and Anritsu. In China, key companies include Puyuan Precision, Dingyang Technology, and Kunlun Wanwei, among others [4][6]. Financial Performance - Domestic companies are experiencing growth, with Puyuan Precision achieving a revenue of 350 million yuan in the first half of 2025, a year-on-year increase of 16%. Dingyang Technology reported a revenue of 280 million yuan, up 24.6%, and Kunlun Wanwei saw a 26.7% increase to 100 million yuan [12]. Development Potential - The domestic electronic measurement instruments industry has substantial growth potential, driven by the transition of China's information industry from manufacturing to research and development, as well as innovation and engineering talent [5][8]. - The current revenue scale of domestic companies is relatively small, with leading firms generating around $15 million, while foreign competitors earn between $1.5 billion and over $4 billion [6][7]. Importance of Self-Developed Chips - Self-developed chips are crucial for enhancing product competitiveness, especially in the high-end market. However, domestic companies can still release products through partnerships with external suppliers at this stage [9]. Downstream Applications - The electronic measurement instruments have extensive downstream applications, including mobile communications, military, satellites, consumer electronics, semiconductors, education, automotive, and new energy sectors [10]. Investment Outlook - The investment outlook for domestic electronic measurement instrument companies is positive, with the potential for significant growth as technology advances and the localization process accelerates. The market space is large, and early leaders in the industry are expected to have good development potential [5][14].