According to the Zhitong Finance APP, Shenwan Hongyuan has released a research report stating that in the long term, the electronic measurement instrument industry will continue to develop steadily, with domestic companies accelerating their catch-up. The domestic electronic measurement instrument industry is continuously increasing R&D investment, rapidly improving technological levels, and gradually narrowing the technological gap with overseas counterparts. Driven by multiple factors such as policy support, cost-performance advantages, and localized services, the process of localization is accelerating, and the market competition landscape is changing. In the future, with the widespread application of domestic equipment and continuous technological breakthroughs, domestic companies will occupy an increasingly important position in the global market.

Shenwan Hongyuan's main viewpoints are as follows:

The firm expects the industry to continue its recovery trend in 2025, benefiting from the release of high-end products and ongoing policy catalysis.

1. Looking back at historical performance, the second half of the year accounts for a higher proportion. In 2024, the revenue proportion for RIGOL, SIGLENT, and Kunheng Shunwei in the second half of the year is expected to be 59%, and the net profit attributable to the parent company is expected to be 67%. Major customer procurement, approval, and bidding usually occur in the first half of the year, while product delivery, testing, and acceptance are concentrated in the second half.

2. High-end products are being released. According to announcements, domestic listed companies are successively launching new products. According to RIGOL's announcement, the RIGOL DS80000 series high-end digital oscilloscopes have achieved volume sales. Not only have they received orders from strategic customers domestically, but the enthusiasm for trial use among target customers is also high, and the product has entered the harvest period. The company's DHO series high-resolution digital oscilloscopes highlight strategic advantages, covering entry-level to mid-range, 2-channel to 8-channel, and bandwidth from 70MHz to 1GHz, with market validation of the replaceability of the original 8-bit old products; SIGLENT has released an 8GHz 12-bit oscilloscope and the Galaxy series RF microwave products, creating incremental value for the company.

3. Policy support. Large-scale equipment updates are expected to gradually materialize, bringing about demand for instrument updates and replacements. In March 2024, the State Council issued the "Action Plan for Promoting Large-Scale Equipment Updates and Consumer Goods Replacement." The plan requires that by 2027, the investment scale in equipment in industries such as manufacturing, agriculture, construction, transportation, education, cultural tourism, and healthcare should increase by more than 25% compared to 2023. The downstream sectors of scientific instruments, such as education and research institutions, have a high proportion and a strong willingness to update and replace.

4. Increased market acceptance. Currently, international brands dominate the high-end market. However, with the technological advancements of domestic companies, domestic brands are expected to gradually expand their market share in the coming years. At the same time, the advancement of international strategies, especially in the expansion and layout in emerging markets, is expected to further enhance the global influence and competitiveness of domestic brands.

The overseas market is gradually recovering, with the Asia-Pacific region leading strongly, and global demand is being restored.

According to Keysight Technologies' official website, FY2025Q2 showed strong performance for Keysight Technologies, 1) The Communications Solutions Group's revenue was $913 million (yoy +9%); of which the commercial communications business generated $612 million (yoy +9%), benefiting from the growth in AI data center testing demand; aerospace, defense, and government revenue was $301 million (yoy +9%); 2) The Electronic Industrial Solutions Group's revenue was $393 million, yoy +5%, benefiting from the growth in semiconductor and general electronics businesses. The Asia-Pacific region achieved revenue of $573 million, a year-on-year increase of 16%, driven by the acceleration of high-end manufacturing and digital infrastructure construction in the region Risk Warning: The risks of new product development falling short of expectations, intensified market competition, and raw material procurement