Electronic measurement is the source of information technology and shoulders the historical mission of independent innovation. Information technology usually consists of measurement technology, computer technology and communication technology, among which measurement technology plays the most basic role in the scientific and technological revolution. Electronic measurement is the source of informatization to a certain extent. From the perspective of industrial chain, the selection of raw materials, production process monitoring, product performance testing and industry operation of an industry are inseparable from the assistance of electronic measurement. Therefore, we believe that electronic measurement shoulders the historical mission of industrial upgrading and independent innovation of various industries.
There are many kinds of electronic measuring instruments, which can be divided into general instruments and special instruments according to their application fields. General instrument is the "basic toolkit" of electronic information engineers. It not only has the characteristics of product standardization, but also can be widely used in many scenarios such as consumer electronics, new energy, 5g communication, artificial intelligence and so on. From the perspective of product form, electronic measuring instruments are mainly divided into six categories. By combing the product families of companies at home and abroad, we divide the products in the electronic measurement industry into oscilloscope, waveform generator, spectrum analyzer, vector network analyzer, power supply and electronic load, and multimeter.
Benefiting from the growth of global economy and the improvement of industrial technology, the market scale of global electronic measuring instruments has maintained a continuous growth trend. According to frost Sullivan's statistics, the market scale of electronic measuring instruments increased from US $10.1 billion in 2015 to US $13.7 billion in 2020, with an average annual compound growth rate of 6.3%. With the commercialization of 5g, the increase of market share of new energy vehicles and the development of information communication and industrial production, the demand for global electronic measurement equipment will continue to grow. It is estimated that the market scale of the global electronic measuring instrument industry will grow to US $17.2 billion at a compound annual growth rate of 4.7% from 2020 to 2025.
From 2015 to 2020, China's electronic measuring instruments expanded from US $2.6 billion to US $4.8 billion at a compound annual growth rate of 12.8%. According to frost Sullivan's prediction, China's electronic measuring instrument market will continue to expand from 2020 to 2025, but the growth rate will decline. By 2025, the market of electronic measuring instruments in China is expected to grow to US $6.5 billion, with a compound annual growth rate of 6.2%.
China's electronic measurement industry is still in its infancy. China's electronic measurement market is relatively concentrated, and there are great differences between local manufacturers and international giants. According to frost Sullivan's statistics, in 2019, the top five manufacturers in the world were German technology, rod and Schwartz, Anli, Tektronix and LiCo, with a total market share of 43.1% in China, and there is a multiple gap in revenue volume compared with Chinese manufacturers. According to frost Sullivan's statistical prediction, the market scale of China's general electronic measuring instruments will be $4.8 billion in 2020. We combed the relevant business income of Puyuan Jingdian, dingyang technology, Uni-Trend Technology (China) Co.Ltd(688628) , Chuangyuan instrument, Kun hengshunwei and slinger in China in 2020, and calculated the market share of local manufacturers in China. The above-mentioned companies accounted for a total of 4.1% of the Chinese market in 2020, and there is still much room for localization and substitution.
Chinese manufacturers have gradually made breakthroughs in high-end products. At the technical level, the product lines of Chinese manufacturers are in an iterative state. Puyuan Jingdian has launched the special chip module for "phoenix" oscilloscope since 2017, and based on this technology, it will improve the performance of digital oscilloscope to the maximum 4GHz bandwidth and 20gsa / s real-time sampling rate in 2020 and 2021; Maximum 4GHz bandwidth, 20gsa / s real-time sampling rate. Dingyang technology released a high-end vector network analyzer with a measurement frequency range of 26.5ghz in March 2022, marking that it has become the only manufacturer among China's major competitors that has four main products in the industry (digital oscilloscope, signal generator, spectrum analyzer and vector network analyzer) and all four main products have entered the high-end field.
Investment suggestion: thanks to the rising prosperity of downstream industries such as 5g and new energy vehicles, we believe that electronic measurement is about to usher in a new round of development period. We suggest paying attention to Puyuan Jingdian, dingyang technology, Chuangyuan instrument, silinger, Uni-Trend Technology (China) Co.Ltd(688628) , Beijing Oriental Jicheng Co.Ltd(002819) .
Risk warning: shortage of raw material supply and price fluctuation, dependence on import of electronic components such as chips, risk of attracting talents and maintaining innovation ability, and risk of distribution system management.
