Zheshang Machinery Major Recommendation [UNI-T] Instruments and meters entering high-growth channel, optical communication test equipment opens growth space, continue to recommend!

English summary

1. The company is a leading private enterprise in instruments and meters, with self-developed chip capability, and performance inflection point upward. In the first half of 2026, net profit attributable to shareholders is about 140 million yuan, a year-on-year increase of about 43%. 2. New layout of Vietnam production capacity opens growth space: AI data centers drive the dual growth of U.S. electricity demand and investment. The company's Vietnam production base has been put into production in 25H1, effectively undertaking U.S. incremental demand and entering the fast track of growth. 3. The company acquired 51% equity of Xince Communication, entering the field of optical communication test equipment, opening growth space. In 2025, Xince Communication achieved revenue of 84.43 million yuan and net profit attributable to shareholders of 16.38 million yuan, both achieving good growth. 4. The global leader in optical communication test equipment - U.S. Keysight Technologies has a market value of over 350 billion yuan; China's optical communication test equipment leader - Lianxun Instruments has a market value of over 15 billion yuan, the industry space is large! Risk tips: Progress of new products in optical communication test equipment is lower than expected. Updated report on 2026.5.18: In-depth report on 2026.4.4: Zheshang Machinery Wang Huajun/Chen Shushu