The transmission speed of optical modules has surged from 40G to 800G, with the commercialization of 1.6T optical modules steadily progressing. To meet the demands of high-speed testing, optical communication test instruments are evolving towards higher speeds and larger bandwidths.

Analysts forecast robust growth in the global electronic measurement instrument market, with particularly strong demand in the optical communication test instrument sector. The market size is projected to reach USD 2.02 billion by 2029.

Value Distribution Breakdown Across the Optical Module Testing Equipment Industrial Chain

Upstream: Core Components (Comprising 60%–70% of Testing Equipment Costs)

High-Speed Electronic Chips: 30%–40%

High-Precision Optical Devices: 15%–20%

Precision Mechanics and Motion Control: 10%–15%

High-Frequency Connectivity and Cables: 5%–10%

Midstream: Testing Equipment Systems (Comprising 100% of Testing Segment Value)

General-Purpose Test Instruments (~50%–60%)

Optical Sampling Oscilloscopes: Over 50%

Bit Error Rate Testers (BERT): 15%–20%

Optical Spectrum Analyzers/Optical Power Meters: 10%–15%

Automated Test Systems (ATE): 20%–25%

Burn-In/Reliability Testing: 15%–20%

AOI Visual Inspection: 5%–10%

Downstream: Applications and Services (Comprising 5%–10%)

System Integration, Installation and Debugging, After-Sales Maintenance

Growth Capabilities of Enterprises in the Optical Module Testing Equipment Industrial Chain

Enterprise growth capability refers to the ability to continuously expand asset scale, enhance profitability, and increase market share in response to changing market conditions, reflecting the enterprise's prospects for future development.

This article is part of the 'Growth Capability' series in our enterprise value analysis, featuring 14 enterprises from the optical module testing equipment industrial chain as research samples. Evaluation metrics include compound revenue growth, compound net profit growth excluding extraordinary items, and compound operating net cash flow growth.

The data presented is historical and does not predict future trends; it is provided solely for static analysis and does not constitute investment advice.

No.10 Unicomp Instrument

Industry Segment: Instrumentation

Growth Capability: 51.41% compound revenue growth, 28.54% compound net profit growth excluding extraordinary items, -2.92% compound operating net cash flow growth

Performance Forecast: No institutional forecasts available for the current year

Main Products: Electronic measurement instruments are the primary profit source, accounting for 59.78% of profits with a gross margin of 76.95%

Company Highlights: Sampling oscilloscopes, clock recovery units, and bit error rate testers, as core test instruments in the optical communication field, form the main revenue components of Unicomp's communication test instruments.

No.9 Huashengchang (Wasion Group)

Industry Segment: Electrical Instrumentation

Growth Capability: -0.52% compound revenue growth, -35.35% compound net profit growth excluding extraordinary items, -73.39% compound operating net cash flow growth

Performance Forecast: The latest mean net profit forecast is RMB 144 million, with a mean growth forecast of 61.7%

Main Products: Professional meters are the primary profit source, accounting for 45.69% of profits with a gross margin of 46.01%

Company Highlights: Wasion Group's main business is test and measurement instruments. Galante, the company it intends to acquire, specializes in optical communication module and optical chip testing within the instrumentation test and measurement industry.

No.8 OMRON Technology

Industry Segment: Other Automation Equipment

Growth Capability: 24.33% compound revenue growth, 46.55% compound net profit growth excluding extraordinary items, 361.45% compound operating net cash flow growth

Performance Forecast: The latest mean net profit forecast is RMB 181 million, with a mean growth forecast of 32.9%

Main Products: Automated test equipment is the primary profit source, accounting for 74.68% of profits with a gross margin of 49.59%

Company Highlights: The silicon photonics wafer test system developed by Axis-Tec, acquired by OMRON Technology, is versatile and applicable to testing various types of silicon photonics wafers.

No.7 Siglent Technologies

Industry Segment: Instrumentation

Growth Capability: 21.03% compound revenue growth, 26.33% compound net profit growth excluding extraordinary items, 52.76% compound operating net cash flow growth

Performance Forecast: The latest mean net profit forecast is RMB 186 million, with a mean growth forecast of 30.62%

Main Products: Four core products are the primary profit source, accounting for 83.72% of profits with a gross margin of 63.89%

Company Highlights: Siglent Technologies' main business is general-purpose electronic test and measurement instruments. Its source meter products are primarily used in integrated test systems for optical chip production lines.

No.6 Quick Technology

Industry Segment: Industrial Control Equipment

Growth Capability: 14.33% compound revenue growth, -26.77% compound net profit growth excluding extraordinary items, 110.68% compound operating net cash flow growth

Performance Forecast: The latest mean net profit forecast is RMB 313 million, with a mean growth forecast of 125.88%

Main Products: Precision welding and assembly equipment are the primary profit source, accounting for 76.38% of profits with a gross margin of 50.21%

Company Highlights: Quick Technology provides intelligent equipment solutions for SMT, precision electronics assembly, and semiconductor packaging testing. The company is deploying AOI inspection equipment.

No.5 Uni-Trend

Industry Segment: Instrumentation

Growth Capability: 7.99% compound revenue growth, -15.83% compound net profit growth excluding extraordinary items, -74.01% compound operating net cash flow growth

Performance Forecast: The latest mean net profit forecast is RMB 243 million, with a mean growth forecast of 60.69%

Main Products: Power and high-voltage equipment are the primary profit source, accounting for 65.08% of profits with a gross margin of 43.74%

Company Highlights: Uni-Trend's intended acquisition, Xince Communications, offers products including communication optical power meters, optical time-domain reflectometers (OTDR), fiber optic sensing, and electromagnetic measurement.

No.4 Tech-Long

Industry Segment: Industrial Control Equipment

Growth Capability: 7.55% compound revenue growth, 38.29% compound net profit growth excluding extraordinary items, 67.00% compound operating net cash flow growth

Performance Forecast: The latest mean net profit forecast is RMB 373 million, with a mean growth forecast of 36.71%

Main Products: Automation equipment is the primary profit source, accounting for 67.13% of profits with a gross margin of 30.92%

Company Highlights: Tech-Long's main products include automated inspection equipment, automated assembly equipment, automation equipment parts, and high-precision components. Its chip AOI equipment has entered mass production.

No.3 Rigol Technologies

Industry Segment: Instrumentation

Growth Capability: 16.04% compound revenue growth, -34.00% compound net profit growth excluding extraordinary items, -17.87% compound operating net cash flow growth

Performance Forecast: The latest mean net profit forecast is RMB 138 million, with a mean growth forecast of 60.48%

Main Products: Electronic test and measurement instruments are the primary profit source, accounting for 75.82% of profits with a gross margin of 53.27%

Company Highlights: Rigol Technologies' main business is general-purpose electronic measurement. The company has a strong order backlog for test power supplies and is preparing to launch new products such as ultra-high-bandwidth real-time oscilloscopes.

No.2 JP Optics

Industry Segment: Laser Equipment

Growth Capability: 42.66% compound revenue growth, 155.86% compound net profit growth excluding extraordinary items, 669.04% compound operating net cash flow growth

Performance Forecast: The latest mean net profit forecast is RMB 470 million, with a mean growth forecast of 68.62%

Main Products: Lasers are the primary profit source, accounting for 58.01% of profits with a gross margin of 45.70%

Company Highlights: JP Optics' precision optical inspection and automation capabilities will empower its optical communication business to overcome existing industry capacity bottlenecks.

No.1 Unicomp Technology

Industry Segment: Other Specialized Equipment

Growth Capability: 45.77% compound revenue growth, 51.34% compound net profit growth excluding extraordinary items, 512.23% compound operating net cash flow growth

Performance Forecast: The latest mean net profit forecast is RMB 325 million, with a mean growth forecast of 84.52%

Main Products: X-ray intelligent inspection equipment is the primary profit source, accounting for 83.75% of profits with a gross margin of 42.57%

Company Highlights: Unicomp Technology intends to acquire Shanghai Fila, which provides optical chip reliability testing services covering all stages from wafer to COC.