Soochow Securities has released a research report stating that Vector Network Analyzers (VNA) are a type of testing instrument used to analyze how RF, microwave, and high-speed electrical signals reflect, transmit, lose, and change phase within a device or transmission channel, and can fully characterize high-speed signal channels. As high-speed interconnect enters the 224G era, the supporting VNA test frequency needs to evolve from several GHz to 26.5, 50, 67, or even 110 GHz, driving both the volume and price of testing equipment upward. The global VNA market is dominated by foreign leaders, and under the supply-demand gap and supply chain security considerations, domestic leaders are welcoming development opportunities. The main points of Soochow Securities Company Limited (601555) are as follows:
VNA: A General-Purpose Test Platform for Measuring Electrical Network Parameters
VNA is a type of testing instrument used to analyze how RF, microwave, and high-speed electrical signals reflect, transmit, lose, and change phase within a device or transmission channel, and can fully characterize high-speed signal channels. Engineers can use VNA to determine whether loss and distortion can be controlled at appropriate levels after high-speed signals pass through physical channels such as PCBs, connectors, and cables. VNA is widely used in the design, R&D, and production stages in communications, aerospace, manufacturing, and research institutes.
As High-Speed Interconnect Enters the 224G Era, Testing Equipment Volume and Price Rise Together
As PCBs, connectors, and packaging upgrade from simple electrical connectors to high-frequency transmission channels, the supporting VNA test frequency needs to evolve from several GHz to 26.5, 50, 67, or even 110 GHz. At the same time, due to increased speeds, dielectric loss and conductor loss become more severe, and the structure of the object under test becomes more complex, such as more PCB layers, making loss problems more difficult to control and signal distortion increasingly serious. The number of test parameters and sampling times required by customers has multiplied. Against this backdrop, VNA equipment demand and prices are rising together, comparable to the inflation logic of optical sampling oscilloscopes: (1) 112Gbps PAM4 signals require a VNA with a frequency of 67GHz, currently priced at approximately 1.5 million yuan per set from imported brands based on 4 ports, while 224Gbps PAM4 requires a VNA with a frequency of 110GHz, currently priced at approximately 4.5 million yuan per set from imported brands based on customized 8 ports; (2) as customer requirements for product quality and precision increase, medium and low-speed signal channels are shifting from sampling inspection to full inspection, while the number of measurement parameters and sampling times have multiplied, increasing the degree of equipment customization.
Three Leaders from the US, Europe, and Japan Dominate the Market, Domestic Manufacturers Accelerate Entry into the Global VNA Market
The global VNA market is dominated by foreign leaders, with Keysight Technologies, Rohde & Schwarz, Anritsu, and NI together accounting for approximately 70% in 2025. Due to the unique nature of the scientific instrument sector, capacity expansion itself is difficult, and foreign leaders are unable to meet incremental demand. According to the firm's industry chain research, the delivery cycle for Keysight Technologies' network analyzers above 67GHz has been scheduled for more than a year. Under the supply-demand gap and supply chain security considerations, domestic leaders with existing technology and channel reserves are welcoming development opportunities.
Investment Recommendations
Recommend RIGOL Technologies: its DNA5000/6000 series publicly released in October 2025 supports measurement frequencies up to 26.5GHz; recommend UNI-T: its VNA4000 has a measurement frequency of 9GHz, and with R&D support, the firm expects products with higher specifications to be launched. Suggest paying attention to Ceyear Technologies: it launched the 3674 series vector network analyzer in May 2022, with frequency coverage up to 110GHz at the time of release, and the highest frequency of this series has now reached 120GHz; suggest paying attention to Siglent Technologies: it launched the SNA6000A series vector network analyzer with a maximum measurement frequency of 26.5GHz at the end of 2022, and launched a 50GHz product in this series in December 2024, and the firm expects products with higher specifications to be publicly launched within the year.
Risk Warnings: Raw material price fluctuation risk, import dependence on key components, and the risk that high-end new product launches fall short of expectations.