Investment Rating - The report maintains an "Overweight" rating for the company [1][3]. Core Views - The company is experiencing significant growth in high-end products, with Q3 2024 revenue reaching a historical high of 2.3 billion yuan, a year-on-year increase of 40.8% [3]. - The establishment of the Shanghai R&D center is expected to enhance the company's research capabilities in modular instruments and high-power products, with plans to expand the team to 150 people within three years [3]. - The acquisition of 100% equity in Nais Electronics is showing synergistic effects, with expected orders amounting to 69.32 million yuan in 2024 [3]. Financial Performance - For the first three quarters of 2024, the company reported revenue of 530 million yuan, a year-on-year increase of 13.1%, while net profit attributable to shareholders decreased by 11.7% to 60 million yuan [3]. - The gross margin for Q3 2024 reached 60.8%, marking a significant increase, with the gross margin for digital oscilloscopes at 61.28% [3]. - The company forecasts net profits of 109 million yuan, 156 million yuan, and 202 million yuan for 2024, 2025, and 2026 respectively, with corresponding PE ratios of 79.0, 55.4, and 42.8 [4][3]. Product Development - The DHO series high-resolution digital oscilloscopes saw a sales revenue increase of 71.2% year-on-year, while high-end digital oscilloscopes (bandwidth ≥ 2GHz) experienced a 144.9% increase in sales revenue [3]. - The company plans to launch modular instrument products by the end of 2024, enhancing its solution provision capabilities [3]. Market Position - The company is positioned as a leader in domestic digital oscilloscopes, benefiting from the rollout of high-end products and policies for equipment updates in the education sector [3].

Investment Rating - The report assigns an "Outperform" rating to the company, indicating a positive outlook for its performance relative to the market [3]. Core Insights - The opening of the Shanghai R&D center marks a significant step in the company's global strategy, focusing on self-developed core technology products and solutions [3]. - The company has shown robust revenue growth driven by high-end product sales and economies of scale, with a notable increase in the proportion of self-developed core technology products contributing to revenue [3]. - The company is expected to continue its high-end product development and capture strategic customer orders, which will enhance its long-term growth prospects [3]. Financial Performance Summary - Total revenue for 2023 is projected at 671 million yuan, with a year-on-year growth rate of 6.3%. For 2024, revenue is expected to reach 787 million yuan, reflecting a growth rate of 17.3% [4]. - The net profit attributable to the parent company for 2023 is estimated at 108 million yuan, with a slight decline of 1.5% expected in 2024, followed by significant growth in subsequent years [4]. - The gross margin for Q3 2024 is reported at 60.84%, showing an improvement compared to previous periods, driven by high-end and self-developed products [3][4]. Earnings Forecast and Valuation - The forecasted net profits for 2024, 2025, and 2026 are 106 million yuan, 175 million yuan, and 235 million yuan, respectively, with corresponding price-to-earnings ratios of 84, 51, and 38 [3][4]. - The company is expected to maintain a high level of R&D investment, which will support its growth trajectory and enhance its profitability [3].

普源精电：控股子公司进项税转出 财联社11月21日电，普源精电公告，经公司自查，控股子公司北京 普源需转出2021年1月1日至2024年5月31日一般项目下分摊的增值税进项税金1,600.46万元，补缴增值税 9.41万元及滞纳金1.41万元。 截至本公告披露日，公司已完成了上述进项税金转出、补缴税款和滞纳金的缴纳。 ...

证券代码：688337 证券简称：普源精电 公告编号：2024-110 普源精电科技股份有限公司 关于召开 2024 年第三季度 业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 会议召开时间：2024 年 12 月 2 日(星期一) 下午 15:00-16:00 会 议 召 开 地 点 ： 上海证券 交易所上证路演中心（ 网 址 ： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2024 年 11 月 25 日(星期一)至 11 月 29 日(星期五)16:00 前登 录上证路演中心网站首页点击"提问预征集"栏目或通过普源精电科技股份有限 公司（以下简称"公司"）邮箱 ir@rigol.com 进行提问。公司将在说明会上对投 资者普遍关注的问题进行回答。 公司已于 2024 年 10 月 29 日发布公司 2024 年第三季度报告，为便于广大投 资者更全面深入地了解公司 2024 年第三季度的经营成果、财务状况，公司计划 于 ...

证券代码：688337 证券简称：普源精电 公告编号：2024-109 公司上述进项税金转出、补缴税费及滞纳金事项不属于《企业会计准则第 28 号——会计政策、会计估计变更和差错更正》规定的前期会计差错。上述进 项税金转出、补缴增值税产生的滞纳金将计入公司 2024 年当期损益，预计将影 响公司 2024 年度归属于上市公司股东的净利润约 1,361.80 万元，最终以 2024 年度经审计的财务报表为准。敬请广大投资者注意投资风险。 普源精电科技股份有限公司 特此公告。 关于控股子公司进项税转出的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 普源精电科技股份有限公司（以下简称"公司"）控股子公司北京普源科技 有限公司（以下简称"北京普源"）近期对涉税业务开展了自查，现将有关事项 公告如下： 一、 进项税金转出及补缴税款情况 经公司自查，北京普源需转出 2021 年 1 月 1 日至 2024 年 5 月 31 日一般项 目下分摊的增值税进项税金 1,600.46 万元，补缴增值税 9.41 万元及滞纳金 1.41 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 53.35 CNY per share, compared to the current price of 48.50 CNY [6]. Core Insights - The company reported significant profit growth, with Q3 2024 revenue reaching 530 million CNY, a year-over-year increase of 13.1%. The net profit attributable to shareholders was 60 million CNY, down 11.6% year-over-year, while the adjusted net profit was 20 million CNY, down 27.0% year-over-year. In Q3 alone, revenue was 230 million CNY, up 40.8% year-over-year, and net profit was 50 million CNY, up 138.4% year-over-year, with a gross margin of 60.8% [4][5]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a revenue of 530 million CNY, with a year-over-year growth of 13.1%. The Q3 revenue alone was 230 million CNY, reflecting a 40.8% increase year-over-year. The gross margin improved to 60.8%, up 2.6 percentage points year-over-year, while the net profit margin reached 23.0%, an increase of 9.4 percentage points year-over-year [4][5]. Product Development - High-end oscilloscope products have seen significant sales growth, with the sales of the DHO series high-resolution digital oscilloscopes increasing by 71% year-over-year. The revenue from high-end digital oscilloscopes (bandwidth ≥ 2GHz) surged by 145% year-over-year, accounting for 42% of total oscilloscope sales, an increase of 18 percentage points year-over-year [4]. Strategic Initiatives - The company has realized synergies with the acquisition of Naisou Electronics, enhancing its market, product, and technology capabilities. In Q3 2024, the sales revenue from solutions reached 30.56 million CNY [4]. Profit Forecast - The company is expected to achieve net profits of 109 million CNY, 156 million CNY, and 205 million CNY for the years 2024, 2025, and 2026, respectively. The report anticipates a continued increase in gross margin and a reduction in expenses due to the ramp-up of high-end product sales [4][5].

Investment Rating - The investment rating for the company is "Outperform the Market" [3][10] Core Views - The company reported a significant increase in net profit for the third quarter, with a year-on-year growth of 138% driven by the strong performance of high-end products [1] - Despite a year-to-date decline in net profit of 11.65%, the company achieved a revenue growth of 5.35% in the first three quarters of 2024, indicating resilience in a challenging market [1] - The company is positioned as a leader in the domestic general electronic measurement instrument sector, benefiting from the trend of domestic substitution and a high-end product strategy that enhances profitability [1][3] Financial Performance Summary - For the first three quarters of 2024, the company achieved revenue of 535 million yuan, a year-on-year increase of 13.14%, while net profit was 60 million yuan, down 11.65% [1] - In Q3 2024, the company reported revenue of 228 million yuan, up 40.80% year-on-year, and net profit of 52 million yuan, reflecting a 138.42% increase [1] - The gross margin for the first three quarters of 2024 was 58.44%, with a net margin of 11.24%, showing improvements in profitability metrics [1] - The R&D expense ratio for the first three quarters was 27.80%, indicating a continued commitment to innovation and product development [1] Product and Market Insights - The sales of self-developed products significantly increased, with the proportion of sales from self-developed high-end digital oscilloscopes reaching 89% in Q3 2024, up 13.5 percentage points year-on-year [1] - The DHO series high-resolution digital oscilloscopes saw a revenue increase of 71.21% year-on-year, contributing to the overall growth in high-end product sales [1] - The company’s strategy to enhance product performance and expand its high-end offerings is expected to drive future growth despite current industry pressures [1][3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported Q3 2024 results that exceeded market expectations, with a significant increase in high-end product sales contributing to overall revenue growth [4] - The company achieved a revenue of 535 million yuan in the first three quarters of 2024, representing a year-on-year increase of 13.14%, while the net profit attributable to shareholders was 60 million yuan, down 11.65% [3][4] - The company has been increasing its R&D investments, with Q3 2024 R&D expenses amounting to 61 million yuan, indicating a commitment to innovation and long-term growth [4] Summary by Sections Financial Performance - In Q3 2024, the company achieved a revenue of 228 million yuan, up 40.80% year-on-year, and a net profit of 52 million yuan, up 138.42% year-on-year [3][4] - The gross margin for Q3 2024 reached 60.84%, an increase of 2.60 percentage points year-on-year [4] - The company’s operating cash flow for Q3 2024 was 64 million yuan, with a weighted average return on equity of 2.04% [3] Revenue and Profit Forecast - The company is expected to achieve revenues of 791 million yuan, 949 million yuan, and 1.146 billion yuan for the years 2024, 2025, and 2026 respectively [5] - The net profit attributable to shareholders is forecasted to be 109 million yuan, 142 million yuan, and 194 million yuan for the same years [5] Market Position and Strategy - The sales of the company's self-developed digital oscilloscope products accounted for 89% of total sales in Q3 2024, reflecting a 13.50 percentage point increase year-on-year [4] - The company is focusing on high-end products, with sales of high-resolution digital oscilloscopes increasing by 71.21% year-on-year and high-end digital oscilloscopes by 144.93% [4] - The company is expanding its R&D capabilities with new centers in Xi'an and Shanghai, which is expected to positively impact future performance [4]