Investment Rating - The investment rating for the company is "Hold" [1]. Core Views - The company, Puyuan Precision Electronics (688337), reported a revenue of 670 million yuan in 2023, representing a year-on-year growth of 6.3%. The net profit attributable to shareholders was 110 million yuan, up 16.7% year-on-year, while the net profit excluding non-recurring items was 60 million yuan, an increase of 27.6% year-on-year [7][8]. - The company has been focusing on high-end microwave RF instruments, with significant growth in sales from new product lines, particularly the "portable family series" products. The order growth rates for microwave RF instruments are expected to be 45%, 35%, and 30% from 2024 to 2026 [5][9]. - The gross margin for the company improved to 56.5% in 2023, up 4.1 percentage points year-on-year, driven by high-end products and self-developed core technology platforms [8]. Financial Summary - The company achieved a total revenue of 670.54 million yuan in 2024E, with a projected growth rate of 42.40% [10]. - The net profit attributable to shareholders is expected to reach 107.95 million yuan in 2024E, with a growth rate of 65.75% [10]. - The earnings per share (EPS) is projected to be 0.58 yuan in 2024E, with a net asset return (ROE) of 5.87% [10]. Product and Market Strategy - The company has launched new products, including a 13GHz oscilloscope and various portable signal generators, which are expected to enhance its product matrix and improve profitability [9]. - The company is also planning to acquire 100% equity of Nais Electronics, which specializes in digital array systems, to strengthen its solution capabilities and competitive edge [9]. Profit Forecast - The forecast for net profit attributable to shareholders for 2024, 2025, and 2026 is 1.8 billion yuan, 2.6 billion yuan, and 3.6 billion yuan, respectively, indicating a compound annual growth rate of 49% over the next three years [9][10].

请务必阅读正文之后的免责声明及其项下所有内容 3 证券研究报告 财务预测与估值 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-------------------------------|--------|-------|-------|-------|-------|-------------------------|--------|-------|-------|-------|-------| | 资产负债表（百万元） | 2022 | 2023 | 2024E | 2025E | 2026E | 利润表（百万元） | 2022 | 2023 | 2024E | 2025E | 2026E | | 现金及现金等价物 | 302 | 271 | 267 | 310 | 303 | 营业收入 | 631 | 671 | 845 | 1080 | 1339 | | 应收款项 | 98 | 144 | 142 | 194 | 252 | 营业成本 | 300 | 292 | 362 | 458 | 568 ...

Investment Rating - The investment rating for the company is maintained at "Accumulate" [21][25]. Core Views - The company's performance in 2023 aligns with market expectations, with total revenue of 670.54 million yuan, a year-on-year increase of 6.34%, and a net profit attributable to shareholders of 107.95 million yuan, up 16.72% year-on-year [1][21]. - The company is benefiting from the high-end product strategy, with a gross margin of 56.5%, an increase of 4.1 percentage points year-on-year, and a net profit margin of 16.1%, up 1.4 percentage points year-on-year [1][21]. - The company is transitioning from a leader in electronic measurement instruments to a comprehensive solution provider, with new production capacities and business layouts both domestically and internationally [1][21]. Financial Performance Summary - Total revenue for 2023 is projected at 670.54 million yuan, with a year-on-year growth of 6.34% [1][5]. - Net profit attributable to shareholders for 2023 is expected to be 107.95 million yuan, reflecting a year-on-year increase of 16.72% [1][5]. - The company anticipates a net profit of 157.77 million yuan in 2024, 206.69 million yuan in 2025, and 257.51 million yuan in 2026, with corresponding P/E ratios of 43, 32.90, and 26.41 [1][5]. Product and Market Development - High-end products and new product sales have shown significant growth, with high-end and high-resolution digital oscilloscopes accounting for 54% of total oscilloscope sales, an increase of 13 percentage points year-on-year [1][21]. - The DHO series product sales revenue increased by 194% year-on-year, and RF instrument sales revenue grew by 14% year-on-year, outpacing overall revenue growth [1][21]. - The company is set to benefit from the large-scale equipment update policies in the electronic measurement instrument industry, alongside the launch of new products and new production capacity in Malaysia [1][21].

买入(维持评级) 2024年03月20日 公司点评 盈利能力提升，关注 24 年新品放量 3月20日,公司发布 23年年报,23年公司实现收入 6.71 亿元(同 比+6%)、归母净利润 1.08 亿元（同比+17%)；其中 Q4 单季度实现 收入 1.98 亿元(同比-9%),实现归母净利润 0.40 亿元(同比-6%)。 经营分析 多因素影响,全年收入增速有所下滑。根据公告,23年公司营业收 入同比增长 6%,增速相比 22 年下滑主要系中高端仪器验证周期 长、汇率波动影响。23年9月公司正式发布 13GHz 带宽示波器, 随着公司该产品订单逐渐落地,公司收入增速有望在 24年恢复高 增长。 行股份及支付现金的方式购买北京耐数电子 100%的股权。耐数电 子专注于数字阵列系统的研发与应用,为遥感探测、量子信息、 射电天文、微波通信等领域提供专业的电子测量设备及系统解决 方案，我们认为本次收购有望强化公司解决方案能力。 盈利预测、估值与评级 风险提示 原材料短缺风险、募投项目进展不及预期、高端产品拓展不及预 期、限售股解禁风险、汇率波动风险。 分析师： 满在朋 (执业S1130522030002) manz ...

Financial Performance - The company's operating revenue for 2023 was CNY 670,537,671.32, representing a year-on-year increase of 6.34% compared to CNY 630,571,047.37 in 2022[18]. - The net profit attributable to shareholders for 2023 was CNY 107,953,107.31, which is a 16.72% increase from CNY 92,488,402.42 in 2022[18]. - The net cash flow from operating activities for 2023 was negative CNY 18,355,136.55, a decrease of 117.71% compared to CNY 103,619,194.48 in 2022[18]. - The company's total assets increased by 17.09% to CNY 3,265,682,459.56 at the end of 2023, up from CNY 2,788,982,047.08 at the end of 2022[18]. - The basic earnings per share for 2023 was CNY 0.60, reflecting a 7.14% increase from CNY 0.56 in 2022[19]. - The gross profit margin improved to 56.45%, an increase of 4.06 percentage points compared to the previous year[36]. - The company's total revenue for the reporting period reached ¥661,525,338.02, representing a year-on-year increase of 6.79%[117]. - The gross profit margin improved to 56.68%, an increase of 4.01 percentage points compared to the previous year[117]. Dividend and Shareholder Returns - The company plans to distribute a cash dividend of 5.00 CNY per 10 shares, totaling approximately 92.56 million CNY, which represents 85.74% of the net profit attributable to shareholders for the year 2023[4]. - The total cash dividend amount (including tax) is CNY 92,561,708.00, which accounts for 85.74% of the net profit attributable to ordinary shareholders in the consolidated financial statements[188]. - The company has established a three-year dividend return plan for 2023-2025, which was approved in the recent shareholder meeting[155]. Research and Development - Research and development expenses accounted for 21.30% of operating revenue in 2023, up from 19.92% in 2022[20]. - The total R&D investment for the year reached ¥142,851,047.09, an increase of 13.70% compared to the previous year, with R&D expenses accounting for 21.30% of total revenue, up by 1.38 percentage points[88]. - The company has filed 62 new invention patent applications during the reporting period, with 16 granted, bringing the total to 672 applications and 397 granted[87]. - The company has developed key core technologies, including high bandwidth low noise analog front-end technology and high sampling oscilloscope data acquisition technology, achieving a bandwidth of 5GHz and a sampling rate of 20GSa/s[97]. Market Position and Growth - The company ranks fifth globally in the oscilloscope market, being the only Chinese company in the top five, with significant advantages in digital oscilloscope sales and technology[77]. - The global electronic measurement instrument market is projected to reach 112.48 billion RMB by 2025, driven by the commercialization of 5G and the growth of the electric vehicle market[32]. - The company aims to become an outstanding international brand in the testing and measurement industry, focusing on customer success and continuous innovation[41]. - The company is focusing on modular functionality and platform-based systems to meet diverse customer measurement needs, allowing for multiple measurement functions on a single hardware platform[80]. Corporate Governance - The company has not reported any non-operating fund occupation by controlling shareholders or related parties[5]. - The company has not violated any decision-making procedures regarding external guarantees[6]. - The company has maintained a stable governance structure, with all decision-making bodies operating within the legal framework and company bylaws[152]. - The company has complied with all relevant laws and regulations regarding corporate governance, with no violations or major defects reported[152]. Talent and Workforce - The number of R&D personnel increased to 214, up from 184, representing 35.55% of the total workforce[91]. - The R&D team has an average of over 15 years of industry experience, contributing to the company's competitive edge[92]. - The company has implemented a competitive compensation policy to attract and retain talent, aligning with market standards[179]. - The company has established partnerships with three leading universities to foster innovation and talent development in the tech sector[166]. Strategic Initiatives - The company has established international marketing offices in India, Brazil, and Vietnam, creating value for over 100,000 global customers through localized market and technical services[37]. - The company is actively pursuing market expansion and technological advancements to align with international trends and policies, thereby accelerating the domestic substitution process[81]. - The company plans to enhance its customer support services, aiming for a 90% satisfaction rate by the end of the next fiscal year[165]. - The company is expanding its market presence in Southeast Asia, targeting a 10% market share within the next two years[165]. Awards and Recognition - The company has received over 60 awards, including the "National Intellectual Property Advantage Enterprise" and "China Patent Gold Award," highlighting its innovation and technological achievements[38]. - The company was recognized as a "National Specialized and Innovative 'Little Giant' Enterprise" in 2023, highlighting its strong innovation capabilities[85]. - The company was awarded the "Social Responsibility Pioneer Enterprise Award" by Caixin Media in 2023[200].

Investment Rating - The report maintains a "Buy" investment rating for the company [3][10]. Core Views - The company's self-developed technology products are driving an increase in gross margin, with expected growth in new product volumes [10]. - The company reported a revenue of approximately 670 million yuan in 2023, a year-on-year increase of 6.34%, and a net profit attributable to shareholders of approximately 108 million yuan, up 16.72% year-on-year [10]. - The sales of high-resolution digital oscilloscopes have seen rapid growth, with the DHO series sales revenue increasing by 193.79% year-on-year [10]. - The gross margin improved significantly from 52.39% in 2022 to 56.45% in 2023, driven by an increase in the proportion of high-end products [10]. - The company plans to acquire 100% of Beijing Nais Electronics, enhancing its product layout in microwave RF and array measurement control systems [10]. - Revenue forecasts for 2024-2026 are projected at 909 million, 1.255 billion, and 1.759 billion yuan, respectively, with EPS estimates of 0.84, 1.02, and 1.44 yuan [10]. Financial Forecasts and Indicators - Revenue (million yuan): 2023A: 670, 2024E: 909, 2025E: 1,255, 2026E: 1,759 [2][13]. - Net profit (million yuan): 2023A: 108, 2024E: 155, 2025E: 190, 2026E: 267 [2][13]. - EPS (yuan): 2024E: 0.84, 2025E: 1.02, 2026E: 1.44 [2][13]. - PE ratios: 2024E: 45, 2025E: 37, 2026E: 26 [2][13]. - Gross margin: 2023: 56.45%, projected to maintain above 57% in the following years [10][13].

Stock Code：688337 Corporate Value and Return Enhancement Action Plan RIGOL TECHNOLOGIES CO., LTD. | 1 | Focus on the main business to | 1 | | --- | --- | --- | | | achieve high-quality development | | | 2 | Enhance scientific and technological | 6 | | | innovation and develop new quality | | | | productive forces | | | 3 | Optimize financial management and improve management effectiveness | 8 | | | Improve corporate governance and | | | 4 | strengthen core functions | 9 | | 5 | Improve the level of informat ...

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