SIGLENT(688112) 国盛证券·2024-08-31 13:09Investment Rating - The report maintains a "Buy" rating for the company [3]. Core Views - The company reported a decline in revenue and net profit for the first half of 2024, with revenue at 224 million yuan, down 4.74% year-on-year, and net profit at 58 million yuan, down 29.93% year-on-year [1]. - The company continues to invest heavily in R&D, with a R&D expense ratio of 19.63%, up 5.30 percentage points year-on-year, and has launched new high-end products, indicating a strategic shift towards higher-end markets [1]. - The high-end product ratio remains above 20%, contributing to an 8.30% increase in average selling price for main products, showcasing the effectiveness of the company's high-end strategy [1]. Financial Performance Summary - For 2024-2026, the company is expected to achieve revenues of 508 million, 559 million, and 664 million yuan, with year-on-year growth rates of 5.1%, 10.0%, and 19.0% respectively [2]. - The forecasted net profits for the same period are 120 million, 143 million, and 190 million yuan, with year-on-year growth rates of -22.8%, 19.3%, and 33.1% respectively [2]. - The current stock price corresponds to a 2025 P/E ratio of 27.0X [2]. Financial Metrics - The company's revenue for 2024 is projected at 508 million yuan, with a growth rate of 5.1% year-on-year [6]. - The expected net profit for 2024 is 120 million yuan, reflecting a decline of 22.8% compared to the previous year [6]. - The company's P/E ratio is projected to be 32.2 in 2024, decreasing to 27.0 in 2025 and further to 20.3 in 2026 [6][11].