RIGOL(SH:688337) Soochow Securities·2024-08-31 16:30Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company's profit growth is temporarily affected by increased R&D investment, while the oscilloscope segment continues to optimize its structure [2] - The company achieved a revenue of 310 million yuan in the first half of 2024, a year-on-year decrease of 1%, and a net profit attributable to shareholders of 7.65 million yuan, down 83% year-on-year [2] - The gross margin increased to 56.7%, up 1.1 percentage points year-on-year, while the net profit margin decreased to 4.9%, down 9.9 percentage points year-on-year [3] - A stock incentive plan was introduced to bind core employees, reflecting confidence in growth [3] - The company adjusted its net profit forecasts for 2024-2026, now expecting 110 million yuan (previously 160 million), 130 million yuan (previously 210 million), and 180 million yuan (previously 260 million) respectively [3] Financial Performance Summary - In the first half of 2024, the company reported total revenue of 310 million yuan, with a year-on-year growth of 13.08% expected for 2024 [2][13] - The net profit attributable to shareholders is projected to grow by 3.27% in 2024, reaching 111.49 million yuan [3][13] - The company’s earnings per share (EPS) is expected to be 0.60 yuan in 2024, with a price-to-earnings (P/E) ratio of 58.35 [3][14] Business Segment Performance - The digital oscilloscope segment saw a 201% increase in sales revenue for the DHO series high-resolution digital oscilloscopes [2] - Sales revenue for power and electronic load products grew by 20% year-on-year, while the revenue for resistive electronic products surged by 748% [2] Market Data - The closing price of the stock is 25.19 yuan, with a market capitalization of 4.66 billion yuan [4] - The company has a price-to-book (P/B) ratio of 1.67 and a total circulating A-share market value of 1.66 billion yuan [4][5]