SIGLENT(SH:688112) Guoxin Securities·2024-09-01 08:01Investment Rating - The investment rating for the company is "Outperform the Market" [2][10][13] Core Views - The company's revenue decreased by 4.74% year-on-year in the first half of 2024, with a net profit decline of 29.93% [1][7] - The decline in revenue is attributed to the replacement and upgrade of information systems and the relocation of production facilities [1] - The company's high-end development strategy has shown significant results, with high-end products accounting for over 20% of total sales, leading to an 8.30% increase in average selling price [1][3] - The company is focusing on strengthening direct sales channels, which saw a 26.24% increase in revenue [1] - A stock incentive plan was introduced to promote high-quality development, targeting significant revenue and profit growth over the next three years [1] Financial Performance Summary - In the first half of 2024, the company achieved revenue of 224 million, down 4.74% year-on-year, and a net profit of 58 million, down 29.93% [1][4] - The gross margin was 62.00%, an increase of 1.04 percentage points, while the net margin decreased by 9.39 percentage points to 26.12% [1][7] - R&D and sales expenses increased by 30.55% and 17.06% respectively, reflecting the company's commitment to innovation and market expansion [1][3] - The company forecasts net profits of 166 million, 217 million, and 283 million for 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 23, 18, and 13 [1][11]