RIGOL(SH:688337) Huaan Securities·2024-09-05 04:30Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 307 million yuan in H1 2024, a decrease of 1.24% year-on-year, and a net profit attributable to shareholders of 8 million yuan, down 83.40% [3][4] - Despite short-term performance pressure due to a decline in industry demand and increased costs, the company is expected to see a positive impact from new product launches and acquisition synergies in the long term [3][4] - The company has significantly increased its R&D investment, with a 35.24% rise in R&D expenses and a 28.34% increase in R&D personnel [4] Financial Performance Summary - For H1 2024, the company experienced a net cash flow from operating activities of 41 million yuan and a weighted average return on equity of 0.26% [3] - The company anticipates revenue growth of no less than 33.81% in July 2024 compared to the previous year [3] - The company has a backlog of orders worth approximately 70 million yuan expected to be recognized in 2024 [3] R&D and Market Expansion - The company has focused on high-end market expansion, with high-end product sales accounting for 77.97% of total sales, an increase of 5.09% [4] - The DHO series high-resolution digital oscilloscopes saw a sales revenue increase of 201.29% year-on-year [4] - New product launches in August 2024 are expected to further enhance the product line and positively impact performance [4] Investment Recommendations - The long-term outlook for the company remains positive, with revised revenue forecasts of 765 million yuan, 899 million yuan, and 1.106 billion yuan for 2024, 2025, and 2026 respectively [5] - The net profit forecasts for the same years are adjusted to 76 million yuan, 116 million yuan, and 174 million yuan [5] - The current stock price corresponds to a P/E ratio of 66, 43, and 29 for the years 2024, 2025, and 2026 respectively, maintaining a "Buy" investment rating [5]