SIGLENT(SH:688112) Shanxi Securities·2024-09-30 10:30Investment Rating - The investment rating for the company is "Buy-A" (maintained) [1][2] Core Views - The company has launched a new round of equity incentive plans, demonstrating confidence in future development and focusing on high-end development strategies [1] - The company has achieved significant results in its high-end development strategy, with the average selling price of its four main products increasing by 8.30% year-on-year [1] - The company is one of the few domestic manufacturers with capabilities in developing, producing, and globally selling four main types of electronic testing and measurement instruments [2] Financial Performance - The company expects revenue growth of no less than 30% year-on-year or net profit growth of no less than 20% from 2024 to 2026 as part of its performance assessment targets [1] - The projected net profits for 2024, 2025, and 2026 are 160 million, 190 million, and 240 million respectively, with year-on-year growth rates of 2.2%, 19.6%, and 24.6% [2] - The earnings per share (EPS) for the same years are projected to be 1.0, 1.2, and 1.5 respectively, with corresponding price-to-earnings (P/E) ratios of 25, 21, and 17 based on the closing price of 24.50 [2] Product Development - The company has launched multiple new products in 2024, laying a solid foundation for future revenue growth [1] - The newly released SSG6082A-V vector signal generator enhances the company's product line in RF microwave signal generators, broadening application scenarios [1] Market Position - The company has a leading competitive edge in high-resolution digital oscilloscopes and RF microwave products, with a significant increase in market penetration expected [2] - The company’s gross profit margin improved to 62.00% in the first half of 2024, reflecting enhanced profitability [1]