RIGOL(SH:688337) Guotou Securities·2024-10-29 08:23Investment Rating - The investment rating for the company is maintained at "Buy-A" with a 6-month target price of 46.8 CNY, compared to the current stock price of 36.11 CNY [5]. Core Insights - The company reported a significant revenue growth of 40.80% year-on-year in Q3 2024, achieving 2.28 billion CNY, the highest since its listing. The net profit attributable to shareholders increased by 138.42% year-on-year to 0.52 billion CNY [2]. - The company has successfully advanced its high-end product strategy, with the gross margin in Q3 reaching 60.84%, an increase of 2.6 percentage points year-on-year. The sales revenue from high-end oscilloscopes accounted for 41.83% of total oscilloscope revenue, up 18.45 percentage points year-on-year [3]. - The acquisition of 100% equity in Nais Electronics has been completed, which is expected to enhance the company's customer base and solution capabilities in advanced application fields such as remote sensing and quantum information [4]. Financial Performance Summary - For the first three quarters of 2024, the company achieved a total revenue of 5.35 billion CNY, a year-on-year increase of 13.14%. However, the net profit attributable to shareholders decreased by 11.65% to 0.60 billion CNY [1]. - The company forecasts revenues of 7.94 billion CNY, 9.92 billion CNY, and 12.26 billion CNY for 2024, 2025, and 2026 respectively, with net profits of 1.14 billion CNY, 1.51 billion CNY, and 2.13 billion CNY for the same years [10]. - The gross margin is projected to improve, with estimates of 57.8% in 2024, 58.9% in 2025, and 60.1% in 2026 [11].