RIGOL(688337) 国金证券·2024-10-29 12:50Investment Rating - The report maintains a "Buy" rating for the company [2][3] Core Views - The company reported a significant increase in quarterly profits, exceeding expectations, with a revenue of 535 million yuan for Q3 2024, representing a year-on-year growth of 13.14% [2] - The company's high-end and high-resolution oscilloscope products saw substantial revenue growth, with increases of 71.21% and 144.93% respectively in Q3 2024 [3] - The gross margin reached a historical high of 60.84% in Q3 2024, driven by self-developed chips and an optimized product structure [3] - The acquisition of Nais Electronics is expected to enhance the company's capabilities in the solutions sector, contributing to diversified growth [3] - Revenue forecasts for 2024-2026 are adjusted to 783 million, 936 million, and 1.15 billion yuan, with corresponding net profits of 112 million, 182 million, and 248 million yuan [3] Summary by Sections Performance Overview - Q3 2024 revenue was 535 million yuan, a 13.14% increase year-on-year, while net profit was 60 million yuan, down 11.65% year-on-year [2] - The DHO series and high-end oscilloscopes contributed significantly to revenue growth [3] Gross Margin and Profitability - The gross margin for Q3 2024 was 60.84%, up 2.59 percentage points year-on-year [3] - The proportion of revenue from self-developed digital oscilloscopes reached 89% in Q3 2024, aiding in cost reduction [3] Strategic Developments - The acquisition of Nais Electronics is expected to strengthen the company's solution capabilities, with Nais contributing 30.56 million yuan in revenue [3] - The company anticipates continued improvement in profitability, with projected gross margins of 57.8%, 59.3%, and 60.5% for 2024-2026 [3] Financial Projections - Adjusted revenue forecasts for 2024-2026 are 783 million, 936 million, and 1.15 billion yuan, with net profits of 112 million, 182 million, and 248 million yuan respectively [3] - The company is projected to have a P/E ratio of 54, 33, and 24 for the years 2024, 2025, and 2026 [3]