RIGOL(688337) 民生证券·2024-10-30 08:31Investment Rating - The report maintains a "Recommended" rating for the company, with a current price of 40.40 yuan [3]. Core Insights - The company achieved revenue of approximately 535 million yuan in the first three quarters of 2024, representing a year-on-year increase of 13.14%. The net profit attributable to shareholders was about 60 million yuan, down 11.65% year-on-year. In Q3 2024, revenue reached 228 million yuan, up 40.8% year-on-year, with a net profit of 52.49 million yuan, a significant increase of 138.42% year-on-year [1]. - The gross margin improved significantly due to the increased proportion of high-end digital oscilloscope products, with Q3 2024 gross margin at 60.8%, up 2.59 percentage points year-on-year, and net margin at 19.79%, up 6.18 percentage points year-on-year [1]. - The sales of digital oscilloscopes, particularly those equipped with the company's self-developed core technology platform, accounted for 89.0% of total sales in Q3 2024, marking a 13.50 percentage point increase year-on-year. The sales revenue of digital oscilloscopes with a vertical resolution of 12 bits grew by 71.21% year-on-year [1]. - The company plans to invest 40 million yuan in a capital increase for a partnership with Nais Electronics, enhancing its capabilities in quantum information, radio astronomy, and remote sensing solutions [1]. - The demand for scientific instruments is expected to rise due to large-scale equipment updates in universities, with a total budget of 10.6 billion yuan for procurement plans announced by 57 universities in September and October [1]. Financial Forecasts - Revenue projections for 2024-2026 are 783 million, 981 million, and 1.226 billion yuan, respectively, with net profits of 114 million, 153 million, and 225 million yuan. The corresponding PE ratios are 69, 51, and 35 times [2][4].