RIGOL(688337) Southwest Securities·2024-10-31 14:45Investment Rating - The report maintains a "Hold" rating for the company [1]. Core Views - The company reported a significant increase in net profit for Q3 2024, achieving a year-on-year growth of 138.4%, which exceeded expectations [1]. - The revenue for Q3 2024 reached 230 million yuan, representing a year-on-year increase of 40.8% and a quarter-on-quarter increase of 45.9% [1]. - The gross margin for the first three quarters of 2024 was 58.4%, up 1.9 percentage points year-on-year, driven by the increased sales of high-end products and self-developed products [1]. - The company has focused on enhancing its technological capabilities, with a significant portion of its sales coming from self-developed core technology platform products [1][2]. Summary by Sections Financial Performance - In Q3 2024, the company achieved a net profit of 52 million yuan, with a gross margin of 60.8%, up 2.6 percentage points year-on-year [1]. - For the first three quarters of 2024, the company reported total revenue of 540 million yuan, a 13.1% increase year-on-year, and a net profit of 60 million yuan, down 11.7% year-on-year [1]. - The company’s net profit margin for Q3 2024 was 19.8%, an increase of 6.2 percentage points year-on-year [1]. Product and Market Development - The sales of high-resolution digital oscilloscopes and high-end digital oscilloscopes saw substantial growth, with revenues increasing by 71.2% and 144.9% year-on-year, respectively [1]. - The company has established R&D centers in Xi'an and Shanghai to enhance its product development capabilities and increase its investment in technology [1][2]. Future Outlook - The company expects a compound annual growth rate (CAGR) of 27% in net profit from 2024 to 2026, with projected net profits of 120 million yuan, 170 million yuan, and 220 million yuan for the years 2024, 2025, and 2026, respectively [2]. - The report anticipates continued growth in the digital oscilloscope segment, with expected order growth of 20% annually from 2024 to 2026 [5][6].