RIGOL(SH:688337) Shanxi Securities·2024-10-31 20:00Investment Rating - The report maintains an "Accumulate-A" investment rating for the company [2][4]. Core Views - The company has shown a significant improvement in operational efficiency with a notable decrease in expense ratios during Q3, alongside increased R&D investments aimed at high-end electronic measurement instruments, indicating a sustainable growth trajectory [1][4]. - The company reported a revenue of 535 million yuan for the reporting period, reflecting a year-on-year growth of 13.14%, while the net profit attributable to shareholders decreased by 11.65% [2][4]. - The Q3 performance indicates a turning point with a substantial revenue increase of 40.80% year-on-year and a net profit growth of 138.42% year-on-year, driven by strong sales of high-resolution digital oscilloscopes [3][4]. Summary by Sections Financial Performance - In Q3, the company achieved a revenue of 228 million yuan, a year-on-year increase of 40.80% and a quarter-on-quarter increase of 45.85%. The net profit for the same period was 52 million yuan, marking a year-on-year increase of 138.42% [3][4]. - The gross margin reached 60.84% in Q3, a record high, benefiting from an optimized product mix and high-end products [3][4]. R&D and Operational Efficiency - The company has increased its R&D spending, with the R&D expense ratio rising to 27.80%, which is expected to positively impact future performance [1][4]. - The overall expense ratio improved significantly in Q3, with combined R&D, sales, and management expenses decreasing by 4.06% year-on-year, contributing to a net profit margin increase of 6.18% [1][4]. Future Projections - The company’s contract liabilities stood at 38 million yuan at the end of Q3, reflecting a year-on-year growth of 22.58%, indicating a robust order backlog and enhanced order acquisition capabilities [4]. - The profit forecasts for 2024-2026 are adjusted to 100 million yuan, 150 million yuan, and 190 million yuan respectively, with expected year-on-year growth rates of -4.3%, 40.1%, and 31.2% [4].