SIGLENT(688112) 平安证券·2024-11-01 02:00Investment Rating - The report maintains a "Recommended" investment rating for the company [2] Core Views - The company's short-term performance is under pressure, but the market potential for new products is significant [2] - Revenue for the first nine months reached 355 million yuan, a year-on-year increase of 1.50%, while net profit attributable to shareholders decreased by 23.00% to 92 million yuan [4] - The company has seen a notable improvement in gross margin, which increased to 62.08%, up 0.46 percentage points year-on-year [5] - The high-end product development strategy is yielding results, with high-end products accounting for 24.16% of revenue, an increase of 3.18 percentage points year-on-year [6] - The company launched several new products in October 2024, including high-resolution digital oscilloscopes and high-speed digital multimeters, which are expected to support future growth [8] Financial Summary - For the first three quarters, the company's revenue for Q1, Q2, and Q3 was 104 million, 120 million, and 131 million yuan respectively, showing a quarter-on-quarter increase [5] - The company’s revenue projections for 2024 to 2026 are 507 million, 579 million, and 706 million yuan, with corresponding net profits of 123 million, 146 million, and 182 million yuan [7][10] - The gross margin is projected to improve gradually, reaching 62.4% by 2026 [12] - The company has maintained a high level of R&D investment, with R&D expenses accounting for 19.66% of revenue in the first three quarters of 2024 [8] Market Position - The company is one of the few manufacturers in the market with capabilities in developing, producing, and selling four major electronic testing and measurement instruments [9] - Despite short-term pressures, the trend towards domestic substitution in electronic instruments and the emergence of new application scenarios present significant growth opportunities [9]