RIGOL(688337) 国海证券·2024-11-01 11:45Investment Rating - The report maintains a "Buy" rating for the company [1][6] Core Views - The company achieved a significant year-on-year growth in revenue and net profit in Q3 2024, with revenue reaching 228 million yuan, up 40.80%, and net profit attributable to shareholders reaching 52.49 million yuan, up 138.42% [2] - The company's high-end products, particularly the DHO series high-resolution digital oscilloscopes, showed strong sales growth, with a 71.21% increase in revenue, and high-end digital oscilloscopes (bandwidth ≥2GHz) saw a 144.93% increase in revenue, accounting for 41.83% of total digital oscilloscope sales [2] - The company's gross margin improved to 60.84% in Q3 2024, up 2.60 percentage points year-on-year, driven by the high-end and self-developed core technology platform products [3] Financial Performance - For the first three quarters of 2024, the company reported revenue of 535 million yuan, up 13.14% year-on-year, but net profit attributable to shareholders decreased by 11.65% to 60.13 million yuan [1] - The company's R&D expenses in Q3 2024 were 60.77 million yuan, with increased investment in R&D personnel salaries, material consumption, and equipment depreciation [3] - The company's operating efficiency improved, with a combined decrease of 4.06 percentage points in R&D, sales, and management expense ratios [3] Market Performance - The company's stock price increased by 25.1% over the past month and 64.8% over the past three months, outperforming the CSI 300 index, which decreased by 3.2% and increased by 13.0% respectively [4] - The company's current stock price is 43.53 yuan, with a 52-week price range of 22.04-50.68 yuan, and a total market capitalization of 8.45 billion yuan [4] Future Projections - The company is expected to achieve revenues of 792 million yuan, 848 million yuan, and 997 million yuan in 2024, 2025, and 2026 respectively, with net profits attributable to shareholders of 117 million yuan, 153 million yuan, and 203 million yuan [3][7] - The company's gross margin is projected to increase from 61% in 2024 to 66% in 2026, with ROE improving from 4% in 2024 to 6% in 2026 [9] Product and Technology - The sales proportion of digital oscilloscopes equipped with the company's self-developed core technology platform reached 89.00% in Q3 2024, up 13.50 percentage points year-on-year [2] - The company has established R&D centers in Xi'an and Shanghai, accelerating product development and enhancing its technological capabilities [3]