SIGLENT(688112) 国海证券·2024-11-03 13:30Investment Rating - The investment rating for the company is "Buy" (maintained) [1][5]. Core Insights - The company reported a revenue recovery in Q3 2024, with a year-on-year increase of 14.29% to 1.31 billion yuan, while the net profit attributable to shareholders decreased by 6.76% to 332.07 million yuan [2]. - The high-end development strategy has shown significant results, with direct sales revenue increasing by 33.71% in the first three quarters of 2024 [2]. - The overall gross margin improved to 62.08%, up 0.46 percentage points year-on-year, despite a decline in net profit margin due to increased exchange losses and reduced interest income and government subsidies [2]. Summary by Relevant Sections Revenue and Profitability - For the first three quarters of 2024, the company achieved a total revenue of 3.55 billion yuan, a 1.50% increase year-on-year, and a net profit of 916.49 million yuan, down 23.00% year-on-year [1]. - The gross margin for the first three quarters of 2024 was 62.08%, reflecting a year-on-year increase of 0.46 percentage points [2]. Product Strategy - The company's high-end product revenue accounted for 24.16% of total revenue, an increase of 3.18 percentage points year-on-year, contributing to an average price increase of 14.67% across major products [2]. - Sales of products priced above 50,000 yuan grew by 38.37% year-on-year, while those priced above 30,000 yuan increased by 24.39% [2]. Market Performance - As of November 1, 2024, the company's stock price was 29.88 yuan, with a market capitalization of 4.76 billion yuan [2]. - The company's performance relative to the CSI 300 index showed a 1.6% increase over the past month, a 22.4% increase over the past three months, but a decline of 21.3% over the past year [2]. Future Projections - Revenue forecasts for 2024, 2025, and 2026 are 5.11 billion yuan, 5.54 billion yuan, and 6.33 billion yuan, respectively, with net profits projected at 1.28 billion yuan, 1.59 billion yuan, and 2.01 billion yuan [5][6].