RIGOL(688337) 国信证券·2024-11-08 12:02Investment Rating - The investment rating for the company is "Outperform the Market" [3][10] Core Views - The company reported a significant increase in net profit for the third quarter, with a year-on-year growth of 138% driven by the strong performance of high-end products [1] - Despite a year-to-date decline in net profit of 11.65%, the company achieved a revenue growth of 5.35% in the first three quarters of 2024, indicating resilience in a challenging market [1] - The company is positioned as a leader in the domestic general electronic measurement instrument sector, benefiting from the trend of domestic substitution and a high-end product strategy that enhances profitability [1][3] Financial Performance Summary - For the first three quarters of 2024, the company achieved revenue of 535 million yuan, a year-on-year increase of 13.14%, while net profit was 60 million yuan, down 11.65% [1] - In Q3 2024, the company reported revenue of 228 million yuan, up 40.80% year-on-year, and net profit of 52 million yuan, reflecting a 138.42% increase [1] - The gross margin for the first three quarters of 2024 was 58.44%, with a net margin of 11.24%, showing improvements in profitability metrics [1] - The R&D expense ratio for the first three quarters was 27.80%, indicating a continued commitment to innovation and product development [1] Product and Market Insights - The sales of self-developed products significantly increased, with the proportion of sales from self-developed high-end digital oscilloscopes reaching 89% in Q3 2024, up 13.5 percentage points year-on-year [1] - The DHO series high-resolution digital oscilloscopes saw a revenue increase of 71.21% year-on-year, contributing to the overall growth in high-end product sales [1] - The company’s strategy to enhance product performance and expand its high-end offerings is expected to drive future growth despite current industry pressures [1][3]