普源精电：高端产品放量，三季度业绩超预期

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 53.35 CNY per share, compared to the current price of 48.50 CNY [6]. Core Insights - The company reported significant profit growth, with Q3 2024 revenue reaching 530 million CNY, a year-over-year increase of 13.1%. The net profit attributable to shareholders was 60 million CNY, down 11.6% year-over-year, while the adjusted net profit was 20 million CNY, down 27.0% year-over-year. In Q3 alone, revenue was 230 million CNY, up 40.8% year-over-year, and net profit was 50 million CNY, up 138.4% year-over-year, with a gross margin of 60.8% [4][5]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a revenue of 530 million CNY, with a year-over-year growth of 13.1%. The Q3 revenue alone was 230 million CNY, reflecting a 40.8% increase year-over-year. The gross margin improved to 60.8%, up 2.6 percentage points year-over-year, while the net profit margin reached 23.0%, an increase of 9.4 percentage points year-over-year [4][5]. Product Development - High-end oscilloscope products have seen significant sales growth, with the sales of the DHO series high-resolution digital oscilloscopes increasing by 71% year-over-year. The revenue from high-end digital oscilloscopes (bandwidth ≥ 2GHz) surged by 145% year-over-year, accounting for 42% of total oscilloscope sales, an increase of 18 percentage points year-over-year [4]. Strategic Initiatives - The company has realized synergies with the acquisition of Naisou Electronics, enhancing its market, product, and technology capabilities. In Q3 2024, the sales revenue from solutions reached 30.56 million CNY [4]. Profit Forecast - The company is expected to achieve net profits of 109 million CNY, 156 million CNY, and 205 million CNY for the years 2024, 2025, and 2026, respectively. The report anticipates a continued increase in gross margin and a reduction in expenses due to the ramp-up of high-end product sales [4][5].