RIGOL(688337)2024-12-03 02:48Investment Rating - The report assigns an "Outperform" rating to the company, indicating a positive outlook for its performance relative to the market [3]. Core Insights - The opening of the Shanghai R&D center marks a significant step in the company's global strategy, focusing on self-developed core technology products and solutions [3]. - The company has shown robust revenue growth driven by high-end product sales and economies of scale, with a notable increase in the proportion of self-developed core technology products contributing to revenue [3]. - The company is expected to continue its high-end product development and capture strategic customer orders, which will enhance its long-term growth prospects [3]. Financial Performance Summary - Total revenue for 2023 is projected at 671 million yuan, with a year-on-year growth rate of 6.3%. For 2024, revenue is expected to reach 787 million yuan, reflecting a growth rate of 17.3% [4]. - The net profit attributable to the parent company for 2023 is estimated at 108 million yuan, with a slight decline of 1.5% expected in 2024, followed by significant growth in subsequent years [4]. - The gross margin for Q3 2024 is reported at 60.84%, showing an improvement compared to previous periods, driven by high-end and self-developed products [3][4]. Earnings Forecast and Valuation - The forecasted net profits for 2024, 2025, and 2026 are 106 million yuan, 175 million yuan, and 235 million yuan, respectively, with corresponding price-to-earnings ratios of 84, 51, and 38 [3][4]. - The company is expected to maintain a high level of R&D investment, which will support its growth trajectory and enhance its profitability [3].