RIGOL(688337) INDUSTRIAL SECURITIES·2024-12-10 00:48Investment Rating - The report maintains an "Overweight" rating for the company [1][3]. Core Views - The company is experiencing significant growth in high-end products, with Q3 2024 revenue reaching a historical high of 2.3 billion yuan, a year-on-year increase of 40.8% [3]. - The establishment of the Shanghai R&D center is expected to enhance the company's research capabilities in modular instruments and high-power products, with plans to expand the team to 150 people within three years [3]. - The acquisition of 100% equity in Nais Electronics is showing synergistic effects, with expected orders amounting to 69.32 million yuan in 2024 [3]. Financial Performance - For the first three quarters of 2024, the company reported revenue of 530 million yuan, a year-on-year increase of 13.1%, while net profit attributable to shareholders decreased by 11.7% to 60 million yuan [3]. - The gross margin for Q3 2024 reached 60.8%, marking a significant increase, with the gross margin for digital oscilloscopes at 61.28% [3]. - The company forecasts net profits of 109 million yuan, 156 million yuan, and 202 million yuan for 2024, 2025, and 2026 respectively, with corresponding PE ratios of 79.0, 55.4, and 42.8 [4][3]. Product Development - The DHO series high-resolution digital oscilloscopes saw a sales revenue increase of 71.2% year-on-year, while high-end digital oscilloscopes (bandwidth ≥ 2GHz) experienced a 144.9% increase in sales revenue [3]. - The company plans to launch modular instrument products by the end of 2024, enhancing its solution provision capabilities [3]. Market Position - The company is positioned as a leader in domestic digital oscilloscopes, benefiting from the rollout of high-end products and policies for equipment updates in the education sector [3].