RIGOL(SH:688337) Soochow Securities·2025-03-02 01:06Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company achieved a revenue of 780 million yuan in 2024, representing a year-on-year growth of 16%, while the net profit attributable to shareholders decreased by 18% to 89 million yuan [2] - In Q4, the company reported a revenue of 240 million yuan, a year-on-year increase of 22% and a quarter-on-quarter increase of 6%, with a net profit of 29 million yuan, down 28% year-on-year [2] - The growth in revenue is attributed to the strong performance of high-end products and solutions, with high-end digital oscilloscopes accounting for 33% of the oscilloscope segment's revenue in 2024 [2] - The acquisition of Nais Electronics contributed approximately 70 million yuan to the company's solution sales revenue in 2024, significantly boosting performance [2] - The company is expected to continue its revenue growth in 2025 due to government procurement support for domestic products and ongoing launches of high-end new products [2][3] - The company is in a business expansion phase, with increased investments in R&D centers and overseas production bases, leading to a 6% increase in expenses in 2024 [3] - A stock incentive plan was introduced for 76 core employees, covering 1.8 million shares, reflecting the company's confidence in long-term growth [4] Financial Summary - The company's total revenue for 2022 was 630.57 million yuan, with a projected increase to 775.15 million yuan in 2024, representing a growth rate of 15.60% [1] - The net profit attributable to shareholders for 2022 was 92.49 million yuan, with a forecasted decline to 88.84 million yuan in 2024, indicating a decrease of 17.70% [1] - The earnings per share (EPS) for 2024 is estimated at 0.46 yuan, with a price-to-earnings (P/E) ratio of 80.95 based on the current price [1]