RIGOL(688337) 东吴证券·2025-04-02 09:50Investment Rating - The investment rating for the company is "Add" (maintained) [2] Core Views - The company's 2024 annual report shows performance slightly above preliminary values, meeting expectations with a revenue of 780 million yuan, a year-on-year increase of 16%, and a net profit attributable to shareholders of 92.3 million yuan, a decrease of 15% year-on-year [2] - The revenue growth is primarily driven by high-end product sales and the acquisition of a solutions provider, with significant contributions from new product launches and increased overseas brand recognition [2][3] - The gross margin improved significantly to 59.77%, up 3.5 percentage points year-on-year, while the net profit margin decreased to 11.9%, down 4.2 percentage points year-on-year due to increased R&D and management expenses [3] - A stock incentive plan was introduced to bind core employees, reflecting long-term growth confidence, with performance targets set for revenue and net profit growth [3] - The profit forecast for 2025-2026 remains unchanged, with a new forecast for 2027's net profit at 240 million yuan, corresponding to a P/E ratio of 49/36/27 times [3] Summary by Sections Financial Performance - In 2024, the company achieved total revenue of 780 million yuan, a 16% increase year-on-year, while the net profit attributable to shareholders was 92.3 million yuan, a 15% decrease year-on-year [2] - The Q4 revenue reached 240 million yuan, a 22% year-on-year increase, with net profit at 32 million yuan, down 19% year-on-year [2] Product and Market Development - High-end digital oscilloscopes saw a 15% increase in sales, accounting for 33% of the oscilloscope segment's revenue [2] - The acquisition of a solutions provider led to a 126% increase in solutions sales, contributing approximately 130 million yuan in revenue [2] Margin Analysis - The gross margin for the main business was 59.77%, with a notable increase in the solutions segment's gross margin to 75.0% [3] - The net profit margin was impacted by rising R&D and management costs, with a total expense ratio of 54.8%, up 8.5 percentage points year-on-year [3] Incentive Plans - A stock incentive plan was launched for 76 core employees, covering 1.8 million shares, aimed at aligning employee interests with company performance [3] Valuation and Forecast - The profit forecast for 2025-2026 remains at 134 million and 184 million yuan respectively, with a new forecast for 2027 at 240 million yuan [3]