SIGLENT(SH:688112) Minsheng Securities·2025-04-25 03:48Investment Rating - The report maintains a "Recommended" rating for the company [4][6]. Core Viewpoints - The company achieved a revenue of 497 million yuan in 2024, a year-on-year increase of 2.93%, while the net profit attributable to shareholders decreased by 27.79% to 112 million yuan due to increased R&D and marketing expenses, exchange rate fluctuations, and a reduction in government subsidies [1]. - In Q1 2025, the company reported a revenue of 132 million yuan, a year-on-year increase of 26.93%, and a net profit of 41 million yuan, up 33.96% year-on-year, indicating strong growth in high-end product sales [1][2]. - The company's high-end product revenue grew by 13.40% in 2024 and 86.60% in Q1 2025, contributing to an increase in average product prices [2][3]. Summary by Sections Financial Performance - In 2024, the company reported a revenue of 497 million yuan and a net profit of 112 million yuan, with a projected revenue of 633 million yuan and a net profit of 162 million yuan for 2025 [5][10]. - The company’s gross margin for Q1 2025 was 61.80%, with a net profit margin of 30.87%, reflecting strong profitability [1]. Product Development - The company has been focusing on high-end product development, with significant improvements in product structure and sales management, leading to a 70.92% increase in domestic high-resolution digital oscilloscope revenue in 2024 [2][3]. - R&D investment reached 11 million yuan in 2024, accounting for 21.81% of revenue, indicating a commitment to innovation [3]. Market Outlook - The report anticipates revenue growth to 630 million yuan in 2025, 800 million yuan in 2026, and 1 billion yuan in 2027, with corresponding net profits of 162 million yuan, 227 million yuan, and 290 million yuan [4][5]. - The company is expected to benefit from the rapid development of downstream sectors such as commercial communication, defense, aerospace, and electronics, enhancing its competitive position in the international market [4].