RIGOL(SH:688337) SINOLINK SECURITIES·2025-04-30 06:23Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [5][12]. Core Insights - The company reported Q1 2025 revenue of 168 million RMB, a year-on-year increase of 11.14%, but a net profit attributable to shareholders of only 4 million RMB, down 40.03% year-on-year [2]. - The DHO series (high-resolution oscilloscopes) saw a revenue increase of 33.33% year-on-year, while high-bandwidth products (bandwidth ≥ 2GHz) experienced a 52.07% increase in sales revenue, indicating strong growth in high-end products [3]. - The company invested 53 million RMB in R&D in Q1 2025, a 22.92% increase year-on-year, with an R&D expense ratio of 31.54%, reflecting a commitment to maintaining a long-term competitive edge through innovation [3]. - The introduction of "reciprocal tariffs" by the U.S. government is expected to accelerate domestic market substitution, benefiting the company as a leading domestic manufacturer of electronic measurement instruments [4]. - The acquisition of Naisou Electronics is projected to enhance the company's capabilities in solution provision, contributing to diversified growth [4]. Financial Forecasts - The company’s revenue is projected to reach 1.003 billion RMB in 2025, with net profit expected to be 166 million RMB, reflecting a significant growth trajectory [10]. - The estimated P/E ratios for 2025, 2026, and 2027 are 47, 31, and 23 respectively, indicating a favorable valuation outlook [5].