RIGOL(SH:688337) Soochow Securities·2025-05-02 00:23Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - In Q1 2025, the company achieved total revenue of 170 million yuan, a year-on-year increase of 11%, while net profit attributable to shareholders decreased by 40% [2] - High-end products and solutions showed remarkable growth, with high-end product sales increasing by 59% year-on-year, and sales of high-end digital oscilloscopes (bandwidth ≥ 2GHz) rising by 52% [2] - The gross profit margin improved to 56.2%, up 1.3 percentage points year-on-year, while the net profit margin decreased to 2.3%, down 4.1 percentage points year-on-year [3] - The company announced a share buyback plan of no less than 30 million yuan and no more than 50 million yuan, aimed at employee stock incentive plans [4] Financial Summary - Total revenue forecast for 2023 is 670.54 million yuan, with a projected growth of 6.34% year-on-year, and net profit forecast of 107.95 million yuan, reflecting a year-on-year increase of 16.72% [1] - The company expects to achieve a total revenue of 919.70 million yuan in 2025, with a year-on-year growth of 18.55%, and net profit of 134.04 million yuan, indicating a significant recovery with a growth rate of 45.22% [1][10] - The company’s R&D expenses are expected to increase significantly due to the establishment of R&D centers in Xi'an, Shanghai, and Malaysia [3]