SIGLENT(688112) 国投证券·2025-05-06 07:31Investment Rating - The investment rating for the company is "Buy-A" with a 6-month target price of 46.86 CNY [4]. Core Insights - The company has shown a steady increase in revenue and profit, with a notable growth in high-end product sales, which accounted for 29% of revenue in Q1 2025, up from 24% in 2024 [2][3]. - High-end products have seen significant growth in both volume and price, with Q1 2025 revenue from high-end products increasing by 86.60% year-on-year, and sales of products priced above 50,000 CNY growing by 89.93% [2][3]. - The company maintains a high level of R&D investment, with R&D expenses reaching 1.08 billion CNY in 2024, representing a 26% increase year-on-year, and a R&D expense ratio of 21.81% [3]. Financial Performance - In 2024, the company achieved a revenue of 497.4 million CNY, a year-on-year increase of 2.93%, while the net profit decreased by 27.79% to 112.1 million CNY [1][8]. - For Q1 2025, the company reported a revenue of 132 million CNY, a 26.93% increase year-on-year, and a net profit of 41 million CNY, up 33.96% [1]. - The company forecasts revenue growth to 603.7 million CNY in 2025, with a projected net profit of 149 million CNY [9]. Product Development - The company has launched 10 new products in 2024, including high-end digital oscilloscopes and signal generators, which are expected to drive further revenue growth [3]. - The continuous introduction of high-end products is a key factor supporting the company's stable performance [3]. Market Position - The company is recognized as a leading manufacturer of general electronic testing and measurement instruments in China, with a strong focus on high-end product development [3][4].