SIGLENT(SH:688112) Huaan Securities·2025-05-08 10:51Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is advancing its high-end strategy, with profitability expected to improve in Q1 2025. The company reported a steady growth in performance, with 2024 revenue reaching 497 million yuan, a year-on-year increase of 2.93%, and a net profit of 112 million yuan, a decrease of 27.79% [4][5] - The product structure is continuously optimized, with an increase in direct sales revenue proportion. In 2024, high-end products accounted for 24% of revenue, while in Q1 2025, this increased to 29%, reflecting the effectiveness of the high-end strategy [5] - The overall gross margin remains high, with 61.07% in 2024 and 61.80% in Q1 2025, driven by the rapid growth of high-end products. The net profit margin improved significantly in Q1 2025 to 30.87% [6] Financial Performance Summary - For 2024, the company achieved a revenue of 497 million yuan, with a year-on-year growth of 2.93%. The net profit was 112 million yuan, down 27.79% [4][9] - The forecast for 2025-2027 projects revenues of 612 million yuan, 737 million yuan, and 879 million yuan respectively, with net profits of 145 million yuan, 183 million yuan, and 228 million yuan [7][9] - The diluted EPS is expected to be 0.91 yuan, 1.15 yuan, and 1.43 yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 40, 32, and 25 [7][9]