SIGLENT(688112) Guoxin Securities·2025-05-09 07:48Investment Rating - The investment rating for the company is "Outperform the Market" [6][4]. Core Views - The company achieved a revenue growth of 2.93% year-on-year in 2024, with a significant decline in net profit by 27.79% due to high R&D and sales expenses, increased exchange losses, and reduced government subsidies [1][4]. - The first quarter of 2025 showed a strong recovery with a revenue increase of 26.93% and a net profit increase of 33.96%, driven by the growth in high-end product sales [1][4]. - The company maintains a high gross margin of 61.07% in 2024, with a slight decrease in net margin to 22.54% [2][4]. Financial Performance Summary - In 2024, the company reported a revenue of 497 million, with a net profit of 112 million, reflecting a year-on-year decrease of 27.79% [5]. - The first quarter of 2025 saw revenues of 132 million, marking a 26.93% increase, and a net profit of 41 million, up 33.96% year-on-year [1][5]. - The gross margin for 2024 was 61.07%, with a net margin of 22.54%, while the first quarter of 2025 showed a gross margin of 61.80% and a net margin of 30.87% [2][4]. Product Development and Market Position - The company has successfully launched high-end products, including an 8GHz, 12-bit high-resolution digital oscilloscope and a 50GHz spectrum analyzer, which have significantly improved performance metrics [3][4]. - High-end product sales increased by 86.60% year-on-year in the first quarter of 2025, contributing to an average price increase of 9.51% for instrument products [3][4]. - The revenue structure has improved, with high-end products accounting for 29% of total revenue, an increase of 8.85 percentage points year-on-year [3][4]. Investment Outlook - The electronic measurement instrument industry is expected to grow steadily, with domestic brands rapidly emerging due to industrial upgrades and self-sufficiency [4]. - The company is positioned as a leader in the domestic electronic measurement instrument market, benefiting from tariff countermeasures and a successful high-end product strategy [4][5]. - Profit forecasts for 2025-2027 have been slightly adjusted, with expected net profits of 167 million, 217 million, and 279 million respectively, corresponding to P/E ratios of 35, 27, and 21 [4][5].