SIGLENT(SH:688112) Guoxin Securities·2025-09-09 07:42Investment Rating - The investment rating for the company is "Outperform the Market" [5][3][21] Core Views - The company achieved a revenue of 279 million yuan in the first half of 2025, representing a year-on-year growth of 24.61%, while the net profit attributable to the parent company reached 77 million yuan, up 31.54% year-on-year [1][3] - The company maintains a high gross margin of 60.06% and a net margin of 27.57%, with a focus on high R&D and sales investments to support future growth [2][3] - The proportion of high-end products continues to increase, with high-end product revenue growing by 71.92% year-on-year, indicating a successful high-end strategy [2][3] Financial Performance - For the first half of 2025, the company reported a gross profit margin of 60.06% and a net profit margin of 27.57%, with R&D expenses at 21.60% of revenue [2][3] - The company forecasts net profits of 167 million yuan, 217 million yuan, and 279 million yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 36, 28, and 22 [3][4] - The projected revenue growth rates for the years 2025 to 2027 are 24.8%, 24.9%, and 25.5% respectively, indicating a stable growth trajectory [4][3]