SIGLENT(SH:688112) Ping An Securities·2025-11-03 11:10Investment Rating - The report maintains a "Recommended" investment rating for the company [1][8]. Core Insights - The company achieved a revenue of 431 million yuan in the first three quarters of 2025, representing a year-over-year growth of 21.67%, with a net profit attributable to shareholders of 111 million yuan, also up by 21.49% year-over-year [3][7]. - The company has a well-established product matrix in oscilloscopes and has shown significant growth in high-resolution digital oscilloscopes and RF microwave products, with revenue growth rates of 95.40% and 80.10% respectively in the domestic market [7]. - The company is a research-driven high-tech enterprise focused on the development and innovation of general electronic testing and measurement instruments, recognized as a key "little giant" enterprise by the state [7]. - The company continues to push its high-end development strategy, with R&D investment in Q3 2025 reaching 36.81 million yuan, a 42.65% increase year-over-year, accounting for 24.11% of revenue [7]. - The product structure has been optimized, with high-end, mid-range, and low-end products accounting for 30%, 49%, and 21% of revenue respectively, and high-end product revenue growing by 51.22% [7]. Financial Summary - The company forecasts revenues of 497 million yuan for 2024, 597 million yuan for 2025, and 716 million yuan for 2026, with corresponding net profits of 143 million yuan, 180 million yuan, and 223 million yuan [6][9]. - The gross margin is expected to remain stable at around 63% from 2025 to 2027, while the net margin is projected to improve from 24% in 2025 to 26% in 2027 [10]. - The company's return on equity (ROE) is expected to increase from 9.1% in 2025 to 13.3% in 2027, indicating improved profitability [10]. Valuation Metrics - The price-to-earnings (P/E) ratio is projected to decrease from 44.1 in 2025 to 28.3 in 2027, suggesting a more attractive valuation over time [10]. - The price-to-book (P/B) ratio is expected to remain stable around 4.0 to 3.8 from 2025 to 2027 [10].