RIGOL(SH:688337) SINOLINK SECURITIES·2024-02-25 16:00Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [15][29]. Core Insights - The company's revenue for 2023 is projected to be 671 million RMB, reflecting a year-on-year growth of 6%, with a notable decline in growth rate compared to 2022 due to longer validation cycles for high-end instruments and currency fluctuations [11][27]. - The company plans to acquire Beijing Nais Electronics to enhance its solution capabilities in various fields, including remote sensing and quantum information [12]. - The gross margin for 2023 is expected to be 56.87%, an increase of 4.48 percentage points year-on-year, driven by a higher proportion of high-end digital oscilloscopes [28]. Summary by Sections Financial Performance - The company achieved a net profit of 108 million RMB in 2023, a 17% increase year-on-year, with Q4 showing a revenue of 198 million RMB, down 8% year-on-year [27]. - Revenue growth rates are projected to be 6.37% in 2024 and 23.45% in 2025, with net profits expected to reach 155 million RMB and 221 million RMB respectively [21][29]. Research and Development - R&D expenses for the first three quarters of 2023 reached 105 million RMB, a year-on-year increase of 18.93%, with an R&D expense ratio of 22.20% [17]. - The sales proportion of self-developed digital oscilloscopes reached 72.31% in the same period, indicating a strong focus on in-house technology development [17]. Market Position and Future Outlook - The company is expected to benefit from the launch of new products, including a 13GHz bandwidth oscilloscope, which is anticipated to contribute to revenue growth in 2024 [11][28]. - The overall gross margin is projected to improve further, with estimates of 56.8%, 58.2%, and 59.8% for 2023, 2024, and 2025 respectively [28].