RIGOL(SH:688337) Minsheng Securities·2024-03-20 16:00Investment Rating - The report maintains a "Buy" investment rating for the company [3][10]. Core Views - The company's self-developed technology products are driving an increase in gross margin, with expected growth in new product volumes [10]. - The company reported a revenue of approximately 670 million yuan in 2023, a year-on-year increase of 6.34%, and a net profit attributable to shareholders of approximately 108 million yuan, up 16.72% year-on-year [10]. - The sales of high-resolution digital oscilloscopes have seen rapid growth, with the DHO series sales revenue increasing by 193.79% year-on-year [10]. - The gross margin improved significantly from 52.39% in 2022 to 56.45% in 2023, driven by an increase in the proportion of high-end products [10]. - The company plans to acquire 100% of Beijing Nais Electronics, enhancing its product layout in microwave RF and array measurement control systems [10]. - Revenue forecasts for 2024-2026 are projected at 909 million, 1.255 billion, and 1.759 billion yuan, respectively, with EPS estimates of 0.84, 1.02, and 1.44 yuan [10]. Financial Forecasts and Indicators - Revenue (million yuan): 2023A: 670, 2024E: 909, 2025E: 1,255, 2026E: 1,759 [2][13]. - Net profit (million yuan): 2023A: 108, 2024E: 155, 2025E: 190, 2026E: 267 [2][13]. - EPS (yuan): 2024E: 0.84, 2025E: 1.02, 2026E: 1.44 [2][13]. - PE ratios: 2024E: 45, 2025E: 37, 2026E: 26 [2][13]. - Gross margin: 2023: 56.45%, projected to maintain above 57% in the following years [10][13].