SIGLENT(688112) 民生证券·2024-04-30 13:00Investment Rating - The report maintains a "Recommended" rating for the company [1][16]. Core Insights - The company, Dingyang Technology, reported a revenue of 483 million yuan in 2023, representing a year-on-year growth of 21.5%, while the net profit attributable to shareholders was 155 million yuan, up 10.3% from the previous year [16]. - The first quarter of 2024 saw a revenue of 100 million yuan, a 1.6% increase year-on-year, but the net profit dropped by 15.3% to 30 million yuan [16]. - The company has launched seven new products in 2023, contributing to revenue growth and establishing a strong foundation for future performance [16]. - The gross margin improved to 61.30% in 2023, up from 57.54% in 2022, indicating enhanced profitability [16]. - Dingyang Technology has a robust product innovation capability, with a focus on general electronic testing and measurement instruments, holding 297 patents, including 198 invention patents [16]. - The company has established a solid distribution network globally, enhancing its market presence and brand strength [16]. - Future revenue projections for 2024, 2025, and 2026 are estimated at 601 million yuan, 729 million yuan, and 868 million yuan respectively, with net profits expected to be 201 million yuan, 225 million yuan, and 266 million yuan [16]. Financial Summary - The company's financial forecasts indicate a steady growth trajectory, with expected revenue growth rates of 24.3% in 2024, 21.3% in 2025, and 19.1% in 2026 [9][11]. - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 1.26 yuan, 1.41 yuan, and 1.67 yuan respectively, with corresponding price-to-earnings (PE) ratios of 26x, 23x, and 20x [9][11]. - The report highlights a significant improvement in the company's operating efficiency, with a return on assets (ROA) projected to increase from 9.34% in 2023 to 13.13% in 2026 [11].