RIGOL(SH:688337) Soochow Securities·2024-04-30 22:31Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - In Q1 2024, the company achieved operating revenue of 150 million yuan, a year-on-year decrease of 3.5%, and a net profit attributable to shareholders of 6.31 million yuan, down 73% year-on-year [1] - The gross profit margin for Q1 2024 was 54.8%, an increase of 0.58 percentage points year-on-year, while the net profit margin was 6.3%, a decrease of 8.48 percentage points year-on-year [1] - The increase in the expense ratio to 61.9% in Q1 2024, up 16.68 percentage points year-on-year, was driven by significant increases in management and R&D expenses [1] - The decline in net profit and net profit margin is attributed to increased R&D investment, which rose by 42% year-on-year, and the depreciation impact from the underutilization of new facilities in Shanghai and Malaysia [1] - The company announced a new modular technology at a technology conference in April 2024, aiming to enhance its offerings in various fields including remote sensing and communication [1] - A stock incentive plan was introduced, granting 2.8 million shares to 80 core employees, reflecting the company's confidence in future growth [1] - The company is transitioning from a leader in electronic measurement instruments to a comprehensive solution provider, with new capacities and projects in Malaysia, Xi'an, and Shanghai [1] - The acquisition of Beijing Naishu Electronics is expected to enhance the company's ability to provide integrated solutions, with projected contributions to net profit from the acquisition [1] Financial Forecasts - The company forecasts net profits attributable to shareholders of 160 million, 210 million, and 260 million yuan for 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 41, 31, and 25 times [1][4]