RIGOL(SH:688337) Huaan Securities·2024-05-05 06:00Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company is increasing its R&D investment, focusing on high-end and differentiated products to support long-term development [2][6] - The first quarter of 2024 saw the company achieve revenue of 151 million yuan, a decrease of 3.54%, and a net profit attributable to shareholders of 6 million yuan, down 72.75% [5] - The company is actively pursuing acquisitions, such as the planned acquisition of 100% of Nais Electronics, to enhance its capabilities in quantum computing and other advanced fields [5][6] Financial Performance - The company reported a gross margin of 54.81% and a net margin of 6.31% for Q1 2024 [5] - R&D expenses reached 43 million yuan, an increase of 41.57%, with an R&D expense ratio of 28.52% [5] - The company forecasts revenues of 880 million yuan, 1.095 billion yuan, and 1.337 billion yuan for 2024, 2025, and 2026, respectively, representing year-on-year growth of 31%, 24%, and 22% [6] Earnings Forecast - The projected net profit attributable to shareholders for 2024, 2025, and 2026 is 149 million yuan, 198 million yuan, and 258 million yuan, respectively, with growth rates of 38%, 33%, and 30% [6] - The earnings per share (EPS) is expected to be 0.81 yuan, 1.07 yuan, and 1.39 yuan for the same years [6] Market Position - The company is positioned to benefit from domestic brand growth in the high-end instrument market, driven by equipment upgrade policies [6] - The overall market for electronic measurement instruments is expected to experience significant growth, with the company well-placed to capitalize on this trend [6]