RIGOL(SH:688337) Guohai Securities·2024-05-05 15:30Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1][11]. Core Views - The company reported a revenue of 151 million yuan in Q1 2024, a year-on-year decrease of 3.54%, and a net profit attributable to the parent company of 6 million yuan, down 72.75% year-on-year [1]. - The gross margin improved year-on-year, while R&D and management expenses increased significantly. R&D expenses grew by 41.57% to 43 million yuan, with an R&D expense ratio increase of 9.09 percentage points to 28.52%. Management expenses rose by 46.15% to 22 million yuan, leading to a net profit margin decline of 8.48 percentage points to 6.31% [2]. - The company plans to acquire a 67.74% stake in Naisou Electronics to enhance its comprehensive solution capabilities. This acquisition will allow the company to integrate Naisou's technology and solutions, facilitating its transition from a hardware-focused supplier to a comprehensive solution provider [2][11]. - The company expects cumulative net profit attributable to the parent company from Naisou Electronics to be no less than 87 million yuan over three years, with annual profits not less than 15 million yuan [2]. Financial Summary - The company forecasts revenues of 791 million yuan, 931 million yuan, and 1.114 billion yuan for 2024, 2025, and 2026, respectively, with net profits of 137 million yuan, 178 million yuan, and 240 million yuan for the same years [11]. - The projected P/E ratios for 2024, 2025, and 2026 are 47, 37, and 27, respectively [11]. - The company’s gross margin is expected to increase from 56% in 2023 to 67% by 2026, while the net profit margin is projected to rise from 16% to 22% over the same period [11].