SIGLENT(SH:688112) Guohai Securities·2024-05-06 12:30Investment Rating - The investment rating for the company is "Accumulate" (maintained) [5][16]. Core Insights - The company has shown continuous improvement in gross margin, with a gross margin of 61.30% in 2023, up 3.76 percentage points year-on-year. In Q1 2024, the gross margin further increased to 63.10%, reflecting a year-on-year increase of 3.93 percentage points [2][5]. - The company has experienced robust growth in high-end product sales, with revenue from high-end products increasing by 55% in 2023, accounting for 22% of total revenue, up 4 percentage points year-on-year. The average selling price of four major product categories increased by 23.38% [17]. - The company launched several new products in 2023 and Q1 2024, including high-resolution digital oscilloscopes and handheld signal analyzers, which are expected to support future growth [17][18]. Financial Performance Summary - In 2023, the company achieved a revenue of 483 million yuan, a year-on-year growth of 21.50%, and a net profit attributable to shareholders of 155 million yuan, up 10.29% year-on-year. For Q1 2024, revenue was 104 million yuan, a year-on-year increase of 1.62%, while net profit decreased by 15.33% to 30 million yuan [16][18]. - Revenue forecasts for 2024, 2025, and 2026 are adjusted to 575 million yuan, 697 million yuan, and 877 million yuan, respectively. The net profit forecasts for the same years are 184 million yuan, 230 million yuan, and 287 million yuan, corresponding to P/E ratios of 28, 23, and 18 times [5][6]. Market Performance - The company's overseas revenue reached 28.9 million yuan in 2023, growing by 16.80% year-on-year, indicating a strong advantage in overseas channel development. Domestic revenue from high-resolution digital oscilloscopes grew by 68.77% year-on-year, while revenue from RF and microwave products increased by 59.70% [18].