RIGOL(688337) 山西证券·2024-09-30 09:00Investment Rating - The report assigns an "Accumulate-A" investment rating to the company, indicating a positive outlook for its stock performance in the coming months [3]. Core Views - The company's self-developed core technology platform and high-end product lines have shown strong performance, significantly supporting revenue growth and profitability. Despite pressure on performance in the first half of 2024, the company is expected to maintain growth potential due to a solid order backlog and positive operational expectations for the second half of 2024 [3]. - The company achieved a record high gross margin of 58.46% in Q2 2024, benefiting from rapid growth in high-end oscilloscopes and an optimized product mix [1][3]. Summary by Sections Financial Performance - In the first half of 2024, the company reported revenue of 307 million yuan, a year-on-year decrease of 1.24%, and a net profit attributable to shareholders of 7.6453 million yuan, down 83.40% year-on-year. However, Q2 2024 revenue reached 156 million yuan, showing a year-on-year growth of 1.09% and a quarter-on-quarter increase of 3.42% [1]. - The company’s gross margin for Q2 2024 was 58.46%, up 3.66 percentage points from the previous quarter, driven by strong sales of high-end oscilloscopes [1][3]. Product and Market Insights - The sales of the company's self-developed digital oscilloscopes accounted for 77.97% of total sales in H1 2024, an increase of 5.09 percentage points year-on-year, with Q2 contributing 83.06% [1]. - The company’s revenue from high-end digital oscilloscopes saw a year-on-year increase of 201.29%, indicating strong market demand and product acceptance [1]. Future Outlook - The company anticipates a revenue increase of no less than 33.81% year-on-year in July 2024, excluding unrecognized orders. The upcoming product launch in August 2024 is expected to further enhance its high-end product offerings [1][2]. - The order backlog for the company’s subsidiary, Nais Electronics, is projected to be 69.3243 million yuan for 2024, indicating a robust order acquisition capability [2]. Earnings Forecast - The company’s projected net profits for 2024-2026 are estimated at 80 million yuan, 116 million yuan, and 155 million yuan, reflecting year-on-year growth rates of -25.5%, 44.7%, and 33.4%, respectively. The earnings per share (EPS) are forecasted to be 0.43 yuan, 0.63 yuan, and 0.84 yuan for the same period [3].