RIGOL(688337) 华安证券·2024-11-06 10:30Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported Q3 2024 results that exceeded market expectations, with a significant increase in high-end product sales contributing to overall revenue growth [4] - The company achieved a revenue of 535 million yuan in the first three quarters of 2024, representing a year-on-year increase of 13.14%, while the net profit attributable to shareholders was 60 million yuan, down 11.65% [3][4] - The company has been increasing its R&D investments, with Q3 2024 R&D expenses amounting to 61 million yuan, indicating a commitment to innovation and long-term growth [4] Summary by Sections Financial Performance - In Q3 2024, the company achieved a revenue of 228 million yuan, up 40.80% year-on-year, and a net profit of 52 million yuan, up 138.42% year-on-year [3][4] - The gross margin for Q3 2024 reached 60.84%, an increase of 2.60 percentage points year-on-year [4] - The company’s operating cash flow for Q3 2024 was 64 million yuan, with a weighted average return on equity of 2.04% [3] Revenue and Profit Forecast - The company is expected to achieve revenues of 791 million yuan, 949 million yuan, and 1.146 billion yuan for the years 2024, 2025, and 2026 respectively [5] - The net profit attributable to shareholders is forecasted to be 109 million yuan, 142 million yuan, and 194 million yuan for the same years [5] Market Position and Strategy - The sales of the company's self-developed digital oscilloscope products accounted for 89% of total sales in Q3 2024, reflecting a 13.50 percentage point increase year-on-year [4] - The company is focusing on high-end products, with sales of high-resolution digital oscilloscopes increasing by 71.21% year-on-year and high-end digital oscilloscopes by 144.93% [4] - The company is expanding its R&D capabilities with new centers in Xi'an and Shanghai, which is expected to positively impact future performance [4]