RIGOL(688337) 东吴证券·2024-03-21 16:00Investment Rating - The investment rating for the company is maintained at "Accumulate" [21][25]. Core Views - The company's performance in 2023 aligns with market expectations, with total revenue of 670.54 million yuan, a year-on-year increase of 6.34%, and a net profit attributable to shareholders of 107.95 million yuan, up 16.72% year-on-year [1][21]. - The company is benefiting from the high-end product strategy, with a gross margin of 56.5%, an increase of 4.1 percentage points year-on-year, and a net profit margin of 16.1%, up 1.4 percentage points year-on-year [1][21]. - The company is transitioning from a leader in electronic measurement instruments to a comprehensive solution provider, with new production capacities and business layouts both domestically and internationally [1][21]. Financial Performance Summary - Total revenue for 2023 is projected at 670.54 million yuan, with a year-on-year growth of 6.34% [1][5]. - Net profit attributable to shareholders for 2023 is expected to be 107.95 million yuan, reflecting a year-on-year increase of 16.72% [1][5]. - The company anticipates a net profit of 157.77 million yuan in 2024, 206.69 million yuan in 2025, and 257.51 million yuan in 2026, with corresponding P/E ratios of 43, 32.90, and 26.41 [1][5]. Product and Market Development - High-end products and new product sales have shown significant growth, with high-end and high-resolution digital oscilloscopes accounting for 54% of total oscilloscope sales, an increase of 13 percentage points year-on-year [1][21]. - The DHO series product sales revenue increased by 194% year-on-year, and RF instrument sales revenue grew by 14% year-on-year, outpacing overall revenue growth [1][21]. - The company is set to benefit from the large-scale equipment update policies in the electronic measurement instrument industry, alongside the launch of new products and new production capacity in Malaysia [1][21].