公司2024 年第三季度收入增速大幅回升，单Q3 实现营业收入2.28亿元，同比增长40.80%，为公司上市以来最高水平；实现归母净利润0.52 亿元，同比增长138.42%。我们认为主要系内生和外延两方面因素。内生方面，公司上市后陆续发布的一系列高分辨率、高端示波器开始放量。24Q3 公司高分辨率示波器（分辨率≥12bits）销售收入同比增长71.21%，高端示波器（带宽≥2GHz）销售收入同比提升144.93%，两者均实现高速增长。外延方面，单三季度公司来自于解决方案的销售收入为3056.45 万元，我们判断其中大部分来自于对于耐数电子的并购，其也对整体收入的提升起到了重要拉动作用。Incident Overview
On October 28, Puyuan Precision released its report for the third quarter of 2024. In the first three quarters of 2024, the company achieved revenue of 0.535 billion yuan, a year-on-year increase of 13.14%; realized net profit of 0.06 billion yuan, a year-on-year decrease of 11.65%; and realized net profit deducted from non-mother of 0.022 billion yuan, a year-on-year decrease of 26.96%.
Endogenous extension went hand in hand, and revenue growth rebounded sharply in 24Q3
The company's revenue growth rate rebounded sharply in the third quarter of 2024. In Q3, it achieved revenue of 0.228 billion yuan, a year-on-year increase of 40.80%, the highest level since the company went public; net profit to mother was 0.052 billion yuan, an increase of 138.42% over the previous year. We think the main factors are endogenous and extrinsic. On the endogenous side, a series of high-resolution, high-end oscilloscopes released after the company went public began to be released. 24Q3's sales revenue for high-resolution oscilloscopes (resolution ≥12 bits) increased 71.21% year-on-year, and sales revenue for high-end oscilloscopes (bandwidth ≥2 GHz) increased 144.93% year-on-year, both of which achieved rapid growth. In terms of extension, the company's sales revenue from solutions in the third quarter of a single quarter was 30.5645 million yuan. We judge that most of this came from mergers and acquisitions of Endurance Electronics, which also played an important role in driving overall revenue growth.
High-end technology is progressing smoothly, and profitability is gradually improving
The gross margin of a single Q3 company was 60.84%, up 2.6 pcts from the same period last year and 2.37 pcts month-on-month; of these, the gross margin of oscilloscope products was 61.28%, up 1.12 pcts from the same period last year, and 3.19 pcts month-on-month, mainly due to the smooth advancement of high-end technology, which significantly drove gross margin. Specifically, 24Q3's high-end oscilloscope sales revenue accounted for 41.83% of the overall oscilloscope revenue, an increase of 18.45 pcts over the same period last year. In the long run, we believe that high-end is the core driving force of the company. In September 2023, the company released the DS80000 series of next-generation flagship oscilloscopes, which can reach 13 GHz bandwidth, 40 GSa/s sampling rate, and 4 Gpts of storage depth, breaking the performance limit of domestic oscilloscopes. We expect that with the gradual release of a series of high-end new products represented by the DS80000, the company's overall profitability is expected to further improve.
The acquisition of 100% of NISU Electronics' shares was completed, and the multi-dimensional synergy was significant. According to the announcement, the company completed the acquisition of 100% of NISU Electronics' shares in August 2024. Resistant Electronics focuses on the development and application of digital array systems. Its products are mainly used in cutting-edge application fields such as remote sensing detection, quantum information, radio astronomy, microwave communication, etc. The downstream customers are mostly leading domestic research institutes and technology-based enterprises, etc., and the customer quality is high. We believe that the significance of the acquisition is to: 1) help the company expand its downstream customer base and improve the company's layout in scientific research fields such as remote sensing detection, quantum information, radio astronomy, microwave communication; 2) accelerate the construction of the company's solution capabilities to achieve transformation and upgrading from a hardware-based electronic measuring instrument supplier to a comprehensive solution provider; 3) collaborate with the modular instrument product line the company plans to launch.
Investment advice:
The company is a leading electronic measurement company in China. After more than 20 years of development, the company has formed a leading edge in brand, channel, technology, etc. As one of the “stuck neck” technologies, electronic measuring instruments have considerable room for domestic replacement. We are optimistic that the company will continue to develop over a long period of time in the future against the backdrop of the accelerated release of industry dividends. We expect the company's revenue for 2024-2026 to be 0.794/0.992/1.226 billion yuan, and net profit to mother of 0.114/0.151/0.213 billion yuan, respectively. Maintaining the buy-A investment rating, the target price for 6 months is 46.8 yuan, which is equivalent to 60 times PE in 2025.
Risk warning: 1) Risk of new product development falling short of expectations; 2) risk of limited supply of upstream raw materials; 3) risk of market and channel development falling short of expectations; 4) risk of downstream market demand falling short of expectations; 5) risk of acquisition falling short of expectations.
