SONOSCAPE(SZ:300633) Xin Lang Cai Jing·2025-04-17 08:38Core Viewpoint - The company reported a decline in revenue and net profit for 2024, attributed to reduced hospital procurement activities and increased strategic investments, while continuing to focus on R&D and market expansion [1][2]. Group 1: Financial Performance - In 2024, the company achieved revenue of 2.01 billion (down 5.0% YoY) and a net profit of 142 million (down 68.7% YoY), with a non-recurring net profit of 110 million (down 75.1% YoY) [1]. - For Q4 2024, revenue was 615 million (down 5.6% YoY), net profit was 33.41 million (down 75.0% YoY), and non-recurring net profit was 24.20 million (down 80.0% YoY) [1]. Group 2: Strategic Investments and R&D - The company increased its R&D and marketing investments, with management expense ratio at 6.81% (up 0.8 percentage points) and sales expense ratio at 28.4% (up 3.7 percentage points) [1]. - R&D expense ratio reached 23.5% (up 5.4 percentage points), focusing on innovation in gastrointestinal and respiratory diagnostic products, as well as minimally invasive surgical business [1]. Group 3: Product Development and Market Position - The company launched several high-end products in 2024, including the S80 and P80 ultrasound machines, and the HD-580 high-end endoscope platform, with expectations for increased sales in 2025 [2]. - Domestic revenue was 1.04 billion (down 12% YoY), while international revenue was 970 million (up 3% YoY), indicating a strong performance in overseas markets [2]. Group 4: Profit Forecast and Investment Recommendations - The company adjusted its profit forecasts for 2025-2026, expecting net profits of 400 million, 490 million, and 610 million respectively, with a potential for improvement as procurement policies are implemented [3]. - The company maintains a "buy" rating based on its unique competitive advantages in the micro-invasive sector [3].