SONOSCAPE(300633) 新浪财经· Xin Lang Cai Jing·2025-04-19 06:42Core Insights - The company reported a revenue of 2.014 billion yuan for 2024, a year-on-year decline of 5%, with a net profit attributable to shareholders of 140 million yuan, down 68.7% year-on-year [1] - In Q4 2024, the company achieved a revenue of 620 million yuan, a year-on-year decrease of 5.6% but a quarter-on-quarter increase of 60%, with a net profit of 33.41 million yuan, reflecting a significant recovery from previous losses [1] Group 1: Company Performance - In 2024, the company's ultrasound segment generated 1.18 billion yuan in revenue, down 3% year-on-year, while the endoscope segment brought in 795 million yuan, down 6% year-on-year [2] - The overall bidding amount in the ultrasound industry decreased by approximately 26% year-on-year, and the endoscope industry saw a decline of about 27% due to high base effects from 2023 [2] - Despite industry challenges, the company outperformed the market, indicating strong operational capabilities and strategic investments during a tough period [2] Group 2: Future Outlook - Since 2025, the company has experienced rapid growth in bidding amounts, with Q1 2025 showing an overall increase of approximately 130% year-on-year, driven by low base effects, recovery in regular procurement, and ongoing equipment updates [3] - The company's bidding growth in Q1 significantly exceeded industry averages, suggesting a stable increase in market share and the effectiveness of prior investments [3] - Future revenue is expected to be positively impacted by sustained high growth in orders, indicating a potential upward trend for the company [3] Group 3: Investment Recommendation - The investment rating is maintained at Buy-A, with a target price of 41.08 yuan over the next six months, reflecting anticipated revenue growth rates of 22.7%, 21.4%, and 20.5% from 2025 to 2027 [4] - Projected net profit growth rates for the same period are 256.6%, 20.8%, and 21.2%, highlighting the company's strong growth potential [4]