SONOSCAPE(SZ:300633) Xin Lang Cai Jing·2025-09-30 10:34Core Viewpoint - The company reported a decline in revenue and net profit for the first half of 2025, with a significant drop in net profit attributed to high fixed costs and ongoing investments in new product lines [1][3]. Revenue Analysis - In H1 2025, the company's operating revenue was 964 million yuan, a decrease of 4.78% year-on-year, while the net profit attributable to shareholders was 47 million yuan, down 72.43% [1]. - Domestic revenue saw a year-on-year decline of 9.17%, despite a recovery in the medical equipment sector and increased bidding amounts for ultrasound and endoscope products [2]. - The overseas revenue growth was stable, with a year-on-year increase of 0.33% in H1 2025, primarily due to a high base in H1 2024 [2]. - In Q2 2025, the operating revenue was 534 million yuan, showing a slight increase of 0.17% compared to the previous quarter [1][2]. Profit Analysis - The net profit for H1 2025 experienced a significant decline of 72.43%, which was more severe than the revenue decline, mainly due to substantial fixed costs related to new product lines and R&D expenses [3]. - In Q2 2025, the net profit attributable to shareholders was 39 million yuan, reflecting a year-on-year decrease of 44.65%, but an improvement from Q1's decline of 91.94% [3]. - The company has maintained a R&D expense ratio of around 20%, indicating a commitment to continuous investment in product development [3]. Product Development - The company launched the iEndo series 4K smart endoscope platform in 2025, featuring ultra-high-resolution imaging capabilities [3]. - New products in the minimally invasive surgery sector, such as the SV-M4K200 platform, were also introduced, enhancing surgical precision and efficiency [3]. Investment Outlook - The company forecasts net profits of 300 million yuan, 410 million yuan, and 540 million yuan for 2025 to 2027, with corresponding price-to-earnings ratios of 49, 36, and 27 [4]. - A DCF model estimates the company's overall valuation at 20 billion yuan, with a target price of approximately 46 yuan, maintaining a "recommended" rating [4].