SONOSCAPE(SZ:300633) Guoxin Securities·2024-07-18 00:30Investment Rating - The report maintains an "Outperform" rating for the company [4]. Core Insights - The company is a leader in the "ultrasound + endoscope" industry in China, with a strong focus on high-end innovation and a multi-product line strategy [1][13]. - The ultrasound business is stable, with the launch of new high-end products expected to drive growth [1]. - The endoscope market is experiencing high demand, and the company is positioned to increase its market share [1]. - The company is expanding into minimally invasive surgery and cardiovascular intervention, with promising growth potential in these new business areas [1]. Summary by Sections Company Overview - Founded in 2002, the company started with ultrasound and expanded into endoscopy in 2012, becoming the second-largest domestic ultrasound provider and the largest for endoscopes [1][13]. - The company has launched several high-end products, including the 4K hard endoscope and intravascular ultrasound (IVUS) devices, enhancing its market position [1]. Business Structure - The company has diversified its product lines into four main areas: ultrasound, endoscopy, minimally invasive surgery, and cardiovascular intervention [15]. - The endoscopy segment has become a significant growth driver, with its revenue share increasing from less than 10% in 2017 to 40% in 2023 [17]. Financial Projections - Revenue is projected to grow from 26.5 billion CNY in 2024 to 42.5 billion CNY in 2026, with a compound annual growth rate (CAGR) of approximately 25% to 27% [2]. - Net profit is expected to increase from 5.9 billion CNY in 2024 to 9.5 billion CNY in 2026, with a CAGR of 27% to 29% [2]. Market Position - The company is well-positioned in the high-end ultrasound market, with expectations for rapid growth in high-end product sales [1]. - The soft endoscope market is projected to reach 8.12 billion CNY by 2025, with the company aiming to increase its market share significantly [1]. Management and Governance - The company has a stable ownership structure, with the founders holding significant shares and a strong management team with deep industry experience [27][31]. - Multiple stock incentive plans have been implemented to align the interests of management and core talent with company performance [34].