SONOSCAPE(300633) Huaan Securities·2024-09-02 13:30Investment Rating - The investment rating for the company is "Buy" (maintained) [1][2] Core Views - The company's performance is under short-term pressure due to procurement disruptions, but a recovery in business is expected in the second half of the year [1] - The company reported a revenue of 1.013 billion yuan for the first half of 2024, a year-on-year decrease of 2.94%, with a net profit attributable to shareholders of 171 million yuan, down 37.53% year-on-year [1] - The company is increasing strategic investments during the industry downturn, with a significant increase in employee numbers and R&D expenditures, which is expected to support long-term growth [1][2] Financial Performance Summary - For the first half of 2024, the company achieved a revenue of 1.013 billion yuan, with ultrasound business revenue of 610 million yuan (down 5.94% year-on-year) and endoscope business revenue of 387 million yuan (up 2.84% year-on-year) [1] - The company plans to achieve revenues of 2.414 billion yuan, 2.927 billion yuan, and 3.503 billion yuan for 2024, 2025, and 2026 respectively, with corresponding growth rates of 13.8%, 21.2%, and 19.7% [2] - The net profit attributable to shareholders is expected to reach 511 million yuan, 656 million yuan, and 819 million yuan for 2024, 2025, and 2026 respectively, with growth rates of 12.5%, 28.4%, and 24.8% [2] R&D and Product Development - The company emphasizes the development of proprietary technology and products, with R&D expenses of 329 million yuan, 384 million yuan, and 212 million yuan for 2022, 2023, and the first half of 2024, representing 18.66%, 18.12%, and 20.95% of revenue respectively [1] - The company has developed a comprehensive range of ultrasound products and has launched a new generation of high-end ultrasound platforms [1] - The endoscope product series has been expanded to meet various clinical needs, including the introduction of the first bronchoscopic ultrasound probe in China [1]