SONOSCAPE(300633) Guotou Securities·2024-09-02 15:38Investment Rating - The report maintains a "Buy-A" investment rating with a 6-month target price of 42.54 CNY, compared to the current stock price of 30.60 CNY as of August 30, 2024 [1][5]. Core Views - The company's revenue for the first half of 2024 was 1.013 billion CNY, a decrease of 2.94% year-on-year, while net profit dropped by 37.53% to 170 million CNY [1][2]. - The decline in performance is attributed to a high base from the previous year and reduced procurement from hospitals, particularly affecting ultrasound and endoscopy segments [2]. - Despite short-term pressures, the company is increasing investments in market expansion and R&D, which are expected to support long-term growth [2]. Financial Performance - For the first half of 2024, the gross margin was 67.43%, down 1.55 percentage points year-on-year, and the net profit margin was 16.84%, down 9.33 percentage points [1][2]. - The company reported a sales expense ratio of 28.37%, up 6.18 percentage points year-on-year, and a R&D expense ratio of 20.95%, up 4.68 percentage points [2]. - The ultrasound segment saw a revenue of 610 million CNY, a decline of 5.94%, while the endoscopy segment grew slightly by 2.84% to 387 million CNY [3]. Revenue and Profit Forecast - The report forecasts revenue growth rates of 16.3%, 23.2%, and 22.9% for 2024, 2025, and 2026, respectively, with net profit growth rates of 1.3%, 38.0%, and 27.8% for the same years [5][6]. - The projected earnings per share (EPS) for 2024 is 1.06 CNY, with a price-to-earnings (PE) ratio of 28.8 [6][7]. Market Position and Product Development - The company has developed a comprehensive product line in the ultrasound market, including high-end and portable devices, with plans to launch new high-end portable products in 2024 [3]. - In the endoscopy market, the company has introduced several innovative products, including domestically produced high-end endoscopes, which have received positive feedback from top-tier hospitals [3].