SONOSCAPE(300633) 华创证券·2024-09-03 03:10Investment Rating - The report maintains a "Recommended" rating for the company with a target price of 45 yuan, while the current price is 29.68 yuan [1]. Core Views - The company's revenue for the first half of 2024 is 1.013 billion yuan, a decrease of 2.94%, and the net profit attributable to the parent company is 171 million yuan, down 37.53% [1]. - The decline in performance is attributed to delayed procurement demand from hospitals due to medical compliance activities and equipment update policies, alongside increased sales and R&D expenses [1]. - The endoscopy business shows slight revenue growth of 2.84%, while the color ultrasound business revenue decreased by 5.94% due to intensified market competition [1]. - The company has a balanced revenue distribution between domestic and international markets, with overseas revenue accounting for 46.19% [1]. - The company is expected to benefit from the implementation of equipment update policies in the second half of 2024, which may release delayed procurement demand [1]. - Forecasts for net profit attributable to the parent company for 2024-2026 are 590 million, 751 million, and 955 million yuan, representing year-on-year growth of 29.8%, 27.3%, and 27.2% respectively [2]. Summary by Sections Financial Performance - In H1 2024, the company reported total revenue of 1.013 billion yuan, a decrease of 2.94%, and a net profit of 171 million yuan, down 37.53% [1]. - The second quarter of 2024 saw revenue of 533 million yuan, a decline of 6.48%, and a net profit of 70 million yuan, down 47.70% [1]. Business Segments - Endoscopy and related treatment devices generated revenue of 387 million yuan, with a stable gross margin of 73.77% [1]. - Color ultrasound revenue was 610 million yuan, with a gross margin decrease to 62.99% [1]. Market Position - The company ranks among the top ten in the global ultrasound market and holds the fourth position in the domestic market [1]. - The company is third in the domestic digestive endoscopy market, following Olympus and Fujifilm [1]. Future Outlook - The company anticipates a recovery in demand due to the rollout of equipment update policies in H2 2024 [1]. - The DCF model estimates a target price of approximately 45 yuan for 2024, maintaining a "Recommended" rating [1].