SONOSCAPE(SZ:300633) Huafu Securities·2024-09-04 00:30Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 20% relative to the market benchmark index within the next six months [4][9]. Core Views - The company reported a revenue of 1.013 billion yuan for the first half of 2024, reflecting a year-on-year decrease of 2.9%, with a net profit attributable to shareholders of 171 million yuan, down 37.5% year-on-year [2]. - The decline in performance is attributed to reduced bidding volumes for ultrasound and endoscopy products due to industry procurement disruptions, but a recovery is anticipated in the second half of 2024 as delayed bidding demands are expected to be released [2][3]. - The company has a strong R&D focus, with an investment of 212 million yuan in the first half of 2024, representing a 25% increase year-on-year, and a rising market recognition for its products [2][3]. Financial Data and Valuation - The company’s projected revenues for 2024 to 2026 are 2.546 billion yuan, 3.193 billion yuan, and 4.006 billion yuan respectively, with compound annual growth rates (CAGR) of 26.6% [3]. - The net profit forecast for the same period is 561 million yuan, 724 million yuan, and 922 million yuan, with corresponding EPS of 1.30 yuan, 1.67 yuan, and 2.13 yuan [3][6]. - The current price-to-earnings (P/E) ratios for 2024, 2025, and 2026 are projected to be 23, 18, and 14 respectively, indicating a favorable valuation trend [3][6].