SONOSCAPE(SZ:300633) Xiangcai Securities·2024-09-05 08:14Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [6]. Core Views - The company's performance in the first half of 2024 was impacted by reduced hospital procurement and increased strategic investments, but a recovery is expected in the second half of the year as procurement activities normalize [2][6]. - The company reported a revenue of 1.013 billion yuan in H1 2024, a decrease of 2.94% year-on-year, and a net profit attributable to shareholders of 171 million yuan, down 37.53% year-on-year [2]. - The company continues to invest heavily in research and development, with R&D expenses reaching 212 million yuan in H1 2024, a 24.71% increase year-on-year [5]. Summary by Sections Financial Performance - In H1 2024, the company achieved a revenue of 1.013 billion yuan, with a net profit of 171 million yuan, reflecting a decline of 37.53% year-on-year [2]. - The second quarter of 2024 saw a revenue of 533 million yuan, down 6.48% year-on-year, and a net profit of 70 million yuan, down 47.70% year-on-year [2]. Cost and Profitability - The company's expense ratios increased, with a sales expense ratio of 28.37%, up 6.18 percentage points year-on-year, and a management expense ratio of 27.16%, up 5.57 percentage points year-on-year [3]. - The gross margin for H1 2024 was 67.43%, a decrease of 1.55 percentage points compared to the previous year [3]. Business Segments - The ultrasound segment reported a revenue decline of 5.94% year-on-year, while the endoscope business saw a revenue increase of 2.84% year-on-year [4]. - The company is focusing on high-end ultrasound products, anticipating a recovery in sales as the macro environment improves [4]. Market Presence and R&D - The company operates in nearly 170 countries, with domestic revenue of 545 million yuan and overseas revenue of 468 million yuan, accounting for 46.19% of total revenue [5]. - R&D investment has been significant, with R&D expenses constituting 20.95% of revenue in H1 2024 [5].