SONOSCAPE(SZ:300633) Tebon Securities·2024-09-10 00:03Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company reported a revenue of 1.013 billion yuan for the first half of 2024, a decrease of 2.94% year-on-year, with a net profit attributable to the parent company of 171 million yuan, down 37.53% [6] - The decline in performance is attributed to reduced bidding activities, while the endoscope segment continues to grow [6] - The company expects a recovery in bidding policies in the second half of 2024, which is anticipated to drive a return to rapid growth in performance [6] - The company is increasing its R&D investment and expanding its sales team, with a 24.1% increase in sales expenses and a 24.96% increase in R&D expenses in the first half of 2024 [6] - The company has launched new high-end products in the ultrasound field and is set to release an upgraded version of its soft endoscope in 2024 [6] Financial Summary - The company achieved a revenue of 2.120 billion yuan in 2023, with projected revenues of 2.451 billion yuan in 2024, 2.992 billion yuan in 2025, and 3.677 billion yuan in 2026 [8] - The net profit for 2023 is projected at 454 million yuan, with forecasts of 508 million yuan in 2024, 648 million yuan in 2025, and 797 million yuan in 2026 [8] - The gross margin is expected to improve from 69.4% in 2023 to 70.5% by 2026 [8] - The company's current market capitalization is approximately 12.557 billion yuan [7]