SONOSCAPE(300633) Tai Ping Yang·2024-11-01 13:50Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase of over 15% compared to the CSI 300 index in the next six months [6]. Core Views - The report highlights an improvement in industry bidding data and anticipates that the implementation of equipment upgrades will support the company's performance recovery [1][2]. - The company reported a revenue of 1.398 billion yuan for the first three quarters of 2024, a year-on-year decrease of 4.74%, and a net profit attributable to shareholders of 109 million yuan, down 66.01% year-on-year [1]. - The third quarter of 2024 saw a revenue of 386 million yuan, a decline of 9.18% year-on-year, with a net profit of -62 million yuan, reflecting a significant drop of 229.50% year-on-year [1][2]. Financial Summary - Revenue projections for 2024-2026 are 2.13 billion, 2.604 billion, and 3.125 billion yuan, with year-on-year growth rates of 0.5%, 22%, and 20% respectively [2][3]. - The net profit forecasts for the same period are 246 million, 490 million, and 666 million yuan, with growth rates of -46%, 99%, and 36% respectively [2][3]. - The report indicates a decrease in gross margin to 64.37% in Q3 2024, down 3.72 percentage points year-on-year, while the overall net profit margin dropped to -15.98% [2][4]. Strategic Initiatives - The company is increasing strategic investments and actively promoting new product iterations across various product lines, including minimally invasive surgery and cardiovascular intervention [1][2]. - The report notes that the company has added over 300 employees in the first half of 2024, bringing the total workforce to over 3,000, enhancing its talent pool for future growth [1][2].