SONOSCAPE(300633) GOLDEN SUN SECURITIES·2024-11-06 04:10Investment Rating - The report maintains a "Buy" rating for the company [5][7]. Core Views - The company's Q3 performance was impacted by policy changes and procurement delays, but a recovery in Q4 is expected due to improved procurement processes [1][2]. - The company is focusing on R&D innovation, with significant investments leading to a richer endoscope product matrix and the introduction of new high-end products in the coming years [3][4]. - The company's international expansion is accelerating, establishing a marketing network in nearly 170 countries, which is expected to contribute to sustained growth [4]. Financial Performance Summary - For Q1-Q3 2024, the company reported revenue of 1.398 billion yuan, a year-on-year decline of 4.74%, and a net profit of 109 million yuan, down 66.01% [1]. - In Q3 2024, revenue was 386 million yuan, a decrease of 9.18% year-on-year, with a net loss of 61.59 million yuan, reflecting a 229.50% decline [1][2]. - The gross margin for Q3 2024 was 64.37%, down 3.72 percentage points year-on-year, attributed to a significant decline in higher-margin domestic business [2]. R&D and Product Development - The company invested 338 million yuan in R&D from Q1 to Q3 2024, representing a 28.33% increase year-on-year, with ongoing development of high-end endoscope systems [3]. - New products, including a 4K ultra-high-definition endoscope system, are expected to launch in the first half of 2025, enhancing the product lineup [3]. International Market Expansion - The company has established a presence in Europe, Asia, Africa, and the Americas, with successful product placements in public hospitals across several countries [4]. - The international strategy includes localizing operations and building marketing and after-sales teams abroad, which is anticipated to drive future growth [4]. Earnings Forecast - Revenue projections for 2024-2026 are 2.328 billion yuan, 2.799 billion yuan, and 3.443 billion yuan, with year-on-year growth rates of 9.8%, 20.2%, and 23.0% respectively [5][6]. - Net profit forecasts for the same period are 271 million yuan, 594 million yuan, and 760 million yuan, with growth rates of -40.3%, 119.2%, and 27.8% respectively [5][6].