SONOSCAPE(300633) Haitong Securities·2024-11-06 11:12Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2] Core Views - The report highlights that the company experienced a decline in revenue and profit in Q3 2024, with a revenue of 386 million yuan, down 9.18% year-on-year, and a net profit of -62 million yuan, down 229.50% year-on-year [5] - The report projects a recovery in earnings with expected EPS of 0.44, 0.94, and 1.43 yuan for 2024, 2025, and 2026 respectively, indicating a significant rebound in net profit growth rates of -57.7%, 112.0%, and 52.3% [6][10] - The company is positioned in a high-growth sector, with a favorable outlook based on its leading position in the soft endoscope and ultrasound industry [6] Financial Performance Summary - For Q3 2024, the company's gross margin was 64.37%, down 3.72 percentage points year-on-year, while the net profit margin was -15.98%, down 27.18 percentage points year-on-year [5] - The company's total revenue for the first three quarters of 2024 was 1.398 billion yuan, a decrease of 4.74% year-on-year, with a net profit of 109 million yuan, down 66.01% year-on-year [5] - The report indicates a decrease in accounts receivable to 161 million yuan, a reduction of approximately 69 million yuan from the previous report, while inventory increased to 776 million yuan, an increase of approximately 106 million yuan [5] Earnings Forecast - The forecast for total revenue from 2024 to 2026 is projected to be 2.040 billion yuan, 2.474 billion yuan, and 2.980 billion yuan respectively, with a year-on-year growth rate of -3.8%, 21.3%, and 20.4% [7][10] - The report anticipates a recovery in profitability, with net profit expected to rise from 192 million yuan in 2024 to 621 million yuan in 2026 [10] Valuation - The report assigns a price-to-earnings (P/E) ratio of 31-40 times for 2025, suggesting a reasonable value range of 29.18 to 37.65 yuan per share [6][9]