SONOSCAPE(300633) Huafu Securities·2024-11-07 10:19Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 20% relative to the market benchmark within the next six months [9]. Core Views - The company reported a revenue of 1.398 billion yuan for the first three quarters of 2024, a year-on-year decrease of 4.7%, and a net profit attributable to shareholders of 109 million yuan, down 66.01% year-on-year. In Q3 alone, revenue was 386 million yuan, a decline of 9.18% year-on-year, with a net loss of 61.59 million yuan, a significant drop of 229.5% year-on-year [1]. - The delay in procurement activities and personnel expansion have impacted short-term performance, but the report anticipates a recovery in performance starting Q4 2024 as delayed procurement demand is expected to be released [1][2]. - The company is heavily investing in R&D, with multiple new products in the pipeline, including a new 4K ultra-high-definition electronic endoscope system and a new generation high-end endoscopic imaging system expected to launch in the first half of 2025 [2]. Financial Summary - For 2024-2026, the forecasted net profits attributable to shareholders are 280 million yuan, 480 million yuan, and 680 million yuan respectively, with a compound annual growth rate (CAGR) of 14.6%. The current stock price corresponds to price-to-earnings (P/E) ratios of 57, 33.2, and 23.5 for the respective years [2][3]. - The company’s revenue is projected to grow from 2.120 billion yuan in 2023 to 3.347 billion yuan in 2026, with a growth rate of 25% in 2026 [3][6]. - The report highlights that the company has a strong market position, ranking fourth in the domestic ultrasound market and third in the digestive endoscope market, with steady market share growth [2].