SONOSCAPE(300633) 国投证券·2025-04-18 14:15Investment Rating - The report assigns a "Buy-A" investment rating with a target price of 41.08 CNY for the next six months [4][5]. Core Views - The company has shown significant quarter-on-quarter improvement in Q4 2024, with a notable recovery in its bidding activities expected to enhance future performance [1][3]. - Despite a decline in overall revenue and net profit for 2024, the company’s core business lines outperformed the industry, indicating strong operational capabilities and strategic investments during a challenging market period [2][3]. - The company is anticipated to experience substantial revenue growth in the coming years, with projected growth rates of 22.7%, 21.4%, and 20.5% for 2025 to 2027, respectively [4][10]. Summary by Sections Financial Performance - In 2024, the company reported revenue of 2.014 billion CNY, a decrease of 5% year-on-year, and a net profit of 140 million CNY, down 68.7% year-on-year [1][10]. - Q4 2024 saw revenue of 620 million CNY, a 60% increase quarter-on-quarter, although it was still down 5.6% year-on-year [1]. Market Position - The company’s ultrasound and endoscope segments generated revenues of 1.18 billion CNY and 795 million CNY in 2024, respectively, both showing declines but outperforming the industry average [2]. - The bidding amounts for the company in Q1 2025 increased by approximately 130% year-on-year, significantly surpassing industry growth rates [3]. Future Projections - The report forecasts a robust recovery in the company's financials, with net profit growth expected to reach 256.6% in 2025, followed by 20.8% and 21.2% in the subsequent years [4][10]. - The projected earnings per share (EPS) for 2025 is estimated at 1.17 CNY, with a dynamic price-to-earnings ratio of 35 times [4][10].