CHISON MEDICAL(SH:688358) Guoxin Securities·2025-05-09 00:55Investment Rating - The investment rating for the company is "Outperform the Market" [6][3] Core Viewpoints - The company reported a revenue of 469 million yuan in 2024, a decrease of 3.13%, with a net profit of 141 million yuan, down 4.08%. However, Q4 2024 showed a strong performance with a revenue of 106 million yuan, an increase of 29.77%, and a net profit of 42 million yuan, up 733.85% [1][9] - The company is focusing on expanding its ultrasound matrix and the application of SonoAI technology to enhance product competitiveness [1][9] - The gross margin for 2024 was stable at 58.95%, while the R&D expense ratio increased to 16.99%, reflecting the company's commitment to building technological barriers through increased R&D investment [2][15] - The company is deeply engaged in the ultrasound AI field, driving innovation across various clinical disciplines with products like the "Breast AI Ultrasound Robot" [2][20] Financial Forecasts - The revenue forecasts for 2025, 2026, and 2027 are adjusted to 560 million yuan, 640 million yuan, and 740 million yuan respectively, with year-on-year growth rates of 19%, 15%, and 14% [3][20] - The net profit forecasts for the same period are 170 million yuan, 200 million yuan, and 220 million yuan, with growth rates of 21%, 15%, and 15% [3][20] - The current stock price corresponds to a PE ratio of 19, 17, and 15 for 2025, 2026, and 2027 respectively [3][20]