SONOSCAPE(SZ:300633) Huachuang Securities·2025-05-12 10:14Investment Rating - The report maintains a "Recommendation" rating for the company, with a target price of 38 yuan, corresponding to a PE of 42 times for 2025 [2][8]. Core Insights - The company experienced a revenue decline of 5.02% in 2024, with total revenue of 2.014 billion yuan and a significant drop in net profit by 68.67% to 142 million yuan. The first quarter of 2025 also showed a decline in revenue by 10.29% [2][4]. - The domestic market faced pressure in 2024, with domestic revenue falling by 11.62% due to policy impacts on procurement activities in hospitals. However, international revenue grew by 3.27% [2][8]. - The company is developing a multi-product line strategy, launching high-end machines and achieving breakthroughs in AI technology for prenatal ultrasound screening [2][8]. - Despite the challenging environment, the company increased strategic investments, leading to a decrease in profit margins. The gross margin for 2024 was 63.78%, down 3.93 percentage points [2][8]. - The report adjusts profit forecasts for 2025-2027, expecting net profits of 390 million, 490 million, and 620 million yuan, with growth rates of 175.1%, 24.9%, and 26.4% respectively [2][8]. Financial Summary - Total revenue for 2024 is projected at 2.014 billion yuan, with an expected increase to 2.387 billion yuan in 2025, reflecting an 18.5% growth [4][9]. - The net profit for 2024 is 142 million yuan, with projections of 392 million yuan for 2025, indicating a significant recovery [4][9]. - The company’s earnings per share (EPS) are expected to rise from 0.33 yuan in 2024 to 0.91 yuan in 2025 [4][9].