SONOSCAPE(300633) Tianfeng Securities·2025-06-12 09:44Investment Rating - The investment rating for the company is "Buy" [5] Core Views - The company has a stable main business, with a focus on high-end and international development to build long-term competitiveness [1][3] - In 2024, the company achieved a revenue of 2.014 billion yuan, a year-on-year decrease of 5.02%, and a net profit attributable to the parent company of 142 million yuan, down 68.67% year-on-year [1] - The company is actively expanding its market, with notable progress in the high-end ultrasound segment and stable performance in the endoscope segment [2][3] Financial Performance - In 2024, the company's R&D expense ratio was 23.48%, an increase of 5.36 percentage points year-on-year, while the sales expense ratio reached 28.45%, up 3.72 percentage points [2] - The ultrasound business generated revenue of 1.183 billion yuan in 2024, a decline of 3.26% year-on-year, but high-end product sales increased [2] - The endoscope revenue was 795 million yuan, down 6.44% year-on-year, with the HD-580 series performing well [2] Growth Strategy - The company adheres to a high-end and diversified strategic path, with R&D expenses of 473 million yuan in 2024, focusing on high-end fields [3] - The company has made significant advancements in artificial intelligence technology, with the AI prenatal ultrasound screening technology receiving domestic certification [3] - Internationally, the company achieved a revenue of 970 million yuan, accounting for 48% of total revenue, with a year-on-year growth of 3.27% [3] Earnings Forecast - The company is expected to achieve revenues of 2.416 billion yuan, 2.852 billion yuan, and 3.382 billion yuan for 2025, 2026, and 2027 respectively [4] - The net profit attributable to the parent company is forecasted to be 332 million yuan, 456 million yuan, and 671 million yuan for the same years [4]