SONOSCAPE(SZ:300633) CMS·2025-07-21 15:15Investment Rating - The report initiates coverage with a "Strong Buy" rating for the company [4][5]. Core Viewpoints - The company is a leading domestic player in ultrasound and endoscopy, with a comprehensive product matrix and strong technological accumulation, driving rapid growth through R&D breakthroughs and import substitution [1][13]. - The company is well-positioned to benefit from the recovery of terminal procurement, which is expected to release performance elasticity in the short term [1][25]. Summary by Sections 1. Dual-Engine Growth of Ultrasound and Endoscopy - The company has established a strong competitive advantage in the medical device market, with a product line covering ultrasound imaging, endoscopy, minimally invasive surgery, and cardiovascular intervention [13]. - The ultrasound business is expected to generate revenue of 1.183 billion yuan in 2024, while the endoscopy business is projected to reach 795 million yuan, with a five-year CAGR of 22.18% [2][29]. 2. Product Line Highlights - The company is a pioneer in developing core technologies for color Doppler ultrasound equipment, with plans to launch an AI detection technology for obstetric ultrasound in 2025 [2][15]. - The endoscopy market is experiencing rapid growth, with the company enhancing its product offerings and achieving clinical recognition [3][16]. 3. Financial Performance and Forecast - The company’s revenue is projected to reach 2.412 billion yuan in 2025, with a year-on-year growth rate of 20%, and net profit is expected to be 359 million yuan, reflecting a significant increase of 152% [4][9]. - The company has maintained a stable revenue growth trajectory, with a CAGR of 11.58% from 2018 to 2023 [25]. 4. Management and Ownership Structure - The company has a concentrated ownership structure, with the founders holding a combined 44.24% of shares, ensuring stability in management [19][23]. - The management team possesses extensive experience in the medical device industry, contributing to the company's strategic direction [23][24]. 5. Market Position and Competitive Landscape - The company ranks second among domestic manufacturers in the ultrasound market and third in the domestic endoscopy market, with significant growth potential in high-end segments [29][46]. - The report highlights the ongoing shift towards domestic high-end product replacement, indicating a favorable competitive landscape for the company [46].