SONOSCAPE(SZ:300633) Guoxin Securities·2025-08-26 06:24Investment Rating - The investment rating for the company is "Outperform the Market" [5][3][24] Core Views - The company experienced a slight decline in revenue and significant pressure on profits, but there was a quarter-on-quarter improvement in Q2 2025. Revenue for the first half of 2025 was 964 million yuan, down 4.78%, with a net profit attributable to shareholders of 47 million yuan, down 72.43% [1][8] - The domestic business saw a decline, while overseas business remained stable. In the first half of 2025, the ultrasound business generated 550 million yuan, a year-on-year decrease of 9.87%, while the endoscope and related instruments generated 388 million yuan, remaining flat [1][14] - The company is focusing on high-end product launches in 2025, with new products like the iEndo series 4K smart endoscope platform and high-end ultrasound platforms expected to enhance product structure and support future revenue growth [2][22] Financial Performance Summary - For the first half of 2025, the company's gross margin was 62.08%, down 5.34 percentage points, influenced by centralized procurement and insufficient scale effects from new businesses. The sales expense ratio increased to 31.63%, and R&D expense ratio rose to 25.31% [2][20] - The company maintains its profit forecast, expecting revenues of 2.34 billion, 2.69 billion, and 3.09 billion yuan for 2025, 2026, and 2027 respectively, with net profits of 310 million, 400 million, and 480 million yuan for the same years [3][4][25]