SONOSCAPE(SZ:300633) Haitong Securities International·2025-09-05 10:02Investment Rating - The report maintains an "Outperform" rating for the company, indicating an expectation of relative performance exceeding the market benchmark over the next 12-18 months [1][4]. Core Insights - The company is viewed as a leading domestic player in the ultrasound and endoscope sectors, with a target price set at 35.22 RMB, reflecting a target PE of 60X for 2025 [4][9]. - The company's revenue for the first half of 2025 was 964 million RMB, a decrease of 4.78% year-on-year, while the net profit attributable to shareholders was 47 million RMB, down 72.43% year-on-year [4][9]. - The report highlights a slight growth in the endoscope segment, while the ultrasound revenue saw a decline [1][4]. Financial Summary - Total revenue projections for 2025 are estimated at 2,196 million RMB, with a growth rate of 9.0% compared to 2024 [3]. - The net profit attributable to shareholders is projected to recover to 254 million RMB in 2025, reflecting a significant increase of 78.4% from 2024 [3]. - The gross profit margin for the first half of 2025 was reported at 61.20%, down 4.46 percentage points year-on-year, while the net profit margin was 7.29%, down 5.91 percentage points year-on-year [4][9]. Revenue Breakdown - In the first half of 2025, ultrasound revenue was 550 million RMB, a decline of 9.87% year-on-year, with a gross profit margin of 57.31% [4][9]. - Revenue from endoscopes and related devices was 388 million RMB, showing a slight increase of 0.08% year-on-year, with a gross profit margin of 67.93% [4][9]. Asset and Liability Overview - As of June 30, 2025, accounts receivable stood at 190 million RMB, a slight decrease of 0.17%, while inventory increased by 4.47% to 788 million RMB [4][9].