SONOSCAPE(SZ:300633) China Post Securities·2025-09-23 01:14Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [2]. Core Views - The company's performance is under short-term pressure, but there are expectations for new product launches to drive growth in the second half of the year [5]. - The domestic medical equipment industry is showing signs of recovery, with significant growth in the company's ultrasound and endoscope products [6]. - The company has launched several new products across its business lines, including advanced endoscope platforms and bronchoscopes, which are expected to enhance its market position [6]. - The company is expanding its domestic and international marketing networks, which is anticipated to support ongoing business growth [7]. - Revenue forecasts for 2025-2027 are projected at 2.22 billion, 2.68 billion, and 3.18 billion yuan, with corresponding net profits expected to be 188 million, 391 million, and 503 million yuan [8]. Company Overview - The latest closing price of the company's stock is 34.45 yuan, with a total market capitalization of 14.9 billion yuan [4]. - The company reported a revenue of 964 million yuan in H1 2025, a year-on-year decrease of 4.78%, and a net profit of 47 million yuan, down 72.43% year-on-year [5]. - The company has a debt-to-asset ratio of 27.9% and a price-to-earnings ratio of 104.39 [4].