SONOSCAPE(SZ:300633) CMS·2025-09-23 02:41Investment Rating - The report maintains a "Strong Buy" rating for the company [3]. Core Views - The company is experiencing short-term pressure on performance, but there are expectations for recovery driven by new product launches [7][8]. - The financial performance shows a decline in revenue and net profit for the first half of 2025, with a revenue of 964 million yuan, down 4.78% year-on-year, and a net profit of 47 million yuan, down 72.43% year-on-year [2][7]. - The company is focusing on enhancing its product matrix, particularly in ultrasound and endoscopy, with new product launches expected to strengthen its market position [7]. Financial Data and Valuation - The projected total revenue for 2025 is 2.253 billion yuan, with a year-on-year growth of 12% [2][10]. - The projected net profit for 2025 is 299 million yuan, with a significant expected growth of 110% in 2026 [2][10]. - The company's PE ratio is projected to decrease from 47.3 in 2025 to 28.2 in 2027, indicating potential valuation improvement [2][10]. Product Performance - The ultrasound segment generated 550 million yuan in revenue, a decline of 9.87% year-on-year, while the endoscopy segment saw a slight increase in revenue to 388 million yuan [7]. - The company is set to launch the new iEndo series 4K smart endoscope platform, which is expected to enhance its competitive edge in the domestic market [7]. Market Dynamics - Domestic revenue is under pressure, with a reported decline of 9.17%, while overseas revenue showed a slight increase of 0.33% [7]. - The report anticipates a gradual recovery in performance as the domestic medical equipment industry begins to rebound from recent challenges [7].