SONOSCAPE(SZ:300633) Huachuang Securities·2025-09-30 08:24Investment Rating - The report maintains a "Recommended" rating for the company with a target price of 46 yuan [2][6]. Core Views - The company's performance is improving gradually, with new business lines experiencing rapid growth. The revenue for H1 2025 was 964 million yuan, a decrease of 4.78% year-on-year, while the net profit attributable to shareholders was 47 million yuan, down 72.43% [2][6]. - The report highlights that the domestic business is under pressure, but overseas revenue remains stable. The company’s existing business lines, such as ultrasound and endoscopy, continue to grow steadily, providing ongoing profit and cash flow [2][6]. - The company is investing heavily in R&D, maintaining a research expense ratio around 20%, and has launched new products in the endoscopy and minimally invasive surgery sectors [2][6]. Financial Summary - For 2025, the company is projected to have total revenue of 2,387 million yuan, with a year-on-year growth rate of 18.5%. The net profit attributable to shareholders is expected to reach 303 million yuan, reflecting a growth rate of 113% [2][7]. - The earnings per share (EPS) for 2025 is estimated at 0.70 yuan, with a price-to-earnings (P/E) ratio of 49 times [2][7]. - The company’s total assets are projected to grow from 4,313 million yuan in 2024 to 5,736 million yuan by 2027, indicating a strong growth trajectory [7].