SONOSCAPE(SZ:300633) ZHONGTAI SECURITIES·2024-04-13 16:00Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved a revenue of 2.12 billion yuan in 2023, representing a year-on-year growth of 20.29%, and a net profit of 454 million yuan, up 22.88% year-on-year [4][5] - The ultrasound business has shown steady growth, while both soft and hard endoscope businesses continue to experience high growth rates [14][15] - The company is positioned as a leader in the domestic digestive endoscope market, with a market share second only to Olympus and Fujifilm, and is the top domestic brand [15] Financial Performance Summary - Revenue (in million yuan): - 2022: 1,763 - 2023: 2,120 (20.29% growth) - 2024E: 2,675 (26% growth) - 2025E: 3,381 (26% growth) - 2026E: 4,276 (26% growth) [1] - Net Profit (in million yuan): - 2022: 370 - 2023: 454 (22.88% growth) - 2024E: 569 (25% growth) - 2025E: 725 (27% growth) - 2026E: 922 (27% growth) [1] - Gross Margin: - 2023: 69.41%, up 2.55 percentage points year-on-year [9] - Net Margin: - 2023: 21.43%, up 0.45 percentage points year-on-year [9] Business Segment Performance - Ultrasound business revenue in 2023 reached approximately 1.22 billion yuan, with a year-on-year growth of 13.28% [14] - Endoscope business revenue in 2023 was 850 million yuan, with a year-on-year growth of 39.02% [15] - The company has launched several high-end products, enhancing its market position and driving revenue growth [14][15]