SONOSCAPE(300633) 西南证券·2024-04-22 08:00Investment Rating - The report suggests actively monitoring the company due to its stable growth prospects [2][34]. Core Views - The company achieved a revenue of 2.12 billion yuan in 2023, representing a year-on-year growth of 20.3%, and a net profit attributable to shareholders of 450 million yuan, up 22.9% [2][13]. - The dual-driven logic of ultrasound and endoscopy remains unchanged, with steady growth in both business lines [2][10]. - The company has made significant advancements in R&D, enhancing its product offerings and competitive edge in the high-end ultrasound market [17][22]. Summary by Sections 1. Business Overview - The company focuses on high-end medical equipment manufacturing, with a product line that includes ultrasound diagnostic devices, digestive and respiratory endoscopes, minimally invasive surgical products, and cardiovascular intervention products [10][12]. - The company has established a diversified development pattern, expanding from internal medicine to include surgical applications and consumables [10][12]. 2. Financial Performance - In 2023, the company reported quarterly revenues of 470 million, 570 million, 420 million, and 650 million yuan, with respective growth rates of 27.6%, 22.7%, 2.1%, and 27.6% [2]. - The overall gross margin improved to 69.4%, primarily due to an increase in the proportion of high-end models and installations in tertiary hospitals [17][19]. - The company’s net profit margin remained stable at around 21.5% [17]. 3. Business Segments - Ultrasound revenue reached approximately 1.22 billion yuan, growing by 13.3%, while medical endoscopy revenue was about 850 million yuan, increasing by 39% [2][32]. - The company launched new products in the ultrasound field, including the S80/P80 series, enhancing its competitive position [17][22]. - The endoscopy segment has seen significant growth, with the introduction of the HD-580 series, which has received positive recognition in clinical settings [27][28]. 4. R&D and Innovation - The company emphasizes R&D, with over 722 personnel dedicated to innovation, and has established multiple research centers globally [17][22]. - The center laboratory received CNAS accreditation, marking a significant milestone in its research capabilities [17]. - New product launches, such as the SV-M4K100 series in minimally invasive surgery, reflect the company’s commitment to advancing its product lineup [29][30]. 5. Future Outlook - The company forecasts net profits of 590 million, 770 million, and 970 million yuan for 2024, 2025, and 2026, respectively, indicating a robust growth trajectory [2][31]. - The ultrasound and endoscopy segments are expected to continue their growth, with projected sales increases of 16% and 39% for the respective segments in 2024 [31][32].