SONOSCAPE(SZ:300633) Huachuang Securities·2024-04-28 23:32Investment Rating - The report maintains a "Recommended" rating for the company with a target price of 52 yuan [2]. Core Views - The company's Q1 2024 performance shows a slight revenue increase of 1.33% year-on-year, with total revenue reaching 479 million yuan. However, the net profit attributable to shareholders decreased by 27.65% to 100 million yuan, primarily due to a high base effect from Q1 2023 [2]. - The increase in expense ratios has led to a decline in net profit margin, with the gross margin at 69.40%, up 0.80 percentage points year-on-year. The net profit margin decreased to 20.90%, down 8.37 percentage points [2]. - The company is expected to benefit from the recently announced equipment upgrade policy by the State Council, which encourages medical institutions to upgrade their medical equipment [2]. - The company is expanding its product lines from internal medicine to include surgical products, and from diagnostics to treatment, establishing a multi-product line development pattern [2]. - The forecasted net profits for 2024-2026 are 590 million, 751 million, and 955 million yuan, representing year-on-year growth rates of 29.8%, 27.4%, and 27.1%, respectively [2][3]. Financial Summary - Total revenue for 2023 is projected at 2,120 million yuan, with expected growth rates of 20.3% in 2023, 23.6% in 2024, 25.8% in 2025, and 24.3% in 2026 [3]. - The earnings per share (EPS) are forecasted to be 1.06 yuan in 2023, increasing to 1.37 yuan in 2024, 1.74 yuan in 2025, and 2.22 yuan in 2026 [3]. - The price-to-earnings (P/E) ratios are expected to be 39 in 2023, decreasing to 30 in 2024, 24 in 2025, and 19 in 2026 [3].