SONOSCAPE(SZ:300633)2024-05-05 01:30Investment Rating - The report maintains a "Recommended" rating for the company [1] Core Views - The company's Q1 2024 performance was impacted by short-term factors, with revenue slightly increasing by 1.33% to 479 million yuan, while net profit decreased by 27.65% to 100 million yuan [1] - The gross margin improved to 69.40%, driven by revenue structure optimization, despite an increase in operating expenses [1] - The company is expected to stabilize and recover growth due to the gradual release of medical equipment bidding demand and the strengthening of marketing management [1] Financial Performance Summary - Q1 2024 revenue was 479 million yuan, with a net profit of 100 million yuan, and a non-recurring net profit of 92 million yuan, reflecting a significant decline in profitability [1] - The company anticipates a net profit forecast of 546.23 million yuan for 2024, with a year-on-year growth of 20.20% [2] - The projected earnings per share (EPS) for 2024-2026 are 1.27, 1.62, and 2.05 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 33, 26, and 20 [1][2] Product Development and Market Position - The company is establishing a multi-product line development pattern, focusing on ultrasound and endoscopy, with significant market share in these areas [1] - The company ranks among the top ten global suppliers of ultrasound products and third in the domestic endoscopy market, indicating strong competitive positioning [1] - The expansion into minimally invasive surgery and cardiovascular intervention markets is expected to provide substantial growth opportunities [1]