SONOSCAPE(SZ:300633) Tianfeng Securities·2024-05-06 02:00Investment Rating - The investment rating for the company is "Buy" with a maintained rating [6] Core Views - The company reported a revenue of 2.12 billion yuan in 2023, representing a year-on-year growth of 20.29%, and a net profit attributable to the parent company of 454.4 million yuan, up 22.88% year-on-year [1] - The ultrasound segment showed steady growth with sales revenue of 1.22 billion yuan, a 13.28% increase, while the endoscope segment experienced significant growth with sales revenue of 850 million yuan, up 39.02% [2] - The company is focusing on high-end product development and has launched the HD-580 electronic endoscope series, enhancing optical design and clinical detail performance [2] - The company’s overseas revenue reached 939 million yuan, growing by 18.24%, driven by diversified market expansion [4] - The company plans to enhance its R&D capabilities with new product developments including next-generation ultrasound systems and high-performance probes [4] Financial Summary - In 2023, the company achieved an EBITDA of 882.87 million yuan, with a net profit margin of 21.43% [5] - The projected revenues for 2024, 2025, and 2026 are 2.60 billion yuan, 3.16 billion yuan, and 4.00 billion yuan respectively, with corresponding net profits of 571 million yuan, 721 million yuan, and 902 million yuan [4][5] - The company’s R&D expense ratio was 18.12%, showing a slight decrease, while the management expense ratio increased to 6.05% due to rising employee salaries and depreciation [3] - The company maintains a strong balance sheet with a total asset ratio of 19.47% and a net debt ratio of -55.19% [10]