SONOSCAPE(SZ:300633) Huafu Securities·2024-05-17 03:00Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [4]. Core Viewpoints - The company has established a strong brand influence and core competitiveness in the ultrasound and endoscopy fields, gradually emerging in minimally invasive surgery and cardiovascular intervention [10][11]. - The company is expected to achieve a revenue CAGR of approximately 25.1% from 2023 to 2026, with a net profit CAGR of 28.2% during the same period [2][54]. Summary by Sections 1. Company Overview - The company has focused on independent research and development for over 20 years, leading technological innovation in ultrasound and endoscopy, with a revenue CAGR of about 22% from 2020 to 2023 [10][11]. - In 2023, the company achieved revenue of 2.12 billion yuan, with ultrasound business revenue of 1.22 billion yuan (up 13.3% YoY) and endoscopy business revenue of 850 million yuan (up 39% YoY) [11][18]. 2. Product Development - The company has launched high-end ultrasound platforms S80/P80 and high-end endoscopes HD-580, enhancing its competitive edge in high-end markets [25][31]. - The endoscopy business has seen a CAGR of 40% from 2020 to 2023, solidifying its position as a leader in the domestic soft endoscope market [2][31]. 3. Financial Performance - The company reported a gross margin of 69.4% in 2023, with ultrasound and endoscopy gross margins at 65.9% and 74.4%, respectively [12][13]. - The company’s net profit for 2023 was 454 million yuan, reflecting a 23% increase from the previous year [11][12]. 4. Market Position and Strategy - The company has established a multi-product line development pattern, focusing on ultrasound imaging, endoscopic diagnosis, minimally invasive surgery, and cardiovascular intervention [44]. - The company has set ambitious revenue targets for its surgical business, aiming for 1 billion yuan in 2023, increasing to 4 billion yuan by 2026, with expected growth rates of 45%, 72%, and 60% from 2024 to 2026 [46][48]. 5. Future Outlook - The company is expected to maintain stable growth in the ultrasound sector, with revenue growth rates projected at 10%, 11%, and 10% from 2024 to 2026 [54]. - The endoscopy segment is anticipated to continue its high growth trajectory, with revenue growth rates of 45%, 42%, and 40% from 2024 to 2026 [54].