SONOSCAPE(SZ:300633) Tai Ping Yang·2024-05-20 08:30Investment Rating - The report maintains a "Buy" rating for the company with a target price of 55, compared to the last closing price of 40.40 [1] Core Views - The company's 2023 performance met expectations, while Q1 2024 results were impacted by a high base effect, but a rebound is anticipated in the later part of the year [3] - A multi-product line structure is beginning to take shape, with advancements in both research and marketing [3] Financial Performance Summary - In 2023, the company achieved a total revenue of 2.12 billion, representing a year-on-year growth of 20.29%. The net profit attributable to shareholders was 454 million, up 22.88% year-on-year [2][4] - For Q4 2023, revenue reached 652 million, a 27.58% increase year-on-year, while net profit was 134 million, growing 7.56% year-on-year [2] - In Q1 2024, revenue was 479 million, a slight increase of 1.33% year-on-year, but net profit fell by 27.65% to 100 million [2] Revenue and Profit Forecast - Projected revenues for 2024, 2025, and 2026 are 2.656 billion, 3.307 billion, and 4.084 billion respectively, with year-on-year growth rates of 25.27%, 24.50%, and 23.50% [4][6] - Expected net profits for the same years are 571 million, 747 million, and 956 million, with growth rates of 25.74%, 30.76%, and 27.94% respectively [4][6] Earnings Per Share (EPS) and Valuation - EPS is forecasted to be 1.32, 1.73, and 2.21 for 2024, 2025, and 2026 respectively, with a corresponding PE ratio of 30.59 for 2024 [4][6] Product Development and Market Strategy - The company launched new high-end ultrasound platforms and improved endoscopic products, enhancing its competitive edge [3] - Marketing strategies have become more specialized and systematic, targeting specific hospital needs both domestically and internationally [3]