SONOSCAPE(300633) 上海证券·2025-03-03 11:07Group 1 - Investment Rating: "Accumulate" (First Coverage) [1] - Core Viewpoint: The company is positioned to benefit from the ongoing medical equipment update policies, with expectations for performance recovery [6][7] - The company has established a multi-product line structure, with strong positions in ultrasound and endoscopy sectors [5][30] Group 2 - The company achieved a revenue of 2.12 billion yuan in 2023, with a year-on-year growth of 20.29% [23] - The forecasted revenue growth rates for 2024-2026 are -2.10%, 20.20%, and 21.14% respectively [7] - The company ranks fourth in the domestic ultrasound market and is among the top ten globally [44] Group 3 - The company has a strong focus on R&D, with a research expense of 3.38 billion yuan in Q1-Q3 2024, representing a year-on-year increase of 28.33% [36] - The company has established seven global R&D centers to enhance its technological capabilities [22] - The company’s ultrasound products have seen a compound annual growth rate (CAGR) of 15.98% from 2020 to 2023 [30] Group 4 - The company’s endoscopy business has a market share of 11.80% in 2023, ranking first among domestic brands [56] - The company has introduced several innovative endoscopic products, including the HD-580 series, which significantly improves image quality [61] - The company is actively expanding its market presence in the international arena, with overseas revenue growing at a CAGR of 23.71% from 2020 to 2023 [17]