SONOSCAPE(300633) 华福证券·2025-04-17 09:03Investment Rating - The investment rating for the company is "Buy" [19] Core Views - The company's overall performance in 2024 is under pressure due to reduced hospital procurement activities and increased strategic investments, leading to a 5% year-on-year decline in revenue. The net profit attributable to the parent company is expected to drop by 68.7% year-on-year [2][3] - The company is focusing on increasing R&D and marketing investments, with a significant rise in management and sales expense ratios, indicating a commitment to high-end product promotion and innovation [3] - The introduction of high-end ultrasound and endoscope products is anticipated to drive growth in 2025, with expectations of a recovery in procurement activities [4][3] Financial Performance Summary - In 2024, the company achieved revenue of 2.01 billion, a decrease of 5% year-on-year, and a net profit of 142 million, down 68.7% year-on-year. The fourth quarter of 2024 saw revenue of 615 million, a decline of 5.6% year-on-year, with a net profit of 33.41 million, down 75% year-on-year [2][3] - The company expects net profits for 2025-2026 to be 401 million, 485 million, and 612 million respectively, indicating a recovery trend [4][6] - The revenue growth rate is projected to rebound to 21% in 2025 and maintain a growth rate of 20% in the following years [6] Product and Market Development - The company has launched several high-end products in 2024, including the S80 and P80 ultrasound machines, and the HD-580 series endoscope platform, which are expected to contribute to revenue growth in 2025 [4][3] - The domestic revenue from tier-three hospitals has reached a peak, while international revenue has shown a 3% increase, indicating successful market penetration and brand influence [4][3] Strategic Outlook - The company maintains a unique competitive advantage in minimally invasive procedures and is well-positioned for performance improvement once procurement policies are implemented and market conditions stabilize [4][3]