SONOSCAPE(300633) 太平洋·2025-04-19 08:25Investment Rating - The report maintains a "Buy" rating for the company [1][9] Core Views - The company's performance is under short-term pressure, but there is optimism regarding the release of high-end new products [1][12] - In 2024, the company achieved revenue of 2.014 billion yuan, a year-on-year decrease of 5.02%, and a net profit of 142 million yuan, down 68.67% year-on-year, primarily due to increased strategic investments [3][4] - The company is expected to see revenue growth driven by the gradual implementation of equipment upgrades and an increase in sales of mid-to-high-end products [5][9] Summary by Sections Financial Performance - In Q4 2024, the company reported revenue of 616 million yuan, a year-on-year decline of 5.63%, and a net profit of 33 million yuan, down 75.03% year-on-year [4] - The overall gross margin decreased by 5.58 percentage points to 63.80% in 2024, influenced by accounting adjustments and increased overseas business [7] Product Development - The company has increased its R&D efforts, launching several high-end products, including the S80 and P80 ultrasound machines, and the HD-650 endoscope platform [6] - The company’s market position in the domestic market is now second only to Olympus and Fujifilm in the endoscope sector [6] Future Projections - Revenue projections for 2025-2027 are 2.325 billion, 2.801 billion, and 3.282 billion yuan, with year-on-year growth rates of 15%, 20%, and 17% respectively [9][10] - The expected net profit for the same period is 357 million, 498 million, and 684 million yuan, with significant growth anticipated in 2025 [9][10]