APT(688617) 东吴证券·2024-08-23 17:00Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's H1 2024 performance exceeded expectations, with revenue reaching 1.001 billion yuan (+27% year-on-year) and net profit of 343 million yuan (+33%) [3] - The company is expected to maintain long-term growth potential, supported by the increasing revenue share from coronary and peripheral business segments and significant growth in three-dimensional electrophysiology surgeries [3][4] Financial Performance Summary - Total revenue for 2022 was 1,216 million yuan, increasing to 1,650 million yuan in 2023, with projections of 2,221 million yuan for 2024, 3,018 million yuan for 2025, and 4,020 million yuan for 2026, reflecting a compound annual growth rate (CAGR) of approximately 34.58% from 2023 to 2024 [2][8] - Net profit attributable to shareholders was 358.02 million yuan in 2022, expected to rise to 725.22 million yuan in 2024, and further to 1,339.46 million yuan by 2026, indicating a strong growth trajectory [2][8] - The company's gross margin improved to 72.01% in Q1 2024 and 73.36% in Q2 2024, while net margin reached 30.28% and 36.69% respectively, showcasing an upward trend in profitability [3][4] Segment Performance - In H1 2024, revenue from coronary access products was 503 million yuan (50.27% of total revenue), while electrophysiology revenue was 223 million yuan (22.31%), indicating a strong market acceptance of the company's products [3] - The company achieved approximately 7,500 electrophysiology surgeries in H1 2024, demonstrating the safety and effectiveness of its three-dimensional saline ablation catheter [3][4] Research and Development Progress - The company made significant progress in its R&D projects, with several products receiving domestic registration certificates, including a thoracic aortic stent system and various electrophysiology devices [4] - The company is expected to launch new electrophysiology treatment products in the coming year, which is anticipated to further enhance its market position [4] Valuation and Future Outlook - The forecasted net profit for 2024-2026 has been adjusted to 7.25 billion yuan, 9.97 billion yuan, and 13.39 billion yuan respectively, with corresponding P/E ratios of 48, 35, and 26 times based on the current market valuation [4] - The company is well-positioned for growth, with a strong pipeline of products and an expanding market presence [4]