Endovastec(688016) 国泰君安·2024-09-01 00:23Investment Rating - The report maintains a "Buy" rating for the company [5][6]. Core Views - The company achieved rapid revenue growth in H1 2024, with a revenue of 787 million yuan, representing a year-on-year increase of 26.6%. The net profit attributable to shareholders was 404 million yuan, up 44.4% [4][5]. - The report highlights the efficiency in cost control and the potential for new product launches to drive future growth, particularly in overseas markets [4][5]. - The target price for 2024 has been adjusted to 119.37 yuan from the previous 150.13 yuan, based on a target PE of 23X [5]. Financial Summary - Revenue for 2024 is projected to be 1.489 billion yuan, with a growth rate of 25.4%. The net profit attributable to shareholders is expected to reach 640 million yuan, reflecting a growth of 30.0% [6][11]. - The earnings per share (EPS) forecast for 2024 is 5.19 yuan, down from the previous estimate of 5.36 yuan [5][6]. - The company reported a significant increase in R&D investment efficiency, with R&D expenses in H1 2024 amounting to 94 million yuan, a decrease of 21.9% [5]. Product and Market Performance - Innovative products are identified as the main growth driver, with revenues from aortic stents reaching 610 million yuan, up 22.7%, and revenues from interventional stents increasing by 69.2% to 107 million yuan [5]. - The overseas market showed strong performance, with revenue growth of 67% in H1 2024, amounting to 70 million yuan [5]. - The company completed the acquisition of its joint venture in the UK, enhancing its international sales capabilities [5].