Endovastec(688016) 中泰证券·2024-10-31 09:01Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights that the company's short-term performance is impacted by terminal price adjustments and the implementation of centralized procurement, while there is a focus on the release of new products across multiple fields [1] - The company has shown a strong commitment to long-term growth through share buybacks and strategic pricing adjustments, particularly in the thoracic and abdominal stent markets [1] - The report anticipates that external policy changes, such as centralized procurement, may cause short-term disruptions but expects these impacts to gradually diminish as the company adapts [1] Financial Performance Summary - Revenue Forecasts: - 2022A: 897 million - 2023A: 1,187 million - 2024E: 1,205 million - 2025E: 1,505 million - 2026E: 1,881 million - Growth Rates: - 2022A: 31% - 2023A: 32% - 2024E: 1% - 2025E: 25% - 2026E: 25% [1] - Net Profit Forecasts: - 2022A: 357 million - 2023A: 492 million - 2024E: 480 million - 2025E: 626 million - 2026E: 783 million - Growth Rates: - 2022A: 13% - 2023A: 38% - 2024E: -3% - 2025E: 30% - 2026E: 25% [1] - Earnings Per Share (EPS): - 2022A: 4.96 - 2023A: 5.95 - 2024E: 5.80 - 2025E: 7.57 - 2026E: 9.47 [1] Market and Operational Insights - The company has experienced a revenue of 970 million in the first three quarters of 2024, representing a year-on-year growth of 9.13% [1] - The net profit attributable to the parent company for the same period was 553 million, showing a year-on-year increase of 42.46% [1] - The report notes a significant decline in revenue for Q3 2024, down 31.65% year-on-year, primarily due to price adjustments in key products [1][2] - The company is actively engaging with distributors and procurement parties to mitigate the impacts of policy changes and enhance product promotion in various fields [1]