APT(688617) 平安证券·2025-04-23 04:02Investment Rating - The report maintains a "Recommended" investment rating for the company [1] Core Views - The company is expected to achieve a revenue of 2.066 billion yuan in 2024, representing a year-on-year growth of 25.18%, and a net profit of 673 million yuan, up 26.08% year-on-year [4] - The company is positioned as a leading enterprise in the cardiovascular intervention field, benefiting from rapid growth trends in electrophysiology and vascular intervention sectors [10] Revenue and Profitability - The company reported a revenue of 5.64 billion yuan in Q1 2025, reflecting a year-on-year increase of 23.93%, and a net profit of 1.83 billion yuan, up 30.69% year-on-year [4] - The revenue from electrophysiology products is projected to reach 440 million yuan in 2024, with a year-on-year growth of 19.73% [5] - The vascular intervention segment is expected to generate 1.054 billion yuan in revenue in 2024, showing a year-on-year increase of 33.30% [6] Product Development and Market Expansion - The company has made significant advancements in its product lines, with new products in electrophysiology and vascular intervention receiving regulatory approval [9] - The company has expanded its market presence, with over 1,360 hospitals adopting its electrophysiology products, and a notable increase in the number of hospitals using its coronary products [8] - International business has shown strong growth, with a 45.88% increase in revenue from self-branded products, particularly in the Middle East, Africa, and Europe [8] Financial Projections - The company is projected to achieve a net profit of 886 million yuan in 2025 and 1.139 billion yuan in 2026, with a consistent growth trajectory [10] - The gross margin is expected to remain stable, with projections of 72.3% in 2024 and gradually increasing to 73.0% by 2027 [13] Research and Development - The company invested 290 million yuan in R&D in 2024, accounting for 14.06% of its revenue, indicating a strong commitment to innovation [9] - Key products in the coronary product line have successfully obtained registration certificates, enhancing the company's competitive edge in the market [9]