APT(688617) 东吴证券·2025-04-23 05:58Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance in 2024 is in line with expectations, with total revenue of 2.066 billion yuan (+25.18% year-on-year) and net profit attributable to shareholders of 673.15 million yuan (+26.08%) [8] - The company is expected to see significant growth in its electrophysiology products within the year, supported by increased R&D investment [8] - The company has successfully expanded its market presence both domestically and internationally, with a notable increase in hospital coverage and product penetration [8] Financial Performance Summary - Total revenue projections for the company are as follows: 1.65 billion yuan in 2023, 2.066 billion yuan in 2024, 2.684 billion yuan in 2025, 3.455 billion yuan in 2026, and 4.474 billion yuan in 2027 [1] - Net profit attributable to shareholders is projected to grow from 533.92 million yuan in 2023 to 1.607 billion yuan in 2027, reflecting a compound annual growth rate [1] - The earnings per share (EPS) is expected to increase from 5.50 yuan in 2023 to 16.56 yuan in 2027 [1] Business Segment Performance - The coronary artery intervention business and peripheral intervention business showed strong growth in 2024, with coronary artery revenue reaching 1.054 billion yuan (+33.30% year-on-year) and electrophysiology revenue at 440 million yuan (+19.73%) [8] - The company has expanded its international market presence, achieving 280 million yuan in overseas revenue (+19.75%) and a 45.88% increase in international brand sales [8] R&D and Product Development - The company has increased its R&D expenditure to 291 million yuan in 2024 (+22.12%), focusing on new product development in electrophysiology and vascular intervention [8] - Several core products have received registration certificates, enhancing the company's product line in electrophysiology and vascular intervention [8] Valuation Metrics - The projected price-to-earnings (P/E) ratios for the company are 82.37 for 2023, 65.33 for 2024, 48.47 for 2025, 36.18 for 2026, and 27.36 for 2027 [1]