APT(688617) 东吴证券·2025-04-23 06:23Investment 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 for electrophysiology products [8] Financial Summary - Total revenue projections are as follows: 2023A: 1.65 billion yuan, 2024A: 2.066 billion yuan, 2025E: 2.684 billion yuan, 2026E: 3.455 billion yuan, 2027E: 4.474 billion yuan [1] - Net profit attributable to shareholders is projected to grow from 533.92 million yuan in 2023A to 1.607 billion yuan in 2027E, reflecting a compound annual growth rate [1] - The latest diluted EPS is expected to increase from 5.50 yuan in 2023A to 16.56 yuan in 2027E [1] Business Performance - The coronary artery intervention and peripheral intervention businesses showed strong growth in 2024, with revenues of 1.054 billion yuan (+33.30% year-on-year) and 351 million yuan (+37.09% year-on-year), respectively [8] - The company has achieved a gross margin of 73.09% and a net margin of 31.99% in Q1 2025, indicating improved profitability [8] - The company has made significant strides in expanding its international market presence, particularly in high-end markets such as Spain, France, and Germany, with a 45.88% increase in international brand revenue [8]