APT(688617) 国信证券·2025-04-24 05:17Investment Rating - The report maintains an "Outperform" rating for the company [4] Core Views - The company is a leading player in the domestic vascular intervention and electrophysiology sectors, with a well-established product pipeline and continuous new product approvals. Benefiting from the high growth potential in the domestic electrophysiology and vascular intervention markets, the company is expected to maintain rapid growth amid the wave of domestic substitution [2][4] - The company achieved a revenue of 2.066 billion yuan in 2024, representing a year-on-year growth of 25.2%, and a net profit of 673 million yuan, up 26.1% year-on-year. For Q1 2025, the company reported a revenue of 564 million yuan, a 23.9% increase, and a net profit of 183 million yuan, growing by 30.7% year-on-year [8][18] - The company’s gross margin for 2024 is projected at 72.3%, with a net margin of 31.9%, indicating stable profit margin improvements [14][18] Financial Performance - The company’s revenue and profit growth rates are expected to remain robust, with projected revenues of 2.663 billion yuan, 3.423 billion yuan, and 4.401 billion yuan for 2025, 2026, and 2027, respectively, reflecting year-on-year growth rates of 28.9%, 28.5%, and 28.5% [2][3] - The company’s net profit is forecasted to reach 876 million yuan, 1.134 billion yuan, and 1.473 billion yuan for the same years, with growth rates of 30.2%, 29.4%, and 29.9% [2][3] Market Expansion - The company has successfully expanded its market presence, with over 200 new hospitals adopting its electrophysiology products in 2024, covering more than 1,360 hospitals. The number of three-dimensional electrophysiology surgeries performed exceeded 15,000, marking a 50% increase year-on-year [25][59] - The company’s entry into the atrial fibrillation treatment market was marked by the approval of its AForcePlus catheter in December 2024, signifying a new era for its electrophysiology business [25][27] Product Pipeline - The company has a comprehensive product pipeline in the electrophysiology and vascular intervention fields, with multiple key products approved for market entry in 2024, enhancing its competitive position [27][37] - The company’s three-dimensional electrophysiology mapping system, HT Viewer, integrates various functionalities to improve operational efficiency and surgical outcomes [60][61] Industry Context - The domestic electrophysiology market is expected to grow significantly, with a projected compound annual growth rate (CAGR) of 20.3% from 2021 to 2032, driven by an increasing patient population and the adoption of electrophysiology surgeries [45][56] - The company is well-positioned to capitalize on the domestic substitution trend in the electrophysiology market, which is currently dominated by foreign manufacturers [56][58]