APT(688617) 国盛证券·2025-04-25 05:44Investment Rating - The investment rating for the company is "Buy" [6] Core Views - The company achieved a rapid revenue growth of 25.18% year-on-year in 2024, with a total revenue of 2.066 billion yuan and a net profit of 673 million yuan, reflecting a growth of 26.08% [1] - The electrophysiology segment saw a significant increase in surgical volume, with over 15,000 procedures performed, marking a 50% year-on-year growth [3] - The company is experiencing strong performance in overseas markets, with a 45.88% increase in overseas self-owned brand revenue, particularly in the Middle East, Africa, and Europe [4] Financial Performance Summary - In 2024, the company reported total revenue of 20.66 billion yuan, a 25.18% increase from the previous year, and a net profit of 6.73 billion yuan, up 26.08% [1] - The revenue breakdown by business segment for 2024 includes: - Electrophysiology: 440 million yuan (up 19.73%), gross margin 73.76% - Coronary intervention: 1.054 billion yuan (up 33.30%), gross margin 73.21% - Peripheral intervention: 351 million yuan (up 37.09%), gross margin 75.86% - Non-vascular intervention: 39 million yuan (up 135.05%), gross margin 59.89% [2] - The company expects revenue growth of 30.4%, 29.2%, and 28.7% for 2025, 2026, and 2027, respectively, with net profits projected to grow by 34.0%, 30.9%, and 30.2% in the same years [4] Operational Highlights - The company expanded its electrophysiology product coverage to over 1,360 hospitals, with a significant increase in the number of procedures performed [3] - The vascular intervention segment led the growth, with coronary product admissions increasing by over 15% and peripheral product admissions by nearly 20% [3] - The company hosted over 150 self-brand events across more than 20 provinces, enhancing brand recognition and market penetration [4]