APT(688617) 国盛证券·2025-04-25 06:23Investment 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 total revenue reaching 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 completed, marking a 50% year-on-year growth [3] - The company is benefiting from scale effects and changes in product structure, leading to an improvement in gross margin and a reduction in expense ratios [2] Financial Performance - In 2024, the company reported a revenue of 2.066 billion yuan, a 25.18% increase from the previous year, and a net profit of 673 million yuan, up 26.08% [1] - The first quarter of 2025 showed continued growth, with revenue of 564 million yuan, a 23.93% increase year-on-year, and a net profit of 183 million yuan, up 30.69% [1] - The gross margin for 2024 was 72.31%, an increase of 1.04 percentage points year-on-year, while the sales expense ratio improved to 18.05% [2] Business Segments - The electrophysiology segment generated revenue of 440 million yuan in 2024, growing by 19.73%, with a gross margin of 73.76% [2] - The coronary intervention segment saw revenue of 1.054 billion yuan, a 33.30% increase, with a gross margin of 73.21% [2] - The peripheral intervention segment reported revenue of 351 million yuan, up 37.09%, with a gross margin of 75.86% [2] - Non-vascular intervention revenue surged by 135.05% to 39 million yuan, with a gross margin of 59.89% [2] International Performance - The company achieved overseas revenue of 280 million yuan in 2024, a 19.62% increase, with overseas self-owned brands growing by 45.88% [4] - The company has made significant inroads into high-end hospitals in Spain, France, Italy, Germany, the UK, Switzerland, Turkey, and Brazil, enhancing its market penetration [4] Future Projections - Revenue projections for 2025-2027 are 2.694 billion yuan, 3.479 billion yuan, and 4.478 billion yuan, with year-on-year growth rates of 30.4%, 29.2%, and 28.7% respectively [4] - Net profit forecasts for the same period are 902 million yuan, 1.181 billion yuan, and 1.537 billion yuan, with growth rates of 34.0%, 30.9%, and 30.2% respectively [4]