APT(688617) 华安证券·2025-04-25 09:25Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company reported a revenue of 2.066 billion yuan in 2024, representing a year-on-year increase of 25.18%, and a net profit attributable to shareholders of 673 million yuan, up 26.08% year-on-year [5] - In Q1 2025, the company achieved a revenue of 564 million yuan, a year-on-year growth of 23.93%, and a net profit of 183 million yuan, increasing by 30.69% year-on-year [5] - The company has successfully expanded its electrophysiology business, with over 1,360 hospitals covered and a 50% increase in the number of three-dimensional electrophysiology surgeries performed in 2024 [5] - The company has launched several new products in the atrial fibrillation treatment field, marking its entry into this market [5] Financial Performance - The company’s revenue from coronary access reached 1.054 billion yuan in 2024, a year-on-year increase of 33.30%, while electrophysiology revenue was 440 million yuan, up 19.73% [6] - The company’s overseas revenue was 280 million yuan, reflecting a year-on-year growth of 19.75%, with a notable 45.88% increase in international brand sales [6] - The projected revenues for 2025, 2026, and 2027 are 2.741 billion yuan, 3.580 billion yuan, and 4.664 billion yuan, respectively, with growth rates of 32.7%, 30.6%, and 30.3% [7][8] Earnings Forecast - The expected net profits for 2025, 2026, and 2027 are 907 million yuan, 1.197 billion yuan, and 1.572 billion yuan, with growth rates of 34.8%, 32.0%, and 31.3% respectively [8] - The projected earnings per share (EPS) for the same years are 9.34 yuan, 12.33 yuan, and 16.19 yuan, with corresponding price-to-earnings (P/E) ratios of 46x, 35x, and 27x [8]