APT(688617) 海通国际证券·2025-04-29 07:20Investment Rating - The report maintains an "Outperform" rating for the company [1]. Core Views - The company continues to experience rapid growth, with a significant increase in electrophysiology surgeries and potential growth in peripheral products due to centralized procurement [1][5]. - The target price has been adjusted to 504.27 CNY, reflecting a 40% upside from the current price of 433.06 CNY [1][5]. Financial Summary - For 2024, the company is projected to achieve revenue of 2,066 million CNY, representing a 25.2% increase, and a net profit of 673 million CNY, up 26.1% [3][5]. - The first quarter of 2025 is expected to show revenue of 564 million CNY, a 23.93% increase, and a net profit of 183 million CNY, up 30.69% [5]. - The earnings per share (EPS) estimates have been adjusted to 9.34 CNY for 2025 and 15.89 CNY for 2027 [5]. Business Performance - The company has seen a 50% increase in three-dimensional electrophysiology surgeries, with over 15,000 procedures completed in 2024 [5]. - The revenue from electrophysiology products is expected to reach 440 million CNY, a 19.73% increase [5]. - The coronary intervention revenue is projected at 1,054 million CNY, reflecting a 33.30% growth [5]. Market Position - The company has become the first globally to offer a comprehensive solution for three-dimensional pulsed ablation, including various approved products [5]. - International business has shown strong growth, with overseas revenue reaching 280 million CNY, a 19.75% increase, and a 45.88% growth in self-owned brands [5].