APT(688617) GF SECURITIES·2024-02-27 16:00Investment Rating - The report maintains a "Buy" rating for the company [3] Core Views - The company's performance in 2023 is in line with expectations, with projected total revenue of 1.651 billion yuan (YOY +35.79%) and a net profit attributable to shareholders of 536 million yuan (YOY +49.61%). This growth is attributed to the company's active expansion in domestic and international markets, increased product coverage, and ongoing technological innovation [2][3] - In Q4 2023, the company expects to achieve revenue of 437 million yuan (YOY +2.6%) and a net profit of 133 million yuan (YOY -8.9%) [2] - The company continues to deepen its market expansion both domestically and internationally, leveraging volume-based procurement to facilitate rapid hospital access. The company has increased its presence in over 800 hospitals and completed more than 3,500 three-dimensional electrophysiological surgeries in over 400 hospitals [2] - The earnings forecast for 2023-2025 indicates EPS of 7.98 yuan, 10.44 yuan, and 14.12 yuan respectively. The company is positioned as a leader in the domestic electrophysiology market, benefiting from volume procurement, with a projected PE of 42X for 2024, corresponding to a fair value of 438.28 yuan per share [2][3] Financial Summary - The company is expected to achieve total revenue of 1.651 billion yuan in 2023, with a growth rate of 35.8% in 2024 and 35.9% in 2025 [6] - The net profit attributable to shareholders is projected to be 534 million yuan in 2023, with growth rates of 49.1% in 2024 and 35.4% in 2025 [6] - The EPS is forecasted to increase from 7.98 yuan in 2023 to 14.12 yuan in 2025, indicating strong growth potential [6][8]