APT(688617) Haitong Securities·2024-04-06 16:00Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [1] Core Views - The company achieved a revenue growth of 35.71% in 2023, reaching 1.65 billion yuan, with a net profit growth of 49.13%, amounting to 534 million yuan [4] - The three-dimensional electrophysiology surgeries increased by over 200% year-on-year, indicating a rapid upgrade from traditional two-dimensional surgeries [4] - The company’s international revenue grew by 72.62%, driven by its own brand products, with international business accounting for 14.26% of total revenue [4] Financial Performance Summary - In Q4 2023, the company reported a revenue of 437 million yuan, a year-on-year increase of 32.80%, and a net profit of 131 million yuan, up 34.11% [4] - The company’s coronary access product revenue reached 791 million yuan, growing by 38.98%, while peripheral intervention products generated 256 million yuan, up 40.36% [4] - The company’s gross profit margin for 2023 was 71.3%, with a net asset return rate of 28.0% [6][9] Earnings Forecast and Investment Recommendations - The forecasted net profits for 2024, 2025, and 2026 are 697 million yuan, 910 million yuan, and 1.199 billion yuan respectively, with corresponding EPS of 10.43, 13.61, and 17.93 yuan per share [5][9] - The company is classified as a typical innovative R&D platform, with a projected PE ratio of 45-50 for 2024, leading to a reasonable value range of 469.40 to 521.56 yuan per share [5] Market Comparison - The company’s stock price as of April 3 was 432.02 yuan, with a 52-week price fluctuation between 293.60 and 479.96 yuan [1] - The company’s performance relative to the CSI 300 index showed an absolute increase of 13.0% over three months [2]