APT(688617) Soochow Securities·2024-04-26 07:00Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a revenue of 455 million yuan in Q1 2024, representing a year-on-year growth of 30.20%, and a net profit attributable to shareholders of 140 million yuan, up 36.48% [3] - The company has demonstrated good cost control, with gross margin and net margin improving sequentially to 72.01% and 30.28%, respectively, compared to Q4 2023 [3] - The completion of share transfer to a subsidiary of Mindray Medical is expected to generate synergies in Q2 2024 [3] - The domestic launch of a new peripheral product, the aortic stent graft, is anticipated to enhance competitive positioning in the peripheral market [3] - The profit forecast for 2024-2026 has been adjusted upwards, with net profit attributable to shareholders projected at 722.78 million yuan, 975.99 million yuan, and 1,305.61 million yuan, respectively [3] Financial Performance Summary - Total revenue (in million yuan) is forecasted to grow from 1,650 in 2023 to 2,221 in 2024, with a year-on-year growth rate of 34.58% [2] - Net profit attributable to shareholders (in million yuan) is expected to increase from 533.92 in 2023 to 722.78 in 2024, reflecting a growth rate of 35.37% [2] - The latest diluted EPS is projected to rise from 7.99 in 2023 to 10.81 in 2024 [2] - The P/E ratio is expected to decrease from 59.35 in 2023 to 43.84 in 2024 [2] Market Data - The closing price of the stock is 473.94 yuan, with a market capitalization of approximately 31.69 billion yuan [6] - The stock has a price-to-book ratio of 15.45 [6] Basic Data - The company has a total share capital of 66.86 million shares, with a net asset value per share of 30.67 yuan [7]