Endovastec(688016) 国泰君安·2024-07-02 01:31Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 150.13 CNY for 2024, based on an updated EPS forecast of 5.37/6.97/8.91 CNY for 2024-2026 [1][18]. Core Insights - The company is experiencing strong growth, with projected revenue for H1 2024 estimated between 777-808 million CNY, representing a year-on-year increase of 25-30%. The net profit attributable to the parent company is expected to be between 391-419 million CNY, reflecting a growth of 40-50% [1]. - The company plans to fully acquire Lombard, which will support its globalization strategy. This acquisition is expected to enhance product offerings and technology, improve competitiveness, and contribute to revenue growth [1]. Summary by Sections Financial Performance - The company forecasts a revenue increase from 1,187 million CNY in 2023 to 1,549 million CNY in 2024, with a compound annual growth rate (CAGR) of 30.5% [17]. - The net profit attributable to the parent company is projected to grow from 492 million CNY in 2023 to 661 million CNY in 2024, with a CAGR of 34.3% [17]. Acquisition Strategy - The company intends to use 65 million USD to acquire the remaining 72.37% stake in OMD, which will lead to full ownership of Lombard, a UK-based aortic stent company. This acquisition is expected to stabilize and deepen cooperation, enhancing the company's international strategy [1]. - Lombard's products have a 20-year history in developed markets and are expected to complement the company's existing product lines, thereby increasing market competitiveness [1]. Market Position and Growth - The company's overseas revenue has grown significantly, from 30 million CNY in 2021 to 82 million CNY in 2023, with a CAGR of 65% [1]. - The report highlights the potential for OMD to turn profitable in 2024, contributing positively to the company's overall performance [1].