Endovastec(688016) 国金证券·2024-07-02 03:30Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company is expected to achieve revenue of approximately 777 million to 808 million RMB in the first half of 2024, representing a year-on-year growth of 25% to 30%. The net profit attributable to the parent company is projected to be between 391 million and 419 million RMB, reflecting a year-on-year increase of 40% to 50% [9][20] - The acquisition of Optimum Medical Device Inc. (OMD) is set to enhance the company's product offerings and market presence, with OMD expected to become a wholly-owned subsidiary [2][20] - The company has seen rapid sales growth in both domestic and international markets, driven by the successful launch of new products [20] Financial Performance Summary - Revenue (in million RMB): - 2022: 897 - 2023: 1,187 - 2024E: 1,520 - 2025E: 1,939 - 2026E: 2,533 - Revenue Growth Rate: - 2022: 30.95% - 2023: 32.43% - 2024E: 28.05% - 2025E: 27.53% - 2026E: 30.67% [11] - Net Profit (in million RMB): - 2022: 357 - 2023: 492 - 2024E: 639 - 2025E: 796 - 2026E: 1,039 - Net Profit Growth Rate: - 2022: 12.99% - 2023: 37.98% - 2024E: 29.83% - 2025E: 24.51% - 2026E: 30.49% [11] Market Position and Future Outlook - The company is well-positioned in the aortic and peripheral intervention sectors, with expected net profits of 639 million, 796 million, and 1,039 million RMB for 2024-2026, representing year-on-year growth rates of 30%, 25%, and 30% respectively [20] - The current price-to-earnings (P/E) ratios are projected to be 19, 15, and 12 for the years 2024, 2025, and 2026 [20]