Endovastec(SH:688016)2024-07-03 03:30Investment Rating - The report maintains a "Recommended" rating for the company [1]. Core Views - The company is expected to achieve a revenue of 777 to 808 million yuan in the first half of 2024, representing a growth of 25% to 30%, and a net profit attributable to shareholders of 391 to 419 million yuan, indicating a growth of 40% to 50% [1]. - The company is actively expanding its overseas market presence through the acquisition of Optimum Medical Device Inc. (OMD), aiming to enhance its global competitiveness [1]. - The introduction of new products is driving stable growth, with significant sales increases in innovative products such as the Castor branched aortic stent graft and the Minos abdominal aortic stent graft [1]. Financial Summary - The company forecasts revenues of 1,580.57 million yuan, 2,101.78 million yuan, and 2,792.90 million yuan for 2024, 2025, and 2026 respectively, with growth rates of 33.13%, 32.98%, and 32.88% [2]. - The net profit attributable to shareholders is projected to be 666.61 million yuan, 900.36 million yuan, and 1,210.80 million yuan for the same years, with growth rates of 35.37%, 35.07%, and 34.48% [2]. - The gross margin is expected to remain stable, with rates of 76.74%, 77.07%, and 77.42% for the years 2024 to 2026 [2]. Market Position and Strategy - The company aims to establish a business platform in the European market through the acquisition of OMD, which has shown continuous improvement in its operating performance, with a revenue growth of 43.55% in 2023 [1]. - The European aortic valve stent market is projected to reach 824 million yuan by 2029, and the company aims to increase its market share from less than 2% in 2022 to over 10% in the next five years [1].