Endovastec(688016) 东方财富·2024-07-05 08:07Investment Rating - The report maintains an "Accumulate" rating for the company [4]. Core Views - The company, as a leader in the arterial stent sector, demonstrates strong R&D capabilities with a steady advancement in its product pipeline. The high technical content and competitive strength of its products are evident. The sales of new products are increasing, and the overseas market is being further developed, leading to overall performance meeting expectations [7][9]. - Revenue forecasts for the company are maintained at 1.56 billion, 2.00 billion, and 2.53 billion yuan for the years 2024, 2025, and 2026 respectively, with net profits of 689 million, 883 million, and 1.12 billion yuan for the same years. The corresponding EPS is projected to be 5.59, 7.16, and 9.12 yuan, with P/E ratios of 18, 14, and 11 times [7][8]. Summary by Sections Company Overview - The company is recognized as a leading entity in the arterial stent market, with robust R&D strength and a competitive product lineup [7]. Financial Performance - The company expects to achieve revenue of 7.77-8.08 billion yuan in the first half of 2024, representing a year-on-year growth of 25%-30%. The net profit is anticipated to be between 391 million and 419 million yuan, reflecting a growth of 40%-50% [11]. Market Expansion - The company is actively expanding into domestic and international markets, responding to national policies aimed at enhancing healthcare resources in lower-tier cities and developing partnerships with leading global clients [9][10]. Strategic Acquisitions - The acquisition of Optimum Medical Device Inc. will enhance the company's product line and strengthen its competitive position in the European market, facilitating deeper market penetration and supporting global expansion strategies [10].