APT(SH:688617) Guotai Junan Securities·2024-08-23 04:09Investment Rating - The report maintains a "Buy" rating for the company [3][6]. Core Views - The company's electrophysiology and vascular intervention businesses continue to grow rapidly, meeting expectations [3]. - The forecasted EPS for 2024-2026 is set at 7.13, 9.75, and 12.90 CNY respectively, with a target price raised to 434.88 CNY from 342.66 CNY [3][6]. - The company achieved a revenue of 1 billion CNY in H1 2024, representing a year-on-year increase of 27.0%, and a net profit of 343 million CNY, up 33.1% [3]. Summary by Sections Financial Performance - In H1 2024, the company reported revenue of 1 billion CNY, with a net profit of 343 million CNY and a non-GAAP net profit of 328 million CNY, reflecting increases of 27.0%, 33.1%, and 35.2% respectively [3]. - For Q2 2024, the company recorded a revenue of 546 million CNY, a 24.5% increase year-on-year, and a net profit of 202 million CNY, up 30.8% [3]. Business Segments - The electrophysiology business generated revenue of 223 million CNY in H1 2024, accounting for approximately 22% of total revenue, with significant growth in three-dimensional surgeries [3]. - The coronary access products achieved revenue of 503 million CNY, while peripheral intervention products contributed 175 million CNY in H1 2024, with hospital penetration rates improving significantly [3]. Market Position - The company has expanded its hospital coverage to over 4,000, with a nearly 20% increase in coronary product admissions compared to H1 2023, and over 30% growth in peripheral product admissions [3]. - The company is enhancing its competitive edge in the market through improved product performance and increased production capabilities [3].