APT(SH:688617) SINOLINK SECURITIES·2024-08-23 07:41Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has experienced rapid growth in three-dimensional surgical procedures and is expanding its overseas brand presence [1] - In the first half of 2024, the company achieved revenue of 1.001 billion RMB, a year-on-year increase of 27%, and a net profit attributable to shareholders of 343 million RMB, up 33% year-on-year [1] - The company expects net profits for 2024-2026 to be 709 million RMB, 972 million RMB, and 1.298 billion RMB respectively, with growth rates of 33%, 37%, and 34% [2] Summary by Relevant Sections Performance Overview - In Q2 2024, the company reported revenue of 546 million RMB, a 25% increase year-on-year, and a net profit of 202 million RMB, up 31% year-on-year [1] - The company’s core products in electrophysiology generated revenue of 223 million RMB, with over 150 new hospitals adopting the products [2] Product and Market Analysis - The three-dimensional electrophysiology surgical volume has increased by over 100% compared to the same period in 2023, with approximately 7,500 surgeries performed [2] - The coronary access product line generated revenue of 503 million RMB, with a nearly 20% increase in domestic hospital admissions compared to the previous year [2] - International business revenue reached 116 million RMB, a year-on-year increase of 19.73%, driven primarily by the growth of self-branded products [2] Production and Capacity Expansion - The company has expanded its electrophysiology consumables production line by over 50% year-on-year [2] - A new production facility in Hunan is under construction, expected to be operational in the first half of 2025, with an annual production capacity of 4 billion RMB for vascular intervention products [2] Financial Projections and Valuation - The projected P/E ratios for 2024, 2025, and 2026 are 50, 36, and 27 respectively [2] - The company maintains a strong competitive position in the manufacturing sector, supported by ongoing capacity enhancements [2]