APT(688617) 东吴证券·2024-10-29 16:30Investment Rating - The investment rating for the company is "Buy" (maintained) [1][3] Core Views - The company's revenue for the first three quarters of 2024 reached 1.525 billion yuan, representing a year-on-year increase of 25.63%, while the net profit attributable to the parent company was 528 million yuan, up 30.97% year-on-year, aligning with expectations [2] - In Q3 alone, the company generated revenue of 524 million yuan (+23.05% year-on-year), with a net profit of 186 million yuan (+27.24% year-on-year) [2] - The company has demonstrated effective cost control, with Q3 gross margin and net margin improving year-on-year [3] - The company is expected to benefit from the approval of key electrophysiology products and increased market share through collective procurement [3] - The earnings forecast for 2024-2026 is maintained at 725 million, 997 million, and 1.339 billion yuan respectively, with corresponding P/E ratios of 52, 38, and 28 times [3] Financial Performance Summary - Total revenue for 2022 was 1.216 billion yuan, increasing to 1.650 billion yuan in 2023, and projected to reach 2.221 billion yuan in 2024, reflecting a growth rate of 34.58% [1][10] - Net profit attributable to the parent company was 358.02 million yuan in 2022, expected to grow to 725.22 million yuan in 2024, with a year-on-year growth rate of 35.83% [1][10] - The latest diluted EPS is projected to be 7.45 yuan per share in 2024, with a P/E ratio of 51.83 based on the current price [1][10]