APT(688617) Xiangcai Securities·2024-10-31 10:21Investment Rating - The investment rating for the company is "Accumulate" (maintained) [6] Core Views - The company has shown steady growth in its business, with revenue and profit growth in line with expectations [2] - The company has effectively controlled costs, leading to an increase in profit margins [3] - The three-dimensional electrophysiology surgeries have seen rapid growth, while the interventional business remains stable [4] - The company continues to invest in R&D, with significant progress in various projects [5] - The overall growth potential of the company is strong, with projected revenue and profit increases in the coming years [7] Financial Performance Summary - In the first three quarters of 2024, the company achieved total revenue of 1.525 billion, a year-on-year increase of 25.63%; net profit attributable to the parent company was 528 million, up 30.97% [2] - The gross profit margin for the first three quarters of 2024 was 72.69%, an increase of 1.31 percentage points from the same period in 2023 [3] - The net profit margin for the first three quarters was 34.24%, up 1.56 percentage points year-on-year [3] - The company is expected to achieve revenues of 2.093 billion, 2.665 billion, and 3.355 billion in 2024, 2025, and 2026 respectively, with corresponding net profits of 694 million, 876 million, and 1.090 billion [7]