APT(SH:688617) Huaan Securities·2024-10-31 12:00Investment Rating - The investment rating for the company is "Buy" (maintained) as of October 31, 2024 [1] Core Views - The company continues to demonstrate high growth in Q3 2024, with significant cost reduction and efficiency improvements [1] - In the first three quarters of 2024, the company achieved operating revenue of 1.525 billion yuan, representing a year-over-year increase of 25.63%, and a net profit attributable to shareholders of 528 million yuan, up 30.97% year-over-year [1] - The company’s Q3 2024 single-quarter revenue reached 524 million yuan, a year-over-year increase of 23.05%, with a net profit of 186 million yuan, reflecting a year-over-year growth of 27.24% [1] - The gross margin and net margin for Q3 2024 improved to 72.58% and 35.12%, respectively, with year-over-year changes of +1.86 percentage points and +1.31 percentage points [1] - The company is expected to maintain strong growth in its coronary and peripheral business segments, with stable growth in the electrophysiology sector [1] Financial Performance Summary - The company’s projected revenues for 2024, 2025, and 2026 are 2.174 billion yuan, 2.882 billion yuan, and 3.829 billion yuan, respectively, with revenue growth rates of 31.7%, 32.6%, and 32.8% [2][5] - The net profit attributable to shareholders is expected to reach 728 million yuan, 973 million yuan, and 1.307 billion yuan for the years 2024, 2025, and 2026, with growth rates of 36.4%, 33.6%, and 34.4% [2][5] - The company’s gross margin is projected to be 71.5% in 2024, gradually increasing to 71.9% by 2026 [2][5] - The earnings per share (EPS) are forecasted to be 7.48 yuan, 10.00 yuan, and 13.43 yuan for 2024, 2025, and 2026, respectively [2][5] Cash Flow and Balance Sheet Summary - The operating cash flow for 2024 is estimated at 581 million yuan, increasing to 1.247 billion yuan by 2026 [3] - The total assets are projected to grow from 3.416 billion yuan in 2024 to 6.191 billion yuan in 2026 [4] - The company’s total liabilities are expected to rise from 740 million yuan in 2024 to 1.280 billion yuan in 2026 [4] Key Financial Ratios - The company’s return on equity (ROE) is projected to be 27.6% in 2024, decreasing slightly to 26.6% by 2026 [5] - The price-to-earnings (P/E) ratio is expected to decline from 49.65 in 2024 to 27.66 in 2026 [5] - The price-to-book (P/B) ratio is forecasted to decrease from 13.72 in 2024 to 7.36 in 2026 [5]