APT(688617) GOLDEN SUN SECURITIES·2024-11-04 08:15Investment Rating - The report maintains a "Buy" rating for the company [3] Core Views - The Q3 performance met expectations, with fluctuations in sequential growth attributed to seasonal impacts in surgical procedures. The improvement in gross margin is driven by scale effects and changes in product structure, leading to profit growth outpacing revenue growth. The company is positioned well for future growth in the electrophysiology sector, particularly in overseas markets [1][2] - The company achieved a revenue of 1.524 billion yuan for the first three quarters of 2024, representing a year-on-year growth of 25.63%. The net profit attributable to shareholders was 528 million yuan, up 30.97% year-on-year [1] - In Q3 2024, the company reported a revenue of 524 million yuan, a year-on-year increase of 23.05%, while the net profit was 186 million yuan, reflecting a year-on-year growth of 27.24% [1] Financial Performance Summary - For 2024-2026, the company is projected to achieve revenues of 2.083 billion, 2.727 billion, and 3.578 billion yuan, with year-on-year growth rates of 26.2%, 30.9%, and 31.2% respectively. The net profit attributable to shareholders is expected to be 708 million, 945 million, and 1.253 billion yuan, with growth rates of 32.6%, 33.5%, and 32.6% respectively [1][2] - The gross margin for Q3 2024 was reported at 72.58%, an increase of 1.86 percentage points year-on-year. The sales expense ratio decreased by 1.53 percentage points to 17.79%, while the management expense ratio fell by 2.19 percentage points to 4.07% [1] Electrophysiology Business Insights - The company completed approximately 3,900 electrophysiology procedures in Q3 2024, a year-on-year increase of 25%. The total procedures for the first three quarters reached 11,356, indicating steady growth [1] - The overseas electrophysiology revenue grew by 118% in Q3 2024, highlighting significant growth potential in international markets [1] Market Expansion and Localization - The company has obtained 15 EU CE certifications and completed registrations in over 90 countries and regions as of H1 2024. This has facilitated rapid growth in overseas revenues, which reached 116 million yuan in H1 2024, a year-on-year increase of 19.73% [1] - The company is focusing on both domestic and international markets, with notable growth in its self-branded electrophysiology products, which saw a year-on-year increase of 63.04% [1]