APT(688617) 国盛证券·2024-12-17 03:34Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Views - Huatai Medical has received NMPA certification for its PFA products, enhancing its product matrix and addressing the treatment of drug-resistant and recurrent atrial fibrillation [2]. - The PFA product features three key functions: pressure sensing, magnetic positioning, and pulsed ablation, providing a unique technological advantage in the electrophysiology field [2]. - The pulsed ablation market is poised for significant growth, with projections indicating a market size of CNY 12.87 billion in 2025, expanding to CNY 163.15 billion by 2032, reflecting a compound annual growth rate (CAGR) of 43.73% [2]. - The company has accelerated its project approvals, indicating the formation of a platform company with a robust R&D pipeline [2]. Financial Projections - Revenue forecasts for 2024, 2025, and 2026 are CNY 20.83 billion, CNY 27.27 billion, and CNY 35.78 billion, respectively, with year-on-year growth rates of 26.2%, 30.9%, and 31.2% [2][3]. - Net profit estimates for the same years are CNY 7.08 billion, CNY 9.45 billion, and CNY 12.53 billion, with growth rates of 32.6%, 33.5%, and 32.6% [2][3]. - The projected price-to-earnings (P/E) ratios for 2024, 2025, and 2026 are 48X, 36X, and 27X, respectively [2].