Endovastec(688016) 国金证券·2025-01-21 01:14Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [4][12]. Core Insights - The company forecasts a revenue of RMB 1.188 billion to RMB 1.306 billion for 2024, representing a year-on-year growth of 0% to 10%, and a net profit of RMB 493 million to RMB 541 million, also reflecting a growth of 0% to 10% [1]. - The company is experiencing short-term pressure on performance due to product price adjustments, but expects gradual recovery driven by innovative products and increased overseas market efforts [2]. - The new employee stock ownership plan sets ambitious profit targets, reflecting the company's confidence in future growth, with net profit targets of no less than RMB 600 million for 2025 and cumulative net profits of RMB 2.184 billion for 2025-2027 [3]. Summary by Sections Performance Overview - The company anticipates a revenue range of RMB 1.188 billion to RMB 1.306 billion for 2024, with a net profit forecast of RMB 493 million to RMB 541 million, indicating stable growth expectations [1]. Operational Analysis - The company is facing short-term challenges due to price adjustments but expects recovery through innovative products and increased international sales, projecting over RMB 150 million in overseas sales for 2024 [2]. Profit Forecast and Valuation - The company is projected to achieve net profits of RMB 503 million, RMB 615 million, and RMB 789 million for 2024, 2025, and 2026 respectively, with corresponding EPS of RMB 4.08, RMB 4.99, and RMB 6.40, reflecting a positive growth trajectory [4].