APT(SH:688617) Soochow Securities·2025-02-25 08:25Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's 2024 performance report indicates that revenue reached 2.066 billion yuan, reflecting a year-on-year growth of 25.18%, while net profit attributable to shareholders was 673 million yuan, up 26.14% [7] - The launch of the new PFA atrial fibrillation product is expected to create a second growth curve for the company, with significant revenue contributions anticipated in 2025 [7] - The approval of the RescSeal™ thoracic aortic stent in April 2024 is expected to benefit from upcoming centralized procurement in Hebei province, enhancing the market potential for the company's new products [7] Financial Summary - Total revenue projections for 2024-2026 are adjusted to 2.066 billion yuan, 2.762 billion yuan, and 3.594 billion yuan respectively, with corresponding net profits of 673 million yuan, 919 million yuan, and 1.208 billion yuan [7][8] - The company's earnings per share (EPS) are forecasted to be 6.92 yuan in 2024, 9.43 yuan in 2025, and 12.40 yuan in 2026 [1][8] - The price-to-earnings (P/E) ratio is projected to be 54.81 for 2024, 40.17 for 2025, and 30.56 for 2026, indicating a favorable valuation outlook [1][8]