Endovastec(SH:688016) Ping An Securities·2025-03-31 09:05Investment Rating - The report maintains a "Recommendation" rating for the company [1][8]. Core Viewpoints - The company demonstrates steady operational growth, with a projected revenue of 1.206 billion yuan for 2024, reflecting a year-on-year increase of 1.61%, and a net profit of 502 million yuan, up 1.96% year-on-year [3][4]. - The company is focusing on international expansion, with overseas sales expected to reach 164 million yuan in 2024, nearly doubling from the previous year, and is actively pursuing market entry in Europe, Latin America, and Asia [7][8]. - The company has maintained a strong product pipeline, with 12 new products approved domestically and internationally since 2024, enhancing its integrated solutions for aortic and peripheral vascular diseases [5][8]. Financial Summary - Revenue projections for the next few years are as follows: 1.206 billion yuan in 2024, 1.491 billion yuan in 2025, 1.909 billion yuan in 2026, and 2.409 billion yuan in 2027, with respective year-on-year growth rates of 1.6%, 23.6%, 28.1%, and 26.2% [4][12]. - Net profit is expected to grow from 502 million yuan in 2024 to 879 million yuan by 2027, with year-on-year growth rates of 2.0%, 17.8%, 22.3%, and 21.5% [4][12]. - The gross margin is projected to decline slightly from 73.0% in 2024 to 67.4% in 2027, while the net margin is expected to decrease from 41.6% to 36.5% over the same period [12]. Market Position and Strategy - The company is a leading player in the domestic aortic and peripheral vascular intervention market, with a strong market share and ongoing product launches [8]. - The company is enhancing its product line through innovation and strategic partnerships, including the acquisition of Lombard Medical to strengthen its presence in the European and Japanese markets [7][8].