Endovastec(SH:688016) Huaan Securities·2025-04-03 02:50Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company experienced a slight increase in revenue and net profit for the fiscal year 2024, with total revenue reaching 1.206 billion yuan (up 1.61% year-on-year) and net profit attributable to shareholders at 502 million yuan (up 1.96 year-on-year) [2] - The domestic market is under pressure due to price adjustments of core products and the impact of centralized procurement, with significant declines in revenue and net profit in the fourth quarter of 2024 [3] - The overseas market is showing strong growth, with overseas revenue nearly doubling to 164 million yuan, accounting for approximately 13.6% of total sales, and the company has acquired a European medical device company to expand its market presence [4] - The company has announced an equity incentive plan that reflects confidence in future growth, targeting net profits of no less than 600 million yuan in 2025 and cumulative net profits of 1.32 billion yuan from 2025 to 2026 [4] Financial Performance Summary - For the fiscal year 2024, the company achieved total revenue of 1.206 billion yuan, with projections for 2025, 2026, and 2027 at 1.354 billion yuan, 1.599 billion yuan, and 1.922 billion yuan respectively, representing year-on-year growth rates of 12.2%, 18.1%, and 20.2% [5][7] - The net profit attributable to shareholders is projected to increase from 547 million yuan in 2025 to 758 million yuan in 2027, with corresponding year-on-year growth rates of 9.0%, 14.4%, and 21.0% [5][10] - The earnings per share (EPS) is expected to rise from 4.44 yuan in 2025 to 6.15 yuan in 2027, with price-to-earnings (P/E) ratios decreasing from 22x in 2025 to 16x in 2027 [5][10]