Endovastec(SH:688016) SINOLINK SECURITIES·2025-04-30 01:27Investment Rating - The report maintains a "Buy" rating for the company, expecting a significant price increase in the next 6-12 months [5]. Core Insights - The company reported a revenue of 332 million yuan in Q1 2025, a year-on-year decrease of 7%, and a net profit attributable to shareholders of 130 million yuan, down 30% year-on-year [2]. - The domestic market is facing short-term pressure due to changes in the market environment, leading to adjustments in product pricing and promotional strategies, while the overseas market is expanding rapidly with a sales revenue growth of over 93% year-on-year [3]. - The company has set ambitious growth targets in its employee stock ownership plan, aiming for a net profit of no less than 600 million yuan in 2025, reflecting confidence in future operations [4]. Summary by Sections Performance Overview - In Q1 2025, the company achieved a revenue of 332 million yuan, a decrease of 7% year-on-year, and a net profit of 130 million yuan, down 30% year-on-year [2]. Operational Analysis - The domestic market is under pressure, but the company maintains a leading market share in domestic active artery intervention products and is expanding its market coverage for peripheral vascular intervention products. The overseas market has seen a significant increase in sales, with new registrations in three countries and over 100 total overseas product registrations [3]. Profit Forecast and Valuation - The company is projected to achieve net profits of 606 million yuan, 794 million yuan, and 965 million yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 21%, 31%, and 22% [5].