Endovastec(SH:688016) GUOTAI HAITONG SECURITIES·2025-07-22 13:24Investment Rating - The report maintains a rating of "Accumulate" for the company [6][12]. Core Views - The company's performance in the first half of 2025 is expected to be under pressure due to the impact of price adjustments on aortic stents, but its competitiveness in the aortic field remains intact. The company is continuously enhancing its layout in peripheral and tumor intervention fields [2][12]. - The company anticipates a revenue of 7.08 to 7.87 billion yuan for the first half of 2025, representing a year-on-year decline of 10% to 0%. The net profit attributable to the parent company is expected to be between 3.04 and 3.61 billion yuan, down 24.78% to 10.52% year-on-year [12][13]. - The report highlights the successful launch of several innovative products and steady progress in R&D projects, which are expected to contribute positively to future growth [12][13]. Financial Summary - Total revenue is projected to grow from 1,187 million yuan in 2023 to 2,301 million yuan in 2027, with a compound annual growth rate (CAGR) of approximately 22.7% [4]. - Net profit attributable to the parent company is expected to increase from 492 million yuan in 2023 to 915 million yuan in 2027, reflecting a CAGR of about 21.3% [4]. - The earnings per share (EPS) is forecasted to rise from 3.99 yuan in 2023 to 7.42 yuan in 2027 [4]. Market Data - The company's total market capitalization is approximately 12,641 million yuan, with a 52-week stock price range of 79.81 to 128.30 yuan [7][12]. - The target price for the stock is set at 122.06 yuan, based on a price-to-earnings (PE) ratio of 25 times for 2025 [6][12]. Product and R&D Developments - The company has successfully launched multiple new products, including the Castor branched aortic stent and the Minos abdominal aortic stent, which have shown rapid growth in hospital admissions and terminal implant volumes [12][13]. - The company has received EU CE MDR certification for its Minos abdominal aortic stent and Hercules balloon dilation catheter, enhancing its global market presence [12][13].