APT(SH:688617) Guoxin Securities·2025-08-26 09:33Investment Rating - The investment rating for the company is "Outperform the Market" [6][4]. Core Views - The company is experiencing high revenue and profit growth, with a projected revenue of 12.14 billion yuan for H1 2025, representing a year-on-year increase of 21.3%, and a net profit of 4.25 billion yuan, up 24.1% year-on-year [1][9]. - The commercialization of PFA products is gradually advancing, with significant growth in overseas markets and a focus on core products [3][4]. - The company is well-positioned in the domestic vascular intervention and electrophysiology sectors, benefiting from high market demand and a robust product pipeline [4][3]. Financial Performance - In H1 2025, the company achieved a gross margin of 73.5% and a net margin of 34.5%, reflecting improved operational efficiency and the success of high-margin products [2][17]. - The company has effectively controlled its expense ratios, with a sales expense ratio of 17.2%, a management expense ratio of 4.7%, and a research and development expense ratio of 13.0% [2][17]. - The company forecasts revenue growth of 28.9% for 2025, with expected revenues of 26.63 billion yuan, 34.23 billion yuan in 2026, and 44.01 billion yuan in 2027 [4][5]. Product Development and Market Expansion - The company has completed over 800 PFA pulse ablation surgeries and plans to replace traditional catheter products with upgraded versions [3][23]. - The international business segment has shown strong growth, with a 34.56% increase in revenue in H1 2025, particularly in Europe, Russia, and Latin America [3][4]. - Several key products, including pressure-sensing ablation catheters, have received regulatory approval, enhancing the company's competitive position [23][25].