Endovastec(SH:688016) Xinda Securities·2025-09-08 07:17Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but the report indicates a positive outlook based on revenue growth and product pipeline developments [1][3]. Core Viewpoints - The company reported a total revenue of 714 million yuan for the first half of 2025, a year-over-year decrease of 9.24%, with a net profit of 315 million yuan, down 22.03% year-over-year [1][3]. - The revenue from peripheral vascular products increased significantly by 188.57% year-over-year, driven by new product launches [3]. - The overseas revenue reached 123 million yuan, reflecting a growth of 77.05% year-over-year, attributed to the consolidation of Lombard and expanded market reach [3]. - The company has a robust product pipeline with several new products approved and in various stages of clinical trials, which is expected to drive future growth [3]. Financial Summary - For 2025, the company is projected to achieve revenues of 1.454 billion yuan, with a year-over-year growth rate of 20.5% [4]. - The net profit for 2025 is estimated at 607 million yuan, representing a growth of 20.8% year-over-year [4]. - The gross margin is expected to decline slightly from 76.5% in 2023 to 69.9% in 2025 [4]. - The earnings per share (EPS) is projected to increase from 3.99 yuan in 2023 to 4.92 yuan in 2025 [4].