Endovastec(SH:688016) NORTHEAST SECURITIES·2025-09-16 11:20Investment Rating - The report assigns a "Buy" rating to the company, indicating a positive outlook for the stock's performance in the near term [4][6]. Core Insights - The company reported a revenue of 714 million yuan, a decrease of 9.24%, and a net profit attributable to shareholders of 315 million yuan, down 22.03% [1]. - The gross margin was under pressure due to policy adjustments, with a gross margin of 69.19%, down 7.38 percentage points [1]. - The company is experiencing growth in its international market, with revenue from international sales reaching 123 million yuan, an increase of 77.05%, contributing to 17.25% of total revenue [2]. Summary by Sections Financial Performance - The company achieved a revenue of 714 million yuan and a net profit of 315 million yuan in the latest half-year report, reflecting declines of 9.24% and 22.03% respectively [1]. - The gross margin decreased to 69.19%, while the net profit margin was 43.48%, down 7.28 percentage points [1]. - The company expects revenues of 1.48 billion yuan, 1.86 billion yuan, and 2.21 billion yuan for 2025, 2026, and 2027 respectively, with net profits projected at 623 million yuan, 758 million yuan, and 904 million yuan [4]. Product and Market Development - The company is a leading player in the domestic aortic stent market and is expanding its peripheral intervention product line [4]. - The new generation of aortic stents has received regulatory approval, and the company is actively enhancing its product pipeline [3]. - The revenue from peripheral and other products increased significantly by 188.57%, reaching 200 million yuan [2]. Future Outlook - The company is expected to continue its growth trajectory, with a projected revenue increase of 22.36% in 2025 and a net profit growth of 24.17% [5]. - The company has expanded its sales coverage to 45 countries, indicating a strong international presence and growth potential [2].