APT(SH:688617) East Money Securities·2024-02-06 16:00Investment Rating - The report assigns an "Accumulate" rating to the company [4][6]. Core Views - The company is expected to maintain high growth in 2023, with a projected net profit of 510-565 million yuan, representing a year-on-year increase of 42.45%-57.81% [3]. - The acquisition of control by Mindray Medical is anticipated to strengthen the company's leading position in the vascular intervention market, enhancing product performance and expanding overseas market access [4]. - The company's three main business segments—electrophysiology, coronary access, and peripheral intervention—are expected to continue high growth due to increased hospital coverage and ongoing product upgrades [6]. Summary by Sections Financial Performance - The company forecasts revenue for 2023, 2024, and 2025 to be 1.672 billion, 2.280 billion, and 3.063 billion yuan, respectively, with corresponding net profits of 539 million, 727 million, and 996 million yuan [6]. - The expected earnings per share (EPS) for the same years are 8.07, 10.88, and 14.89 yuan, with price-to-earnings (P/E) ratios of 49, 36, and 26 times [6]. Market Position and Strategy - The company is actively expanding its market presence through promotional activities and enhancing brand recognition, alongside efforts to penetrate international markets [3]. - The collaboration with Mindray is expected to significantly enhance the company's product capabilities in areas where it has been relatively weak, such as 3D measurement systems and radiofrequency ablation devices [4]. Growth Drivers - Continuous iteration and optimization of product research and development are expected to improve the company's manufacturing automation and product competitiveness [3]. - The integration of Mindray's resources and expertise is projected to bolster the company's capabilities in electrophysiology and vascular intervention, further solidifying its market position [4].