Endovastec(SH:688016) Guotai Junan Securities·2024-02-25 16:00Investment Rating - The report maintains an "Accumulate" rating for the company, with a target price of 227.40 CNY, unchanged from the previous rating [1]. Core Views - The company has demonstrated strong annual growth, with performance meeting expectations and a steady advancement in its pipeline of products [1]. - The report highlights that the company is experiencing robust growth in overseas markets, with revenue from international sales increasing by over 50% year-on-year [1]. - The company is focused on innovation and product development, which is expected to provide sustained growth momentum [1]. Summary by Sections Financial Performance - The company reported a revenue of 1,187 million CNY for 2023, reflecting a year-on-year increase of 32.4% [1]. - The net profit attributable to shareholders is projected to be 492 million CNY for 2023, up 38.0% from the previous year [1]. - Earnings per share (EPS) are expected to be 5.95 CNY for 2023, revised slightly upward from the previous estimate of 5.86 CNY [1]. Product Pipeline and Market Expansion - The company’s new products are entering a growth phase, with significant contributions expected from recently launched items such as Castor and Minos [1]. - The report notes that the company has successfully registered several innovative products, which are anticipated to drive future revenue growth [1]. Valuation Metrics - The report provides a target price based on a 2024 PE ratio of 29X, maintaining the target price at 227.40 CNY [1]. - The company’s market capitalization is reported at 14,318 million CNY, with a current stock price of 173.08 CNY [1]. Industry Position - The company is recognized as a leading player in the vascular intervention medical device market in China, holding a significant market share [1]. - The report emphasizes the company’s competitive edge due to its comprehensive product range and strong R&D capabilities [1].