Endovastec(SH:688016) ZHONGTAI SECURITIES·2024-02-27 16:00Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase of over 15% compared to the benchmark index within the next 6 to 12 months [9][14]. Core Insights - The company is projected to achieve a revenue of 1.187 billion yuan in 2023, representing a year-on-year growth of 32.43%. The net profit attributable to the parent company is expected to be 492 million yuan, with a year-on-year increase of 37.98% [19]. - The company has seen strong growth in its core products, particularly in the aortic and peripheral intervention sectors, with significant contributions from new products like the Talos and Fontus systems [19]. - The company is actively expanding its overseas market presence, with products already in clinical use in multiple countries, leading to over 50% growth in international business [19]. - The research and development pipeline is progressing well, with several innovative products expected to enter the market soon, reinforcing the company's competitive position in the vascular intervention market [19]. Financial Summary - The company’s revenue forecast for 2023-2025 is set at 1.187 billion, 1.557 billion, and 2.041 billion yuan, respectively, with corresponding net profits of 492 million, 642 million, and 838 million yuan [19]. - The projected earnings per share for 2023-2025 are 4.31, 5.94, and 7.76 yuan, respectively, indicating a strong growth trajectory [11][19]. - The company's current stock price corresponds to P/E ratios of 30, 23, and 18 for the years 2023-2025, reflecting its status as a leading player in the vascular intervention sector [19].