APT(SH:688617) Tai Ping Yang·2024-03-25 16:00Investment Rating - The report maintains a "Buy" rating for the company with a target price of 567.83, compared to the last closing price of 432.37 [1][6]. Core Insights - The company achieved a revenue of 1.65 billion yuan in 2023, representing a year-on-year growth of 35.71%. The net profit attributable to shareholders was 534 million yuan, up 49.13% year-on-year, driven by increased sales scale and cost control [3][4]. - The company reported a significant increase in cash flow from operating activities, reaching 689 million yuan, which is an 87.52% increase year-on-year [3][4]. - The company’s various business segments experienced rapid growth, with international revenue increasing by 72.62% year-on-year, contributing 14.26% to the main business [5][6]. Revenue and Profitability - The company’s revenue from the electrophysiology segment was 367 million yuan, a 25.51% increase year-on-year. The coronary segment generated 791 million yuan, up 38.98%, while the peripheral intervention segment saw a revenue of 256 million yuan, increasing by 40.36% [4][5]. - The overall gross margin improved slightly to 71.27%, with a net profit margin of 31.64%, reflecting a 3.67 percentage point increase year-on-year [6][7]. Future Projections - The company is projected to achieve revenues of 2.22 billion yuan, 3.00 billion yuan, and 3.97 billion yuan for 2024, 2025, and 2026, respectively, with growth rates of 35%, 35%, and 32% [6][7]. - The net profit attributable to shareholders is expected to reach 689 million yuan, 934 million yuan, and 1.24 billion yuan for the same years, with growth rates of 29%, 36%, and 32% [6][7].