APT(SH:688617) Guolian Securities·2024-03-25 16:00Investment Rating - The investment rating for the company is not explicitly stated in the provided content, but it suggests a positive outlook with a recommendation to "continue to pay attention" to the company [9]. Core Insights - The company reported a revenue of 1.65 billion yuan in 2023, representing a year-on-year growth of 35.71%, and a net profit of 534 million yuan, up 49.13% year-on-year [6]. - The core product lines showed strong growth, with electrophysiology products generating 368 million yuan (up 25.51%), coronary access products 791 million yuan (up 38.98%), and peripheral intervention products 256 million yuan (up 40.36%) [7]. - The company achieved a gross margin of 71.27% and a net margin of 31.64% in 2023, indicating improved profitability [8]. Financial Performance - In 2023, the company achieved a total revenue of 1.65 billion yuan, with a net profit of 534 million yuan, and a year-on-year growth rate of 35.71% and 49.13% respectively [6]. - The projected revenues for 2024, 2025, and 2026 are 2.21 billion yuan, 3.01 billion yuan, and 3.92 billion yuan, with corresponding growth rates of 33.76%, 36.17%, and 30.56% [9]. - The company's earnings per share (EPS) are expected to increase from 7.99 yuan in 2023 to 10.40 yuan in 2024, reflecting a growth rate of 30.24% [10]. Market Position and Growth Potential - The company is positioned as a leader in electrophysiology and coronary access markets, with significant expansion opportunities in vascular intervention [9]. - The entry of a major player, Mindray, is expected to enhance the company's sales channels and global competitiveness [9]. - The company has successfully expanded its product lines, including the introduction of new products in the urology segment, contributing to a diversified revenue stream [7].