Endovastec(SH:688016)2024-04-02 16:00Investment Rating - The report maintains a "Buy" rating for the company [5][18]. Core Insights - The company's 2023 performance met expectations, with revenue of 1.187 billion yuan, a year-on-year increase of 32%, and a net profit attributable to shareholders of 492 million yuan, up 38% year-on-year [4][11]. - The gross margin for 2023 was 76.45%, slightly up from 75.18% in the previous year, indicating stable profitability [4]. - The company has a strong pipeline with six products submitted for registration, and several others in clinical trials, showcasing robust R&D progress [14][21]. Financial Summary - Revenue and profit projections for 2024-2026 are optimistic, with net profits expected to reach 654 million yuan in 2024, 826 million yuan in 2025, and 1.023 billion yuan in 2026, corresponding to P/E ratios of 24, 19, and 15 respectively [5][15]. - The company reported a total revenue of 1.187 billion yuan for 2023, with a gross profit margin of 76.5% and a return on equity (ROE) of 12.8% [15][23]. Market Performance - The company's stock closed at 185.75 yuan, with a market capitalization of 13.37 billion yuan [12][23]. - The stock has shown strong performance, with a year-on-year increase in overseas sales revenue of 55%, expanding its market presence to 31 countries [21].