APT(SH:688617) Tai Ping Yang·2024-04-26 03:00Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase in stock price of over 15% compared to the CSI 300 index in the next six months [12]. Core Insights - The company reported a revenue of 455 million yuan for Q1 2024, representing a year-on-year growth of 30.20%, driven by the expansion of domestic and international markets and increased product coverage [4]. - The net profit attributable to shareholders reached 140 million yuan, up 36.48% year-on-year, with a non-recurring net profit of 137 million yuan, reflecting a 51.59% increase, primarily due to sales growth and cost control [4]. - The company has seen a strong increase in electrophysiology surgeries, with over 10,000 procedures completed in 2023, marking a growth of over 200% compared to 2022 [5]. - New vascular intervention products are being introduced, including a chest aortic stent approved in April 2024 for treating Stanford type B aortic dissection [5]. Financial Performance - The company's comprehensive gross margin for Q1 2024 was 72.01%, with a net profit margin of 30.28%, reflecting a 2.03 percentage point increase [6]. - Revenue projections for 2024-2026 are 2.223 billion, 3.008 billion, and 3.968 billion yuan, with expected growth rates of 35%, 35%, and 32% respectively [8]. - The forecasted net profit for the same period is 689 million, 934 million, and 1.237 billion yuan, with growth rates of 29%, 36%, and 32% respectively [8]. Business Development - The company is actively expanding its product line through investments in other medical firms, enhancing its growth potential [5]. - Ongoing research projects in electrophysiology and vascular intervention are expected to yield new products by 2025, contributing to future revenue growth [5].