APT(SH:688617) Xinda Securities·2024-05-05 23:30Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the benchmark index [8]. Core Insights - The company reported a revenue of 455 million yuan in Q1 2024, representing a year-on-year growth of 30.20%. The net profit attributable to the parent company was 140 million yuan, up 36.48% year-on-year, while the non-recurring net profit increased by 51.59% to 137 million yuan, driven by sales growth and cost control [2]. - The company's electrophysiology products are experiencing steady growth, with over 300 new hospitals adopting these products in 2023, reaching more than 1,100 hospitals in total. The transition from traditional two-dimensional to three-dimensional surgeries has been successfully implemented, with over 10,000 three-dimensional electrophysiology surgeries performed in more than 800 hospitals, marking a growth of over 200% compared to 2022 [2]. - The company's international business has shown significant growth, with an overall increase of 72.62% in 2023. The Middle East and Africa, as well as the CIS regions, saw growth exceeding 100%. The PCI and EP proprietary brands are the main drivers of this international growth [2]. Financial Summary - The total revenue for 2022 was 1,216 million yuan, which is expected to grow to 3,706 million yuan by 2026, reflecting a compound annual growth rate (CAGR) of approximately 31.3% [3]. - The net profit attributable to the parent company is projected to increase from 358 million yuan in 2022 to 1,118 million yuan in 2026, with a CAGR of around 32.0% [3]. - The earnings per share (EPS) are forecasted to rise from 5.35 yuan in 2022 to 16.71 yuan in 2026, indicating a strong growth trajectory [3].