APT(SH:688617) East Money Securities·2024-05-15 10:00Investment Rating - The investment rating for the company is "Buy" [3]. Core Views - The company has shown steady growth in its core business segments, with a significant increase in sales and market penetration. In 2023, the company achieved revenue of 1.65 billion yuan, a year-on-year increase of 35.71%, and a net profit of 534 million yuan, up 49.13% year-on-year. For Q1 2024, revenue reached 455 million yuan, growing 30.20% year-on-year, with a net profit of 140 million yuan, up 36.48% year-on-year [2][4]. - The company has successfully upgraded its product offerings and expanded its market reach, particularly in electrophysiology and vascular intervention, leading to improved product coverage and hospital penetration rates. In 2023, the electrophysiology segment generated revenue of 368 million yuan, a 25.51% increase year-on-year, while the coronary pathway segment saw revenue of 791 million yuan, up 38.98% year-on-year [2][4]. - The company is expected to maintain a high growth trajectory, with projected revenues of 2.22 billion yuan, 2.94 billion yuan, and 3.88 billion yuan for 2024, 2025, and 2026, respectively. Net profits are forecasted to be 691 million yuan, 923 million yuan, and 1.21 billion yuan for the same years [4][5]. Summary by Sections Sales and Financial Performance - In 2023, the company reported total revenue of 1.65 billion yuan, with a growth rate of 35.71%. The net profit attributable to shareholders was 534 million yuan, reflecting a growth of 49.13%. For Q1 2024, revenue was 455 million yuan, a 30.20% increase year-on-year, and net profit was 140 million yuan, up 36.48% [2][5]. - The company’s gross margin and net margin for 2023 were 71.27% and 31.64%, respectively, showing slight improvements year-on-year [2][4]. Market Expansion and Product Development - The company has enhanced its market presence, with over 1,100 hospitals covered and more than 10,000 three-dimensional electrophysiology surgeries performed in 2023, marking a growth of over 200% year-on-year. The company also achieved significant growth in its vascular intervention segment, with over 600 new hospital admissions [2][4]. - R&D investments have increased, with several new products receiving certification and entering clinical trials. The company is expected to benefit from the launch of high-value products in the electrophysiology and peripheral intervention segments [2][4]. Future Projections - The company’s revenue forecasts for 2024, 2025, and 2026 are 2.22 billion yuan, 2.94 billion yuan, and 3.88 billion yuan, respectively, with corresponding net profits of 691 million yuan, 923 million yuan, and 1.21 billion yuan. The expected EPS for these years is 10.34 yuan, 13.81 yuan, and 18.11 yuan, respectively [4][5].