Investment Rating - The report maintains a "Recommended" rating for the company [6] Core Views - The company, Xinpai Medical, is a leading enterprise in the domestic aortic and peripheral vascular intervention field, with core products achieving performance levels that partially meet international standards. The company is expected to gradually grow into a leading player in the global cardiovascular field as it continues to expand its domestic and international markets [6] - The forecast for the company's net profit attributable to shareholders for 2025-2027 has been adjusted to 603.85 million, 729.13 million, and 879.82 million yuan, representing year-on-year growth rates of 20.27%, 20.75%, and 20.67% respectively. The corresponding EPS for these years is projected to be 4.90 yuan, 5.92 yuan, and 7.14 yuan, with current stock prices corresponding to PE ratios of 22, 18, and 15 times for 2025-2027 [6] Financial Performance Summary - **Revenue Forecast**: - 2024A: 1,206.33 million yuan - 2025E: 1,459.32 million yuan (growth rate: 20.97%) - 2026E: 1,756.74 million yuan (growth rate: 20.38%) - 2027E: 2,105.39 million yuan (growth rate: 19.85%) [5][8] - **Net Profit Forecast**: - 2024A: 502.10 million yuan - 2025E: 603.85 million yuan (growth rate: 20.27%) - 2026E: 729.13 million yuan (growth rate: 20.75%) - 2027E: 879.82 million yuan (growth rate: 20.67%) [5][8] - **Key Financial Ratios**: - Gross Margin: - 2024A: 73.01% - 2025E: 70.53% - 2026E: 71.49% - 2027E: 71.97% [8] - PE Ratio: - 2024A: 26.66 - 2025E: 22.16 - 2026E: 18.36 - 2027E: 15.21 [5][8] - **Balance Sheet Highlights**: - Total Assets: - 2024A: 4,291.60 million yuan - 2025E: 4,633.20 million yuan - 2026E: 5,220.78 million yuan - 2027E: 5,931.89 million yuan [7] - **Cash Flow Summary**: - Operating Cash Flow: - 2024A: 373.60 million yuan - 2025E: 683.40 million yuan - 2026E: 711.23 million yuan - 2027E: 878.26 million yuan [7]