APT(SH:688617)2023-11-10 00:46Group 1: Company Performance and Market Conditions - The company maintains confidence in long-term sustainable development despite a decline in Q3 growth rates [3][6] - In Q3, coronary surgery volumes saw a decline of 20%-30%, but recovery is currently around 90% [4] - The company expects Q4 performance to improve compared to Q3 [4][5] Group 2: Product Development and Sales Strategy - The company focuses on high-quality, cost-effective products due to ongoing medical anti-corruption efforts [3] - New products typically achieve scale sales 2-3 years post-launch [4] - The company anticipates 17,000 to 19,000 three-dimensional surgeries in 2024 [5] Group 3: Financial Metrics and Cost Management - Management fees and marketing expenses are expected to continue decreasing as revenue scales up [4] - The company’s revenue and net profit showed significant growth in Q3, with vascular intervention product coverage and hospital penetration rates increasing [6][7] Group 4: International Market and OEM Business - Overseas business grew over 90% in Q3, accounting for approximately 16% of total revenue [8] - The company is expanding its workforce to address challenges in meeting demand in international markets [8] Group 5: Regulatory and Competitive Landscape - The company has successfully participated in multiple procurement projects, enhancing its market access [7] - The focus on domestic substitution is a key strategic initiative, especially in the peripheral intervention market [7]