2Q26业绩超预期；目标在稳定利润率下实现持续增长

研报英文原文证据摘录

Not for redistribution without written consent of Morgan Stanley

M

Update

August 20, 2026 12:57 PM GMT

Morgan Stanley Asia Limited+

APT Medical Inc | Asia Pacific

Alexis Yan, CFA

Equity Analyst

2Q26 Beat; Targeting Sustained

Growth at Stable Margins

AlphaSignals Earnings Reaction

APT Medical Inc (688617.SS, 688617 CG)

Strengthens our thesis

Modest upside

Modest revision higher

Impact to our thesis

Financial results versus consensus

Direction of next 12-month

consensus EPS

China Healthcare | China

ratios to edge up slightly for PFA promotion and overseas expansion.

Stock Rating

Industry View

Price target

Up/downside to price target (%)

Shr price, close (Aug 20, 2026)

52-Week Range

Sh out, dil, curr (mn)

Mkt cap, curr (mn)

EV, curr (mn)

Avg daily trading value (mn)

Recall Mindray’s core EP team has joined APT Medical in 1Q, reinforcing R&D,

Fiscal Year Ending

commercial and operational alignment between the two entities.

EPS (Rmb)**

5.59

6.92

8.74 11.01

Prior EPS (Rmb)**

EPS (Rmb)§

5.92

7.11

8.91 11.04

Revenue, net (Rmb mn) 2,583.9 3,212.5 4,043.3 5,073.2

EBITDA (Rmb mn)

1,049.3 1,294.5 1,665.2 2,060.0

ModelWare net inc

820.6 1,017.5 1,275.7 1,597.5

(Rmb mn)

P/E

41.9

37.0

29.5

23.6

P/BV

11.1

9.5

7.5

5.9

RNOA (%)

56.1

55.1

49.1

53.0

ROE (%)

32.6

32.9

32.4

32.0

EV/EBITDA

31.2

27.6

21.0

16.6

Div yld (%)

0.5

0.6

0.7

FCF yld ratio (%)**

2.0

0.9

2.4

3.0

Leverage (EOP) (%)

(45.8) (41.0) (46.6) (50.7)

Source: Company data, Morgan Stanley Research

Key Takeaways

2026 profitability guidance unchanged: GPM largely stable; selling and R&D

2Q26 revenue of Rmb822mn accelerated to 26.6% YoY, +3% vs. MSe, bringing

1H26 growth to 25.7%. By region, China revenue was +24% and overseas was

+47% in 2Q.

By segment, EP was +54% YoY in 2Q - including ~4.2k PFA procedures. Coronary

access +23%, peripheral intervention +19%, OEM +8% YoY in 2Q.

GPM was resilient at 72.2% in 2Q, -0.4ppt YoY, while opex ratios was -2.2ppt YoY

in 2Q. Recurring NP grew faster by 31.8% YoY to Rmb304mn in 2Q, 15% above

MSe.

PFA outlook and policy impact: APT Medical completed ~4.2k PFA procedures in

2Q, from ~3k in 1Q and ~2.7k in 4Q25, with rather limited impact from the new sales

Overweight

Attractive

Rmb355.00

…