APT医疗（688617.SS）风险回报更新

Morgan Stanley updates its risk-reward view on APT Medical Inc (688617.SS) post 3Q26 results. Our 2026/27 EPS are tweaked by +1%/+1%, respectively, with higher PFA and RFA volume offset by lower price assumptions due to VBP; the DCF-based price target stays unchanged at Rmb360. APT Medical is a domestic leader in electrophysiology (EP) and vascular intervention with a comprehensive portfolio backed by in-house R&D. It is well positioned to benefit from secular growth in the Rmb28bn China EP, coronary access and peripheral intervention device markets; its cost edge vs. global peers allows it to navigate VBP risks and spur domestic substitution, while the Mindray alliance gives access to a global sales and service network and accelerates international expansion. With the share price at Rmb272, the Overweight rating implies 32% upside;