加大研发，同时持续开展降本增效。在完成"射频+冷冻"协同布局的同时，不断完善"冰、火、电、 磁"的技术产品矩阵。自主研发的 Magbot一次性使用磁导航盐水灌注射频消融导管成功获得国家药品监 督管理局（NMPA）上市许可。公司产品第四代 Columbus三维心脏电生理标测系统获得欧盟CE 认证； 子公司上海鸿电医疗科技有限公司自主研发的FlashPoint肾动脉射频消融系统通过国家药品监督管理局 （NMPA）创新医疗器械特别审查申请，进入特别审查程序"绿色通道"，目前该产品已在临床试验阶 段，可与 Columbus三维心脏电生理标测系统联用以实现更加精准的靶点消融。 盈利预测与投资建议。预计2025-2027 年归母净利润0.69、0.95、1 亿元（考虑到税率的提高）。由于国 内电生理标的的稀缺性以及考虑到公司TrueForce、IceMagic 等重磅产品进入放量期，未来潜力较大， 维持"买入"评级。 风险提示：研发失败风险、汇率波动风险、市场开拓风险、贸易摩擦风险。 事件：公司发布2024年年报，24 年实现收入4.13 亿元（+25.5%），归母净利润5207 万元 （+815.1%））。业绩高增长符 ...

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company's 2024 performance met market expectations, with total revenue of 413 million yuan, a year-on-year increase of 25.5%, and a net profit attributable to shareholders of 52 million yuan, a year-on-year increase of 815.4% [5] - The company has achieved significant breakthroughs both domestically and internationally, with over 4,000 procedures performed using its pressure monitoring magnetic positioning radiofrequency ablation catheter and coverage in over 400 hospitals, representing a growth of over 70% in hospital coverage compared to the previous year [5] - Internationally, overseas revenue grew by over 60%, with successful operations in countries such as Georgia and the UAE, and coverage of 21 countries for three-dimensional surgeries [5] - Multiple products are entering a harvest phase, including the PulseMagic™ pressure pulse catheter, which is in the final clinical stages, and the FlashPoint® renal artery radiofrequency ablation system, which is currently in clinical trials [5] - The report expresses optimism about the domestic electrophysiology industry's high-end product import substitution, particularly in the context of centralized procurement [5] Financial Data and Profit Forecast - Total revenue is projected to grow from 329 million yuan in 2023 to 868 million yuan in 2027, with a compound annual growth rate (CAGR) of approximately 26% [2][7] - Net profit attributable to shareholders is expected to increase from 6 million yuan in 2023 to 203 million yuan in 2027, reflecting a significant growth trajectory [2][7] - Earnings per share are forecasted to rise from 0.01 yuan in 2023 to 0.43 yuan in 2027 [2][7] - The gross profit margin is expected to stabilize around 60% from 2025 onwards [2][7] - Return on equity (ROE) is projected to improve from 0.3% in 2023 to 9.3% in 2027 [2][7]

Core Viewpoint - The company is expected to turn a profit in 2024, with successful domestic and international market expansion and a comprehensive research and development layout, maintaining a buy rating [1] Financial Performance - The company achieved revenue of 413 million yuan in 2024, a year-on-year increase of 25.5%, and a net profit attributable to shareholders of 52 million yuan, a year-on-year increase of 815%. The non-recurring net profit was 5.08 million yuan, recovering from a loss of 35 million yuan in 2023 [2] - The EPS forecasts for 2025 and 2026 have been slightly adjusted to 0.14 yuan and 0.22 yuan respectively, with a new forecast for 2027 set at 0.32 yuan. The target price has been lowered to 24.68 yuan from 28.91 yuan, while maintaining a buy rating [2] Market Expansion - The company has seen a continuous increase in surgical volume, with over 70,000 three-dimensional surgeries performed globally by the end of 2024, up from over 50,000 at the end of 2023, ranking first among domestic manufacturers and third nationwide [3] - The company’s key product, the pressure catheter, had over 4,000 surgeries in 2024, with hospital coverage increasing by over 70% to more than 400 hospitals. The frozen ablation series has been successfully implemented in over 30 centers [3] - Internationally, the company participated in over 20 international conferences and organized more than 10 academic exchange meetings, contributing to a 63% year-on-year increase in overseas revenue to 112 million yuan, with three-dimensional surgeries covering 21 countries [3] Innovation and R&D - The company is steadily advancing clinical applications of innovative treatment solutions, completing the "radiofrequency + freezing" collaborative layout and enhancing its technology product matrix with "ice, fire, electricity, and magnetism" [4] - The magnetic navigation catheter has been approved, filling a domestic gap, while the self-developed pressure pulse catheter is in the final clinical stages. The joint venture company has submitted an NMPA registration application for the pulse ablation system [4] - Continuous upgrades of existing products are expected to enhance the company's overall competitiveness [4]

事件：公司发布2024 业绩，全年实现营收4.13 亿元（yoy+25.51%，下同），实现归母净利润0.52 亿元 （ yoy+815.36% ）， 实现扣非归母净利润0.05 亿元（yoy+114.32%）。2024Q4 实现营业收入1.22 亿元 （yoy+31.33%），实现归母净利润0.10 亿元（yoy+277.39%），实现扣非归母净利润0.06 亿元 （yoy+132.37%），业绩符合预期。 导管、设备快速增长，三维手术稳步放量。公司专注核心产品，国内市场压力监测磁定位射频消融导管 手术量超过4,000 例，覆盖医院400 余家，覆盖量同比增长70%以上；三维消融累计手术量超过70,000 例；冷冻消融系列产品已在30 余家中心顺利开展。2024 年公司导管类收入3.00 亿（yoy+36.62%）、设 备类收入0.26 亿（yoy+58.69%）、其他产品收入0.81 亿（yoy-3.82%），核心产品在福建省牵头联盟集 采执行周期中，实现快速增长，国内收入2.95 亿(yoy+17.34%)；三维手术覆盖全球21 个国家，海外手 术量超1,000 例，强化全球化发展战略，境外营收1.12 ...

证券研究报告 | 年报点评报告 gszqdatemark 2025 03 29 年 月 日 微电生理-U（688351.SH） 海外市场增长靓丽，产品矩阵持续完善 微电生理发布 2024 年年度报告。2024 年实现营业收入 4.13 亿元，同比增长 25.51%；归母净利润 5207 万元，同比增长 815.36%；扣非后归母净利润 508 万 元，同比增长 114.32%。分季度看，2024Q4 实现营业收入 1.22 亿元，同比增长 31.33%；归母净利润 1034 万元，同比增长 277.39%；扣非后归母净利润 583 万 元，同比增长 132.37%。 观点：2024 年公司收入端稳健增长，利润端增速快于收入端主要系期间费用率大 幅改善。海外市场高速增长，压力监测导管海外手术量超千例，国际化战略稳步 推进。在研管线推进顺利，产品矩阵持续丰富，为公司长期稳健发展奠定根基。 毛利率波动推测系集采执行影响，期间费用率改善驱动利润端增速快于收入端。 2024 年公司收入端稳健增长，分产品线来看：1）导管类产品收入 3.00 亿元（同 比+36.62%），毛利率 61.34%（（同比-4.63pp）；2） ...

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company achieved a revenue of 413 million yuan in 2024, representing a year-on-year growth of 25.51%, and a net profit of 52.07 million yuan, with a remarkable increase of 815.36% [1][2] - The growth in profits outpaced revenue growth primarily due to significant improvements in expense ratios, with a net profit margin of 12.60%, up by 10.87 percentage points year-on-year [2] - The company is experiencing robust growth in overseas markets, with over 1,000 procedures performed using pressure monitoring catheters, indicating a steady advancement of its international strategy [2][3] Revenue and Profit Analysis - In 2024, the revenue breakdown by product line shows: - Catheter products generated 300 million yuan, up 36.62% year-on-year, with a gross margin of 61.34% - Equipment products generated 26.45 million yuan, up 58.69% year-on-year, with a gross margin of 47.51% - Other products generated 80.79 million yuan, down 3.82% year-on-year, with a gross margin of 54.32% [2] - The overall gross margin for 2024 was 58.73%, a decrease of 4.78 percentage points year-on-year, attributed to the impact of centralized procurement [2] Product Pipeline and Innovation - The company has successfully advanced its research pipeline, with seven products entering the special approval process for innovative medical devices in China [4] - Notable products include: - Magbot™ catheter, which received NMPA approval, filling a gap in domestic magnetic navigation technology - PulseMagic™ pressure pulse catheter and FlashPoint® renal artery RF ablation system, both in the special review process [4] Financial Forecast and Growth Projections - Revenue projections for 2025-2027 are as follows: - 2025: 539 million yuan, a growth of 30.5% - 2026: 717 million yuan, a growth of 33.0% - 2027: 949 million yuan, a growth of 32.3% [4] - Net profit projections for the same period are: - 2025: 71 million yuan, a growth of 35.8% - 2026: 110 million yuan, a growth of 55.0% - 2027: 161 million yuan, a growth of 46.9% [4]

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 27.73 [8][9]. Core Views - The company reported a revenue of RMB 413.17 million and a net profit of RMB 52.07 million for 2024, representing year-over-year increases of 25.5% and 815.4% respectively, aligning with performance expectations [1]. - The revenue growth accelerated in Q4 2024, reaching RMB 122 million, a year-over-year increase of 31.3% and a quarter-over-quarter increase of 32.2% [1]. - The company is expected to achieve rapid revenue growth in 2025, driven by the continued expansion of high-end products both domestically and internationally [1]. Revenue Breakdown - Catheter products generated RMB 300 million in revenue, up 36.6% year-over-year, with high-end products performing particularly well [2]. - Equipment products saw revenue of RMB 26.45 million, reflecting a year-over-year increase of 58.7% [2]. - Other products, primarily sheath products, generated RMB 80.79 million, down 3.8% year-over-year, but are expected to recover in 2025 as three-dimensional surgical volumes increase [2]. Geographic Performance - Overseas revenue reached RMB 112 million, a year-over-year increase of 62.9%, accounting for 27.2% of total revenue [3]. - Domestic revenue was RMB 295 million, up 17.3% year-over-year, with over 70,000 three-dimensional surgeries performed across more than 1,100 hospitals [3]. Product Development - The company is progressing with new product development, including PFA products expected to receive domestic approval in the first half of 2025 [4]. - Clinical research for 3D intracardiac ultrasound has commenced, with expected domestic approval in 2026 [4]. Profit Forecast and Valuation - The earnings per share (EPS) forecast for 2025, 2026, and 2027 is RMB 0.15, RMB 0.24, and RMB 0.34 respectively [5]. - The discounted cash flow (DCF) valuation method estimates a target price of RMB 27.73, based on a weighted average cost of capital (WACC) of 7.5% and a perpetual growth rate of 1.7% [5].

Investment Rating - The report maintains a "Recommended" rating for the company [1][9]. Core Insights - The company achieved a revenue of 413 million yuan in 2024, representing a year-on-year growth of 25.51%, and a net profit of 52 million yuan, with a remarkable increase of 815.36% [4]. - The growth in revenue is primarily driven by an increase in electrophysiological procedures and the ramp-up of core products, with Q4 revenue growth exceeding 30% [5]. - The company has expanded its three-dimensional surgical coverage to over 1,100 hospitals, with a cumulative surgical volume exceeding 70,000 cases by the end of 2024 [5]. - Internationally, the company reported an international revenue of 112 million yuan in 2024, a year-on-year increase of 62.94%, with three-dimensional surgical coverage in 21 countries [5]. Financial Performance Summary - The company’s revenue is projected to grow from 522 million yuan in 2025 to 934 million yuan in 2027, with a compound annual growth rate (CAGR) of 36.0% [6][9]. - Net profit is expected to increase from 76 million yuan in 2025 to 215 million yuan in 2027, reflecting a strong growth trajectory [6][9]. - The gross margin is projected to stabilize around 62.8% by 2027, while the net profit margin is expected to reach 23.0% [6][9]. - The company maintains a low debt level with an asset-liability ratio of 8.0% in 2024, indicating strong financial health [7][13]. Product and Market Positioning - The company is recognized as a leading domestic player in the electrophysiology market, with a comprehensive product lineup covering "ice, fire, electricity, and magnetism" technologies [8]. - The company has a first-mover advantage in atrial fibrillation products and ranks first among domestic manufacturers in three-dimensional electrophysiological surgeries [8]. - The product line includes advanced solutions such as TrueForce pressure catheters and IceMagic cryoablation series, which have shown excellent clinical performance [8]. Future Outlook - The company is expected to continue benefiting from the rapidly expanding electrophysiology market, with new products still in the ramp-up phase [9]. - Revenue forecasts for 2025-2027 have been adjusted to 5.22 billion yuan, 6.87 billion yuan, and 9.34 billion yuan respectively, reflecting a positive growth outlook [9].

公 司 报 告 医药 2025年03月28日 微电生理(688351.SH) 电生理产品布局完善，核心单品放量驱动收入快速增长 推荐 ( 维持) 股价:19.7元 行情走势图 证券分析师 叶寅 投资咨询资格编号 S1060514100001 BOT335 YEYIN757@pingan.com.cn 事项： 2024年，公司实现营业收入4.13亿元，同比增长25.51%；实现归母净利润 0.52亿元，同比增长815.36%。 021-38640502 平安观点： 公司全年营业收入保持快速增长，单Q4收入增速超过30%，主要得益于 电生理手术量提升和核心产品增长放量。 国内市场方面，公司三维手术量持续增长，专注于核心产品不断放量。 截至2024年末公司三维手术覆盖医院超过1100余家，三维手术量累计超 过70000例，结合2023年报披露情况，2024年三维手术量约两万例；其 中核心产品方面，压力监测磁定位射频消融导管手术量超过4000例，覆 盖医院400余家、医院覆盖量同比增长70%以上；消融产品线如期实现从 普通冷盐水灌注射频消融导管到微孔冷盐水消融导管、磁定位微电极射 频消融导管、压力监测导管的产品升级， ...

2025年3月28日，微电生理(688351.SH)发布2024年年度报告。截至2025年3月27日，共有27个机构投资 者披露持有微电生理A股股份，合计持股量达3.97亿股，占微电生理总股本的84.37%。其中，前十大机 构投资者包括宁波梅山保税港区铧杰股权投资管理有限公司-嘉兴华杰一号股权投资合伙企业(有限合 伙)、微创投资控股有限公司、上海生晖企业管理咨询中心(有限合伙)、天津爱德博瑞企业管理合伙企业 (有限合伙)、上海毓衡投资管理中心(有限合伙)、招商银行股份有限公司-汇添富医疗服务灵活配置混合 型证券投资基金、中国民生银行股份有限公司-汇添富达欣灵活配置混合型证券投资基金、渤海银行股 份有限公司-中信建投医改灵活配置混合型证券投资基金、中国银行股份有限公司-华宝中证医疗交易型 开放式指数证券投资基金、中国农业银行股份有限公司-新华优选分红混合型证券投资基金，前十大机 构投资者合计持股比例达81.22%。相较于上一季度，前十大机构持股比例合计下跌了1.14个百分点。 公募基金方面，本期较上一期持股增加的公募基金共计5个，包括汇添富医疗服务灵活配置混合A、东 方阿尔法医疗健康混合发起A、新华策略精选股票 ...