Company Overview - Shanghai MicroPort EP MedTech Co., Ltd. focuses on the development, production, and sales of innovative medical devices in the field of electrophysiology interventional diagnosis and ablation treatment [2] - The company aims to provide globally competitive integrated solutions for diagnosis and ablation treatment centered on precise interventional navigation [2] Product Portfolio - Major products include the Columbus 3D cardiac electrophysiology mapping system, EasyFinder 3D magnetic positioning adjustable mapping catheter, and various disposable mapping and ablation catheters [2] - The company’s cryoablation devices and balloon-type cryoablation catheters have been approved for inclusion in the "2024 Shanghai Biomedical 'New Excellent Drugs and Devices' Product Directory" [2] - The fourth-generation 3D cardiac electrophysiology mapping system is also listed in the "2024 Shanghai Innovative Product Recommendation Directory" [2] Financial Performance - For the fiscal year 2024, the company reported revenue of 413 million yuan, representing a year-on-year increase of 25.51% [3] - Net profit reached 52.07 million yuan, showing a significant year-on-year growth of 815.36% [3] - The gross profit margin stood at 58.73% [3] Market Position - As of April 15, the company's stock closed at 19.77 yuan, with a rolling price-to-earnings (PE) ratio of 178.68, significantly higher than the industry average PE of 46.44 [1][3] - The total market capitalization is approximately 9.304 billion yuan [1] - The company ranks 113th in terms of PE ratio within the medical device industry [1] Institutional Holdings - As of the latest report, 187 institutions hold shares in the company, including 184 funds, with a total holding of approximately 74.29 million shares valued at 1.415 billion yuan [1]

本报讯 （记者金婉霞）3月28日，上海微创电生理医疗科技股份有限公司（简称"微电生理"）披露2024 年业绩报告。数据显示，2024年，微电生理实现营业收入4.13亿元，同比增长25.51%；实现归属于母公 司所有者的净利润5207万元，同比增长815.36%；归母扣非后净利润实现首度转正，实现摘U。 资料显示，微电生理是全球市场中少数同时完成心脏电生理设备与耗材完整布局的厂商，亦是首个能够 提供三维心脏电生理设备与耗材完整解决方案的国产厂商。早在2022年，微电生理 FireMagic®TrueForce®一次性使用压力监测磁定位射频消融导管（以下简称"TrueForce®压力导管"）和 EasyStars™一次性使用星型磁电定位标测导管便已获批上市，实现了两大核心技术领域的首次国产突 破。截至2024年末，微电生理TrueForce®压力导管在国内手术量已超过4千例，覆盖医院400余家，较上 年医院覆盖量增长70%以上；海外手术量超过1000例，新增阿根廷、泰国、巴西、瑞士、法国等15个国 家首批临床应用等。 新产品方面，2024年，由微电生理自主研发的Magbot™一次性使用磁导航盐水灌注射频消融导管成 ...

3月28日，上海微创电生理医疗科技股份有限公司（以下简称"微电生理"，688351.SH）披露了2024年年 度报告。报告期内，公司实现营业收入41316.68万元，同比增长25.51%；归属于母公司所有者的净利润 达5207.04万元，同比增长815.36%；扣非后归母净利润实现首次转正。 微电生理因符合"上市时未盈利公司首次实现盈利"的情形，于3月31日成功摘除A股股票特别标识U，成 为2025年首家科创板摘U企业。同时也是科创板第五条上市标准对医疗器械拟IPO企业开放以来，首家 上市并成功实现摘U的医疗器械企业。 尽管微电生理技术突破显著，但在我国电生理医疗器械行业中，外资品牌仍占据绝对主导地位。 国内 企业仍需要一定的时间来提升自身产品的使用量。但同时也表明国产替代的市场规模广阔，未来发展潜 力巨大。 根据《中国心血管健康与疾病报告2023》相关数据显示，在心律失常住院患者中开展各类心律失常的消 融手术总计约23.3万例，仅占心律失常患者总住院人次的2.8%。受限于相关疾病早筛尚未推广、电生理 手术难度高等因素，我国电生理治疗渗透率仍然极低，但手术数量呈增加趋势明显。另据 Cardiovascular ...

目前公司多款产品已纳入集采，因此我们下调导管类收入及毛利率，同时考虑到销售增长和公司持续降 本增效，因此下调销售、管理和研发费用率。我们预测公司2025-2027 年归母净利润分别为0.68、 1.02、1.41 亿元（2025-2026 原预测为0.80、1.19 亿元），考虑到公司是国内技术领先的电生理设备与 耗材企业，长期发展潜力充足，我们采取DCF 估值法给予目标价格24.60 元，维持"增持"评级。 经营效率显著提升，利润和现金流表现亮眼。2024 年，公司实现归母净利润0.52 亿元，同比+815.4%， 扣非后归母净利润0.05 亿元，同比+114.3%，经营性净现金流0.67 亿元，自22 年以来首度转正，利润和 现金流的显著增加主要得益于销售规模扩大及降本增效。从盈利能力来看，24 年公司毛利率为58.7% （同比-4.78Pct），系集采影响所致；24年实现净利率12.6%（同比+10.87Pct），主要系费用控制良好 所致，其中，销售费用率26.83%（同比-6.37Pct），管理费用率10.32%（同比-2.09Pct），研发费用率 18.73%（同比-9.01Pct）。 坚持技术创新 ...

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]