微电生理 2023 年年度股东大会会议资料 证券代码：688351 证券简称：微电生理 上海微创电生理医疗科技股份有限公司 2023 年年度股东大会会议资料 2024 年 6 月 18 日 1 / 30 微电生理 2023 年年度股东大会会议资料 目 录 | 2023 年年度股东大会会议须知 3 | | | --- | --- | | 2023 年年度股东大会会议议程 5 | | | 议案一：关于 2023 | 年度董事会工作报告的议案 7 | | 议案二：关于 2023 | 年度监事会工作报告的议案 12 | | 议案三：关于 2023 | 年度独立董事履职情况报告的议案 16 | | 议案四：关于 2023 | 年年度报告及其摘要的议案 17 | | 议案五：关于 | 2023 年度财务决算报告的议案 18 | | 议案六：关于 2023 | 年度利润分配预案的议案 25 | | 议案七：关于 2024 | 年度日常关联交易预计的议案 26 | | 议案八：关于董事、监事 2023 年度薪酬奖金及 | 2024 年薪酬方案的议案 27 | | 议案九：关于拟变更公司经营范围及修订《公司章程》的议案 28 ...

[Table_MainInfo] 公司研究/医药与健康护理 证券研究报告 微电生理-U（688351）公司年报点评 2024 年 06 月 04 日 [Table_InvestInfo] 投资评级 优于大市 维持 市场表现 [Table_QuoteInfo] -24.29% -10.29% 3.71% 17.71% 31.71% 2023/6 2023/9 2023/12 2024/3 微电生理-U 海通综指 分析师:余文心 三维手术量保持高增长，电生理国产替代 加速 [Table_Summary] 投资要点： 三维手术量保持高增长，导管类产品增速超 32%。2023 年公司导管类产品 收入 2.19 亿元，同比增长 32.03%，设备类收入 0.17 亿元，同比减少 60.00%， 其他产品收入 0.84 亿元，同比增长+68.87%。TrueForce 压力导管自上市以 来，已在多家中心完成了 1000 余例压力监测指导下的射频消融手术， IceMagic 球囊型冷冻消融导管及 IceMagic 冷冻消融设备已完成 20 多个省份 的挂网，并在多个中心开展试用。截至 2023 年末，公司产品累计覆盖全国 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking it as the first recommendation [2]. Core Insights - The company has been deeply engaged in the electrophysiology field for over a decade, with its products entering a harvest phase [4]. - The electrophysiology industry is experiencing rapid growth, with significant potential for domestic substitution [4]. - The company is innovating to break the import monopoly and is establishing a solid product moat [4]. - New technologies are expected to yield fruitful results in the near future, with promising products anticipated to launch by 2025 [4]. - The company's financial forecasts indicate a positive outlook for profitability and valuation [4]. Summary by Sections 1. Company Development - The company has a clear equity structure and an experienced management team [4]. - Innovative products are being launched, driving revenue into a high growth phase [4]. 2. Industry Growth - Electrophysiology procedures for treating rapid arrhythmias show significant advantages [4]. - The patient base for cardiac electrophysiology is large, but the penetration rate is low, laying the foundation for rapid industry growth [4]. - The market is currently dominated by imported manufacturers, but domestic companies are actively expanding, indicating vast potential for domestic substitution [4]. 3. Innovation and R&D - The company is introducing new three-dimensional electrophysiology equipment, enhancing installation rates through a "sales + deployment + follow-up" strategy [4]. - High-density mapping catheters are breaking the import monopoly, and the company has launched the first domestic pressure monitoring catheter [4]. - The company is also focusing on a dual layout of radiofrequency and cryoablation catheters, with a gentle price reduction expected from centralized procurement [4]. 4. Future Technologies - The company is developing promising new technologies, such as pulsed ablation, which is expected to launch in 2025 [4]. - Renal denervation (RDN) is emerging as a new therapy for hypertension, with a vast market potential [4]. 5. Financial Forecasts and Valuation - The report includes profitability forecasts and key assumptions, indicating a positive trend in financial performance [4]. - The company’s gross margin has improved from 60.28% in 2015 to 72.43% in 2021, with fluctuations due to product mix changes and price reductions from centralized procurement [14]. - The average cost of catheter products has decreased by 10.52% in 2023, with expectations for continued improvement in profitability as sales scale up [14].

图表 7:公司近年海外增速高于国内增速 电生理手术优势逐步得到验证，三维心脏电生理手术成为重要发展趋势。随着 临床证据的不断积累和丰富，导管消融术凭借创口小、有效性和安全性高、并发症 少、手术时间短等优势在临床中迅速推广。对于阵发性、持续性房颤，导管消融手 术的治疗成功率约较药物治疗有明显的较高的治疗成功率;对于室上速,多项专家 共识推荐电生理手术为一线治疗手段。 随着电生理手术术式的逐步成熟,三维标测系统的出现使得患者能够得到更加 精准的手术治疗。三维心脏电生理手术可实现短时间内精准定位，以低剂量射线辐 射开展"绿色电生理"手术，具有极大地提升手术的成功率等优势。三维电生理手 术量从 2015年的 7.1 万例增长至 2020年的 16.4万例,二维电生理手术量整体趋势 下滑，未来三维心脏电生理手术将成为重要发展方向，有望带动电生理手术渗透率 提升。 试信专业 发现价值 公司成立于 2010 年，专注于电生理介入诊疗与消融治疗领域，坚持自主创新驱 动战略，掌握并突破了电生理介入诊疗与消融治疗领域相关的核心设计与制造技术， 以技术跃迁成为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， 并实现了" ...

Investment Rating - The report assigns an "Accumulate" rating for the company, indicating a positive outlook for its stock performance [3][15]. Core Viewpoints - The company is a pioneer in domestic electrophysiology devices, being one of the few manufacturers to complete the layout of both cardiac electrophysiology equipment and consumables, with multiple first-of-its-kind products in China [3][15]. - The company has successfully participated in various regional bulk procurement initiatives, validating the price-for-volume strategy for domestic enterprises [3][15]. - The company is expected to achieve significant growth in the atrial fibrillation market, moving from 0 to 1 breakthroughs in future procurement rounds [3][15]. Financial Summary - In 2023, the company achieved operating revenue of 329 million yuan, a year-on-year increase of 26.46%, and a net profit attributable to shareholders of 6 million yuan [8][10]. - For Q4 2023, the company reported operating revenue of 93 million yuan, a year-on-year increase of 36.11% [8][10]. - In Q1 2024, the company achieved operating revenue of 89 million yuan, a year-on-year increase of 71.01%, and a net profit attributable to shareholders of 4 million yuan, a year-on-year increase of 144.70% [8][10]. Revenue Forecast - The forecast for net profit attributable to shareholders is 48 million yuan in 2024, 90 million yuan in 2025, and 139 million yuan in 2026, reflecting substantial growth rates [3][15]. - The projected operating revenue for 2024 is 476 million yuan, with a year-on-year growth rate of 44.7% [3][15]. Market Performance - The company has made significant progress in both domestic and international markets, with domestic revenue reaching 251 million yuan, a year-on-year increase of 17.15%, and international revenue reaching 69 million yuan, a year-on-year increase of 59.50% [11][12]. - The company has successfully established a comprehensive marketing network, covering over 1,000 hospitals across 31 provinces in China by the end of 2023 [12][13]. Product Development - The company has developed a complete range of electrophysiology solutions, including the first-generation three-dimensional cardiac mapping system, which received NMPA approval in 2016 [9][10]. - New products such as the TrueForce® pressure catheter and IceMagic® cryoablation products have been launched, marking significant advancements in the domestic market [12][13]. International Expansion - The company has achieved rapid growth in international markets, with over 50% year-on-year revenue growth, and has obtained various international certifications for its products [13][15]. - The company actively participates in international conferences to enhance its global presence and brand recognition [13].

Investment Rating - The investment rating for the company is "Buy" [4]. Core Views - The company is expected to experience significant growth driven by the successful launch of high-end new products and a robust pipeline of ongoing projects. The domestic market is showing strong performance with a projected increase in surgical procedures and successful procurement in key regions [1][3][17]. - The company reported a substantial increase in Q1 2024 revenue, with a year-on-year growth of 71.01%, and a net profit increase of 144.70%. The domestic revenue saw a remarkable growth of 117% [3][17]. - The company is maintaining a strong competitive position in the electrophysiology market, with a focus on expanding both domestic and international markets, which is expected to contribute to a second growth curve [17]. Summary by Sections Financial Performance - In Q1 2024, the company achieved a revenue of 89.15 million yuan, representing a 71.01% increase year-on-year, and a net profit of 4.17 million yuan, up 144.70% [3]. - The sales, management, and R&D expense ratios were 27.49%, 11.50%, and 22.17%, respectively, showing a decrease compared to the previous year, which has improved the profit margin [3]. - The gross profit margin was reported at 60.54%, with a slight decline due to procurement policies, but is expected to recover as product volumes increase [3]. Product Development and Market Expansion - The company has made significant progress in its product pipeline, including successful clinical trials and certifications for various medical devices, which are expected to enhance market penetration [1][3][17]. - The company’s three-dimensional catheter revenue grew approximately 130% year-on-year, indicating strong demand for its innovative products [3]. - The company is actively working on expanding its presence in overseas markets, with plans to conduct 1,000 to 1,500 surgeries in 2024 following the recent CE certification [1][3]. Earnings Forecast - The company forecasts revenues of 464.44 million yuan, 646.86 million yuan, and 889.13 million yuan for 2024, 2025, and 2026, respectively, with corresponding net profits of 28.80 million yuan, 70.54 million yuan, and 122.60 million yuan [18]. - The expected earnings per share (EPS) for the next three years are projected to be 0.06 yuan, 0.15 yuan, and 0.26 yuan [18].

证券代码：688351 证券简称：微电生理 上海微创电生理医疗科技股份有限公司 投资者关系活动记录表 编号：2023-001 □特定对象调研 □分析师会议 □媒体采访 □业绩说明会 投资者关系活动类别 □新闻发布会 □路演活动 □现场参观 √电话会议 □其他 中金公司、华泰证券、中邮证券、国海证券、东海证券、汇添 参与单位 富基金管理股份有限公司、新华基金管理有限公司、华安基金 管理有限公司、华宝基金管理有限公司等（排名不分先后） 会议时间 2024年5月7日9：30 会议地点 电话会议 董事、总经理：YIYONG SUN（孙毅勇） 上市公司接待人员姓名 财务副总经理兼董事会秘书：朱郁 投资者关系活动主要内 Q1：公司2024年Q1营收高速增长的原因？ 容介绍 A: 公司2024年Q1实现营业收入8915.25 万，同比增长 71.01%，其中国内营业收入同比增长约117%，增速较快。 主要原因，一是得益于公司核心产品竞争力的持续增长，产销 ...

2020年基督业际电话会和我在一起还主持的还有我们的团队的余波和高远,本次将会由中兴华泰中游渤海东海来这个圈上共同主持。那这个微电生理,这是我们中兴团队一大器械,最看好的新闻赛道。 相关的一些公司的壁垒高高成长国内国产积累空间广阔等等这些特点都是我们非常看好赛道一级公司的最重要的一个理由单位电视在领域当中为数不多的国产能够笼统那么一季度的也取得收入同比70亿的高增长国产替代逻辑在持续性的过程当中我们今天非常荣幸邀请到 把你成为我们节独一季度的出席的领导包括总经理孙英勇孙谷CFO兼总理朱毓朱总接下来我们话不多说邀请公司领导好的好谢谢各位投资者大家好我是微电生理的总理朱毓下面由我来简单介绍一下2024年第一季度的一个业绩情况 2024年一季度公司的营业收入是8915万叫少年同期增长71%从国内外分布来看国内的同期增长是117这主要是第一是由公司的一个主要的产品竞争力的一个持续增长那么产销量的一个稳步提升第二也是因为去年的2023年一季度 国内是受到福建的27省集采联盟执行前的影响所以基数也相对较低因此国内的同期增长是比较高的117的一个增长国际业务是因为2023年秋一我们有海外的一个中标产品的集中采购需求量在所以 ...

[Table_Page] 季报点评|医疗器械 [Table_Title] 微电生理-U（688351.SH） 24Q1 业绩表现超预期，三维手术量高速提升 [Table_Summary] 核心观点： 公司 24 年一季度业绩表现超预期。根据 wind 和公司 24 年一季报， 公司实现营业总收入 0.89 亿元（YOY+71.01%）；归母净利润 0.04 亿 元（YOY+144.7%）；毛利率 60.54%（YOY-7.79pp）。24Q1 业绩表现 出色主要系（1）公司积极开拓国内外市场，产品受到市场广泛认可， 叠加带量采购政策的积极影响；（2）公司强化费用管控，经营费用率较 上年同期大幅下降。 24 年公司积极拓展国内/海外市场。根据公司 23 年年报，国内，24 年 公司的三维手术量将维持高增速，将以房颤市场为导向，积极开展"冰 与火"系列产品推广活动，开展基础电生理技能培训项目，逐步扩大营 销网络；海外，24 年公司计划高效拓展拉美、亚太及欧洲等市场；加 大 TrueForce®压力监测导管在法国、意大利等国家使用推广，力争压 力导管使用量过千例。IceMagic®冷冻消融系列产品力争于 24 年获 ...

2024 年 04 月 25 日 公司点评 买入/维持 微电生理(688351) 昨收盘:24.78 微电生理点评报告：集采加速产品放量，新品认可度提升持续进 军房颤市场 ◼ 走势比较 (30%) (14%) 2% 18% 34% 50% 23/4/2523/7/723/9/18 23/11/3024/2/1124/4/24 微电生理 沪深300 ◼ 股票数据 总股本/流通(亿股) 4.71/1.22 总市值/流通(亿元) 116.61/31.69 12 个月内最高/最低价 (元) 28.75/15.44 相关研究报告 <<微电生理年报点评：国内外市场拓 展迅速，有望打造"冰火电"一站式 解决方案>>--2024-04-03 <<微电生理深度报告：国产电生理领 航人，新品层出创新迭代迎蓝海>>-- 2023-11-24 <<新品厚积薄发持续迭代，集采落地 加速产品放量>>--2023-10-30 证券分析师：谭紫媚 电话：0755-83688830 E-MAIL：tanzm@tpyzq.com 分析师登记编号：S1190520090001 事件：2024 年 4 月 25 日晚，公司发布 2024 年第一季度 ...