Investment Rating - The report maintains a "Buy" rating for the company, with a reasonable value set at 22.46 CNY per share, compared to the current price of 19.29 CNY per share [3]. Core Insights - The company has shown outstanding performance in net profit, achieving a revenue of 291 million CNY for the first three quarters of 2024, representing a year-over-year increase of 23.21%. The net profit attributable to shareholders reached 42 million CNY, a significant year-over-year increase of 262.22% [1]. - The company is advancing multiple innovative products, with its self-developed PFA catheter entering the final clinical follow-up stage and the FlashPoint® renal artery RF ablation system undergoing special review procedures [1]. - The company has achieved rapid growth in both domestic and international markets, with over 70,000 global surgeries performed and significant progress in product adoption across various regions [1]. Financial Summary - Revenue projections for 2024 to 2026 are 423 million CNY, 571 million CNY, and 782 million CNY, respectively, with corresponding EPS estimates of 0.09 CNY, 0.13 CNY, and 0.18 CNY [2]. - The company is expected to experience substantial growth in net profit, with projections of 44 million CNY, 61 million CNY, and 85 million CNY for the years 2024 to 2026, reflecting growth rates of 676.4%, 37.1%, and 40.4% respectively [2][7]. - The EBITDA is projected to increase significantly from 49 million CNY in 2024 to 89 million CNY in 2026, indicating strong operational performance [2].

Investment Rating - The report maintains a "Buy" rating for MicroPort EP (688351 CH) with a target price of RMB 27.46 [5][7] Core Views - The company's 1-3Q24 revenue reached RMB 291 million (yoy +23.2%), with net profit attributable to the parent company of RMB 41.73 million (yoy +262.2%) [1] - 3Q24 revenue was RMB 93 million (yoy -1.5%), impacted by external factors in the domestic medical industry and adjustments in distributor cooperation post-electrophysiology centralized procurement [1] - The report expects a recovery in 4Q24, driven by reduced domestic channel adjustment impacts and accelerated overseas high-end product sales [1] - Overseas revenue is expected to grow rapidly, supported by increased product recognition and new high-end product approvals (e.g., TrueForce pressure catheter) [2] - Domestic revenue is projected to remain stable, with high-end products contributing to growth [2] Product Performance - Catheter products showed strong growth in 1-3Q24, with over 3,000 pressure ablation catheters used domestically and 1,000 overseas [3] - Equipment products are expected to perform well due to strong product performance and commercialization efforts [3] - Other products, such as needle sheaths, are anticipated to grow alongside the increase in 3D electrophysiology surgeries [3] Financial Metrics - 1-3Q24 gross margin was 58.8% (yoy -6.8pct), attributed to price adjustments post-centralized procurement and limited scale effects for new high-end products [4] - Sales/management/R&D expense ratios were 27.7%/10.3%/19.4%, respectively, showing a yoy decline due to cost control measures [4] - Operating cash flow turned positive at RMB 61.97 million, indicating improved cash flow levels [4] Earnings and Valuation Adjustments - The report revised 24-26E EPS forecasts to RMB 0.07/0.15/0.24, down from previous estimates of RMB 0.11/0.21/0.34 [5] - DCF valuation was used with a WACC of 7.5% and a perpetual growth rate of 1.7%, resulting in a target price of RMB 27.46 [5] - 24E revenue is projected at RMB 428.11 million, with net profit attributable to the parent company at RMB 33.43 million [6] Overseas and Domestic Revenue Breakdown - Overseas revenue is expected to grow rapidly, driven by product recognition and new high-end product launches [2] - Domestic revenue is projected to remain stable, supported by high-end product expansion [2] Product-Specific Insights - Catheter products, especially pressure ablation catheters, are driving growth, with significant usage both domestically and overseas [3] - Equipment products are expected to perform well due to strong commercialization efforts [3] - Other products, such as needle sheaths, are anticipated to grow alongside the increase in 3D electrophysiology surgeries [3]

Investment Rating - The report maintains a "Recommended" rating for the company [2][6] Core Views - The company's performance shows steady growth with improved operational quality, achieving a revenue of 291 million yuan in the first three quarters, a year-on-year increase of 23.21%, and a net profit attributable to shareholders of 41.73 million yuan, up 262.22% year-on-year [4][5] - The decline in revenue for Q3 is attributed to domestic delivery pace and slower overseas collections, but the overall annual revenue is expected to maintain a rapid growth trend due to increasing surgical volumes [5][6] - The company is advancing product iteration and development, which is expected to benefit from industry growth, with a low penetration rate in domestic electrophysiology treatment [5][6] Financial Summary - For 2024-2026, the company’s revenue forecast has been adjusted to 436 million, 613 million, and 832 million yuan respectively, with net profit forecasts of 50 million, 93 million, and 172 million yuan [6][7] - The gross margin for Q3 was 58.13%, with a slight increase, while the sales expense ratio decreased by 2.46% to 27.89% [5][6] - The company’s financial metrics indicate a strong growth trajectory, with expected revenue growth rates of 32.5%, 40.5%, and 35.8% for 2024, 2025, and 2026 respectively [7][8]

Financial Performance - The company's operating revenue for Q3 2024 was ¥92,501,545.11, a decrease of 1.54% compared to the same period last year[1] - Net profit attributable to shareholders for Q3 2024 reached ¥24,713,982.12, an increase of 163.92% year-on-year[1] - The basic earnings per share for Q3 2024 was ¥0.0525, reflecting a growth of 163.82% compared to the same period last year[1] - Total revenue for the first three quarters of 2024 reached CNY 290,866,132.55, an increase from CNY 236,071,421.62 in the same period of 2023, representing a growth of approximately 23.2%[15] - Operating profit for the first three quarters of 2024 was CNY 43,955,481.15, significantly higher than CNY 13,519,615.21 in 2023, reflecting a growth of approximately 224.5%[18] - Net profit for the first three quarters of 2024 was CNY 41,726,652.80, compared to a net profit of CNY 11,519,616.22 in 2023, showing an increase of around 262.5%[18] - The total comprehensive income for Q3 2024 is CNY 41,727,175.52, compared to CNY 11,519,616.22 in Q3 2023, reflecting an increase of approximately 262%[19] Assets and Liabilities - Total assets as of the end of Q3 2024 amounted to ¥1,868,108,151.72, representing a 2.46% increase from the end of the previous year[2] - The total assets as of the end of the reporting period were CNY 1,868,108,151.72, up from CNY 1,823,268,386.10 in the previous year, indicating an increase of approximately 2.5%[14] - Total liabilities were CNY 137,384,776.14, slightly down from CNY 138,210,343.16 in the previous year, reflecting a decrease of about 0.6%[14] - The company's equity attributable to shareholders increased to CNY 1,730,723,375.58 from CNY 1,685,058,042.94, marking an increase of approximately 2.7%[14] Cash Flow - The net cash flow from operating activities for the year-to-date period was ¥61,974,639.95[1] - The net cash flow from operating activities increased, primarily driven by the growth in operating profit[6] - Cash flow from operating activities for the first three quarters of 2024 is CNY 61,974,639.95, a significant improvement from a net cash outflow of CNY 40,741,045.35 in the same period of 2023[21] - The cash outflow for operating activities in the first three quarters of 2024 is CNY 302,621,144.71, slightly higher than CNY 297,463,858.79 in the same period of 2023[21] - The company's cash and cash equivalents as of September 30, 2024, were approximately RMB 232.79 million, down from RMB 265.53 million at the end of 2023[11] Research and Development - Research and development expenses totaled ¥21,472,078.06 in Q3 2024, a decrease of 30.69% year-on-year, accounting for 23.21% of operating revenue[2] - R&D investment decreased by 30.69% in the reporting period, as some projects entered the clinical late-stage, leading to reduced related expenditures[6] - Research and development expenses for the first three quarters of 2024 amounted to CNY 56,543,925.34, a decrease from CNY 64,194,405.61 in 2023, representing a reduction of about 11.8%[18] Shareholder Information - The total number of common shareholders at the end of the reporting period was 6,718[6] - The largest shareholder, Ningbo Meishan Bonded Port Area Huajie Equity Investment Management Co., Ltd., holds 34.94% of shares[6] - The company has not reported any significant changes in shareholder relationships or actions during the reporting period[9] Government Subsidies and Other Income - Government subsidies recognized in Q3 2024 amounted to ¥21,050,527.20, contributing to profit growth[3] - The company reported a significant increase in other income, which rose to CNY 27,840,968.03 from CNY 9,909,622.00, representing a growth of approximately 180.5%[18]

证券代码：688351 证券简称：微电生理 公告编号：2024-028 上海微创电生理医疗科技股份有限公司 关于召开 2024 年半年度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 会议召开时间：2024 年 10 月 09 日(星期三) 下午 13:00-14:00 会 议 召 开 地 点 ： 上海证券 交易所上证路演中心（ 网 址 ： http://roadshow.sseinfo.com/） （二） 会议召开地点：上证路演中心 （三） 会议召开方式：上证路演中心网络互动 三、 参加人员 会议召开方式：上证路演中心网络互动 投资者可于 2024 年 09 月 25 日(星期三) 至 10 月 08 日(星期二)16:00 前登 录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 investors@everpace.com 进行提问。公司将在说明会上对投资者普遍关注的问 题进行回答。 上海微创电生理医疗科技股份有限公司（以下简称"公司"）已于 2024 年 8 月 22 日发 ...

经保荐人督促，公司已及时进行自纠，并于 2024 年 9 月 11 日就上述事项披 露了 2024 年半年度报告的更正公告及更正后的 2024 年半年度报告。同时，保荐 人亦督导公司有效执行信息披露制度。 二、重大风险事项 截至本跟踪报告出具日，公司目前面临的风险因素主要如下： 持续督导跟踪报告 华泰联合证券有限责任公司 关于上海微创电生理医疗科技股份有限公司 2024 年半年度持续督导跟踪报告 | 保荐人名称：华泰联合证券有限责任公司 | 被保荐公司简称：上海微创电生理医疗科技 | | --- | --- | | | 股份有限公司 | | 保荐代表人姓名：肖斯峻 | 联系电话：021-38966545 | | 保荐代表人姓名：任雅静 | 联系电话：021-38966545 | 根据《证券法》《证券发行上市保荐业务管理办法》和《上海证券交易所科 创板股票上市规则（2024 年 4 月修订）》等有关法律、法规的规定，华泰联合 证券有限责任公司（以下简称"华泰联合证券"或"保荐人"）作为上海微创电 生理医疗科技股份有限公司（以下简称"微电生理"、"公司"或"发行人"） 首次公开发行股票的保荐人，对微电生理进行持续 ...

单位:元币种:人民币 证券代码：688351 证券简称：微电生理 公告编号：2024-027 上海微创电生理医疗科技股份有限公司 关于 2024 年半年度报告的更正公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 上海微创电生理医疗科技股份有限公司（以下简称"公司"）于 2024 年 8 月 22 日在上海证券交易所网站（www.sse.com.cn）上披露了《2024 年半年度报 告》，经事后核查，发现部分内容有误，现进行更正。本次更正不会对公司 2024 年半年度财务状况及经营成果产生重大影响。 一、更正内容 "第十节财务报告"之"十四、关联方及关联交易"之"6、应收、应付关 联方等未结算项目情况(1).应收项目"。 更正前： 6、应收、应付关联方等未结算项目情况 （1）.应收项目 √适用 □不适用 | --- | --- | --- | --- | --- | --- | |----------|--------------------------|---------------------|---------- ...

[ T able_StockInfo] 2024 年 08 月 23 日 证券研究报告•2024 年中报点评 买入 （维持） 当前价：21.31 元 微电生理（688351）医药生物 目标价：——元（6 个月） 2024H1 业绩符合预期，新产品收入同比增长近 5 倍 事件：公司发布 2024 年中报，24H1 实现收入 1.98 亿元（+39.6%），归母净利 润 1701万元（+689.3%）。其中 24Q2实现营业收入 1.09亿元（+21.4%），实现 归母净利润1284万元（+11.86%）业绩高增长符合预期，维持全年预期不变。 24H1 业绩符合预期，新产品收入同比增长近 5 倍。分季度看，2024Q1/Q2 单 季度收入分别为 0.9/1.1 亿元（+71%/+21.4%），单季度归母净利润分别为 0.04/0.13 亿元（+144.7%/+11.8%）。细化来看，24H1 新产品占比大幅提升， 房颤手术量国内国外增速表现较好，其中 24H1 TrueForce®压力导管、 IceMagic®冷冻消融产品等新产品同比增长 475%。 截至 24H1 公司国内外已 累计应用于超 7 万例三维心脏电 ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase of over 15% compared to the CSI 300 index in the next six months [11]. Core Views - The company achieved a revenue of 198 million yuan in the first half of 2024, representing a year-on-year growth of 39.57%, primarily due to the expansion of its business scale and increased product sales [2][3]. - The net profit attributable to shareholders reached 17 million yuan, a significant increase of 689.30% year-on-year, indicating strong financial performance [2][3]. - New products such as the TrueForce® pressure catheter and IceMagic® cryoablation products saw a remarkable growth of 475% year-on-year, contributing to the overall revenue increase [3]. Summary by Sections Financial Performance - In Q2 2024, the company reported a revenue of 109 million yuan, up 21.36% year-on-year, with a net profit of 13 million yuan, reflecting an 11.86% increase [2][3]. - The overall gross margin decreased by 8.54 percentage points to 59.10% due to the impact of domestic procurement policies and the early commercialization stage of new products [7]. Market Expansion - The company is actively pursuing a global marketing strategy, achieving rapid growth in overseas markets, now covering 36 countries and regions [3]. - The TrueForce® pressure catheter has become the top-selling product, significantly contributing to the company's revenue [3]. Product Development - The company is advancing its product development projects, including the PFA project and the FlashPoint® renal artery RF ablation system, which is currently under special review for registration [4][6]. - Continuous upgrades to the Columbus® 3D cardiac electrophysiology mapping system are enhancing measurement efficiency [4]. Future Projections - Revenue forecasts for 2024-2026 are 477 million, 671 million, and 903 million yuan, with expected growth rates of 45%, 41%, and 35% respectively [7][8]. - The net profit projections for the same period are 49 million, 90 million, and 158 million yuan, with growth rates of 761%, 84%, and 75% respectively [7][8].

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase of over 15% compared to the CSI 300 index in the next six months [11]. Core Views - The company achieved a revenue of 198 million yuan in the first half of 2024, representing a year-on-year growth of 39.57%, driven by an expanding business scale and increased product sales [2][3]. - The net profit attributable to shareholders reached 17 million yuan, a significant increase of 689.30% year-on-year, indicating strong profitability improvements [2][3]. - New products such as the TrueForce® pressure catheter and IceMagic® cryoablation products saw a remarkable growth of 475% year-on-year, contributing to the overall revenue increase [3]. Summary by Sections Financial Performance - In Q2 2024, the company reported a revenue of 109 million yuan, up 21.36% year-on-year, with a net profit of 13 million yuan, reflecting an 11.86% increase [2][3]. - The overall gross margin decreased by 8.54 percentage points to 59.10% due to the impact of domestic centralized procurement and early-stage commercialization of new products [7]. - The company expects revenues of 477 million yuan, 671 million yuan, and 903 million yuan for 2024, 2025, and 2026 respectively, with growth rates of 45%, 41%, and 35% [7][8]. Market Expansion - The company is actively pursuing a global marketing strategy, achieving significant market penetration in 36 countries and regions [3]. - The TrueForce® pressure catheter has become the top-selling product, significantly contributing to the company's revenue [3]. Product Development - The company is advancing its product development projects, including the PFA project and the FlashPoint® renal artery RF ablation system, which is currently under special review for registration [4][6]. - Continuous upgrades to the Columbus® 3D cardiac electrophysiology mapping system are enhancing measurement efficiency [4]. Cost Management - The company has effectively controlled its operating expenses, leading to an overall net profit margin increase of 7.06 percentage points to 8.58% [7].