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 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase of over 15% compared to the CSI 300 index in the next six months [1][19]. Core Insights - The company reported a significant increase in revenue for Q1 2024, with a total of 0.89 billion yuan, representing a year-on-year growth of 71.01%. This growth is attributed to the company's active expansion in domestic and international markets, along with the positive impact of volume-based procurement policies [3][4]. - The net profit attributable to the parent company reached 0.04 billion yuan, showing a remarkable year-on-year increase of 144.70% [3]. - The company is experiencing accelerated product rollout due to collective procurement, with new products gaining recognition and expanding into the atrial fibrillation market [4]. Financial Performance - The company’s total share capital is 4.71 billion shares, with a market capitalization of 11.66 billion yuan. The stock has seen a 12-month high of 28.75 yuan and a low of 15.44 yuan [3]. - The comprehensive gross margin for Q1 2024 was 60.54%, with a significant improvement in net profit margin to 4.68%, up by 22.57 percentage points year-on-year [5]. - The company’s operating income is projected to grow from 4.77 billion yuan in 2024 to 9.03 billion yuan in 2026, with corresponding net profits expected to rise from 0.49 billion yuan to 1.58 billion yuan during the same period [5][11]. Market Expansion - The usage of pressure catheters exceeded 1,000 procedures in 2023, with continued high growth in Q1 2024. The company anticipates rapid market penetration in cities like Beijing, Tianjin, and Hubei [4]. - The company has received domestic registration for its cryoablation product series and has completed listings in over 20 provinces, with ongoing clinical trials at leading centers [4]. - The company is also advancing its PFA project, which is expected to receive certification by Q1 2025, and has entered a special review process for its RDN product [4]. Profitability Analysis - The report highlights a significant reduction in operating expense ratios, contributing to the improved net profit margin. The sales expense ratio decreased by 10.78 percentage points, and the R&D expense ratio decreased by 22.82 percentage points [5]. - The company’s earnings per share (EPS) are projected to increase from 0.10 yuan in 2024 to 0.34 yuan in 2026, reflecting strong growth potential [5][11].

上海微创电生理医疗科技股份有限公司 关于变更经营范围及修订《公司章程》的公告 证券代码：688351 证券简称：微电生理 公告编号：2024-012 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。 上述拟变更后的经营范围，以市场监督管理部门最终核准登记备案的为准。 二、修订《公司章程》相关情况 因经营范围变更，公司拟对《公司章程》中相关条款进行修订，具体如下： | 修订前 | 修订后 | | --- | --- | | 第十四条 经依法登记，公司的经营范围为：医 | 第十四条 经依法登记，公司的经营范围 | | 疗器械及其配件的研发及技术转让，医疗器械 | 为：第一类医疗器械销售；第一类医疗器 | | 及其配件的生产（范围以生产许可证及国内外 | 械生产；第一类医疗设备租赁；第二类医 | | 相关机构审批为准），自有品牌医疗器械及其 | 疗器械销售；第二类医疗设备租赁；技术 | | 配件的销售；I 类、II 类、III 类医疗器械（范 | 服务、技术开发、技术咨询、技术交流、 | | 围详见经营许可证）的批发、进出口、佣金 ...

上海微创电生理医疗科技股份有限公司 章 程 上海微创电生理医疗科技股份有限公司 章 程 2024年4月 1 | 第一章 总则 | 4 | | --- | --- | | 第二章 经营宗旨和范围 | 5 | | 第三章 股份 | 5 | | 第一节 股份发行 | 5 | | 第二节 股份增减和回购 6 | | | 第三节 股份转让 7 | | | 第四章 股东和股东大会 | 8 | | 第一节 股东 8 | | | 第二节 股东大会的一般规定 10 | | | 第三节 股东大会的召集 14 | | | 第四节 股东大会的提案与通知 15 | | | 第五节 股东大会的召开 17 | | | 第六节 股东大会的表决和决议 20 | | | 第五章 董事会 | 23 | | 第一节 董事 23 | | | 第二节 董事会 26 | | | 第三节 董事会秘书 31 | | | 第六章 总经理及其他高级管理人员 | 32 | | 第七章 监事会 | 34 | | 第一节 监事 34 | | | 第二节 监事会 35 | | | 第八章 财务会计制度、利润分配和审计 | 36 | | 第一节 财务会计制度 36 | | ...

Financial Performance - The company's operating revenue for Q1 2024 was ¥89,152,510.16, representing a year-on-year increase of 71.01%[18] - The net profit attributable to shareholders for Q1 2024 was ¥4,169,185.75, with a non-applicable year-on-year comparison[18] - Total operating revenue for Q1 2024 reached ¥89,152,510.16, a significant increase from ¥52,132,729.40 in Q1 2023, representing a growth of approximately 70.9%[37] - The net profit for Q1 2024 was ¥4,169,185.75, a recovery from a net loss of ¥9,326,097.49 in Q1 2023[39] - The total comprehensive income attributable to the parent company was 4,169,185.75, compared to a loss of 9,326,097.49 in the previous period[40] - Basic and diluted earnings per share were both 0.0089, an improvement from -0.0198 in the prior period[40] Assets and Liabilities - The total assets at the end of Q1 2024 were ¥1,843,460,584.28, reflecting a 1.11% increase from the end of the previous year[4] - The total liabilities of the company rose to ¥152,593,267.14, an increase from ¥138,210,343.16, reflecting a growth of approximately 10.5%[51] - The total owner's equity amounted to ¥1,690,867,317.14, slightly increasing from ¥1,685,058,042.94, showing a marginal growth of about 0.2%[51] - The company's non-current liabilities decreased to ¥38,581,071.98 from ¥41,774,873.20, a reduction of approximately 7.3%[51] - The company's estimated liabilities increased to ¥7,354,530.53 from ¥6,965,750.90, reflecting a growth of about 5.6%[51] Cash Flow - The net cash flow from operating activities for Q1 2024 was ¥6,260,970.00[18] - Net cash flow from operating activities was 6,260,970.00, a significant recovery from -13,787,510.55 in the previous period[41] - Cash inflow from investment activities totaled 1,069,080,977.50, up from 815,531,312.04 in the prior period[41] - Net cash flow from investment activities was 129,739,268.51, a recovery from -258,807,625.67 in the previous period[41] - The total cash and cash equivalents at the end of the period increased to 389,381,721.01, compared to 302,819,817.79 at the end of the previous period[43] Research and Development - Research and development expenses totaled ¥23,197,241.84, a decrease of 14.09% compared to the previous period[4] - The proportion of R&D expenses to operating revenue was 26.02%, down by 25.77 percentage points[4] - Research and development expenses for Q1 2024 amounted to ¥19,762,555.02, down from ¥23,452,627.63 in Q1 2023, reflecting a decrease of approximately 15.5%[37] Market Expansion and Sales - The company actively expanded its domestic and international markets, leading to a significant increase in product sales compared to the same period last year[23] - Sales revenue from goods and services received cash of ¥95,031,214.55 in Q1 2024, compared to ¥70,584,284.89 in Q1 2023, indicating a year-over-year increase of about 34.8%[56] Shareholder Information - The number of shares held by the top 10 shareholders includes significant stakes from various investment funds, with the largest being 23,139,884 shares held by Shanghai Yuheng Investment Management Center[27] - The company has engaged in securities lending, with 202,400 shares lent out by Shanghai Zhangjiang Torch Venture Capital Co., Ltd.[27]

Investment Rating - The report upgrades the investment rating to "Buy" with a target price of 29.58 CNY, reflecting the company's growth potential and market positioning [15][19]. Core Insights - The company, Micro Electrical Physiology (688351), is a leading domestic player in the cardiac electrophysiology market, having established a comprehensive product lineup that includes both radiofrequency and cryoablation technologies. It is one of the few global manufacturers to offer a complete solution for three-dimensional cardiac electrophysiology equipment and consumables [11][20]. - The company has demonstrated robust revenue growth, with a CAGR of 31.41% from 2015 to 2023, achieving a revenue of 329 million CNY in 2023, a year-on-year increase of 26.46% [11][69]. - The report highlights the significant market potential for electrophysiology, with over 30 million patients suffering from arrhythmias in China. The demand for catheter ablation procedures is expected to grow rapidly, driven by advancements in technology and increasing clinical adoption [11][20]. Summary by Sections Company Overview - Micro Electrical Physiology was established in 2010 and focuses on innovative medical devices for electrophysiology intervention and ablation treatment. The company has made significant technological advancements, breaking the long-standing foreign monopoly in this field [61][62]. - The company has a diverse shareholder structure with no controlling shareholder, ensuring a balanced governance model [64]. Financial Overview - The company has maintained steady revenue growth, with a notable recovery post-pandemic. The revenue for 2023 was impacted by centralized procurement policies, but future growth is expected as these pressures ease [69]. - The net profit for 2023 reached 5.47 million CNY, marking an 84.06% increase from the previous year, indicating improving profitability as the company navigates the procurement landscape [69]. Market Potential - The report emphasizes the vast unmet demand in the electrophysiology market, with a projected increase in catheter ablation procedures. The market for atrial fibrillation ablation is expected to grow significantly, with the number of procedures projected to reach 252,000 by 2024 [10][11]. - The company is well-positioned to capitalize on this growth, with a strong pipeline of innovative products and a focus on expanding its market share domestically and internationally [11][20]. Product Development - Recent product approvals, including the TrueForce® pressure catheter and the Columbus® three-dimensional electrophysiology mapping system, enhance the company's competitive edge and market presence [11][62]. - The company is actively developing new technologies, including pulse field ablation and renal denervation, which are expected to open new growth avenues in the future [11][20].