446 | --- | --- | --- | --- | --- | |-----------------------------------------------------------------------------------------|------------------|----------------------------------------|------------------------|----------------| | 2024 年 04 月 03 日 \n微电生理（ ） \n688351.SH | | | 公司研究●证券研究报告 | 公司快报 | | | | | 医药 \| | 医疗器械Ⅲ | | 公司业绩持续高增，海外市场拓展加速 | 投资评级 | | 增持-B(维持 | ) | | 投资要点 | 股价 | (2024-04-02) | | 24.52 元 | | | | | | | | 事件：公司发布 2023 年年度报告， 2023 年实现营收 3.29 亿元（ +26% ，同比增速， | 交易数据 | | | | | 下同）；归母净利润 0.06 亿元（ +8 ...

医 药 生 物 [Table_profits] [Table_invest] 买入（维持） 报告原因：业绩点评 [Table_QuotePic] -41% -29% -16% -4% 8% 20% 32% 44% 23-04 23-07 23-10 24-01 [微电生理 Table_NewTitle]（688351）：三维手术量持续攀 升，集采助力加速放量 ——公司简评报告 ➢ 海内外市场齐发力，三维手术量持续攀升。1）国内市场：2023年主营业务收入2.51亿元 （+17.15%），公司产品累计覆盖全国31个省、自治区及直辖市的1000余家医院，三维手 术累计突破5万例（2023年同比增长超50%）。TrueForce®压力导管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；冷冻消融系列产品已完成20多个省份的挂网， 并在解放军北部战区总院、武汉亚洲心脏病医院等多个中心开展试用。2）海外市场：2023 年主营业务收入0.69亿元（+59.50%），累计覆盖35个国家和地区，累计21款产品获得CE 认证，4款产品获得美国FDA注册许可，1款产品获得英国UKCA认证，20款产品获得巴西 注册证。 ...

Investment Rating - The report assigns a "Buy" rating for the stock, indicating an expected increase in stock price relative to the benchmark index by over 20% [34]. Core Insights - In 2023, the company achieved a revenue of 329 million yuan, representing a year-on-year growth of 26.46%. The net profit attributable to the parent company was 5.69 million yuan, with a significant increase of 85.17% year-on-year [17][38]. - The company has successfully completed over 50,000 three-dimensional surgeries and has established a strong market presence with its products covering over 1,000 hospitals across 31 provinces in China [18][40]. - The company is expanding its market share in the atrial fibrillation sector and plans to enhance its product offerings through a comprehensive layout of three-dimensional products and a dual-track approach of "radiofrequency + cryoablation" [57]. Financial Performance - The company forecasts revenues of 478 million yuan, 681 million yuan, and 936 million yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 45.2%, 42.5%, and 37.4% [36]. - The net profit attributable to the parent company is projected to be 28.29 million yuan, 73.47 million yuan, and 134.65 million yuan for the same years, with growth rates of 397.3%, 159.7%, and 83.3% respectively [36][10]. Market Expansion - The company has seen over 50% growth in international market revenue in 2023, with its products now covering 35 countries and regions. The TrueForce® pressure catheter has received EU MDR certification and UKCA certification, facilitating its entry into international markets [41][35]. - The company is actively participating in various procurement initiatives, including the successful bidding for multiple products in the Beijing and Fujian regions, which enhances its competitive position in the market [58].

微电生理（ [Table_StockNameRptType] 688351） 公司研究/公司点评 敬请参阅末页重要声明及评级说明 证券研究报告 收比例约为 28%。 ⚫ 投资建议 ⚫ 风险提示 | --- | --- | --- | --- | --- | |-------------------|-------|------------------------------|--------|--------| | 主要财务指标 | 2023 | 2024E | 2025E | 2026E | | 营业收入 | | 329 486 662 951 | | | | 收入同比（ % ） | 26.5% | 47.6% | 36.3% | 43.7% | | 归属母公司净利润 | | 6 16 46 101 | | | | 净利润同比（ % ） | 85.2% | 182.2% | 188.6% | 118.9% | | 毛利率（ % ） | 63.5% | 63.9% | 64.2% | 64.9% | | ROE （ % ） | 0.3% | 0.9% | 2.7% | 5.5% | | 每股收益（元） | | ...

Investment Rating - The report maintains a rating of "Accumulate" for the company, with expectations of a price increase of over 15% in the next 6-12 months [6][19]. Core Insights - The company achieved a revenue of 329 million RMB in 2023, representing a year-on-year growth of 26%. The net profit attributable to the parent company was 5.69 million RMB, an increase of 85% year-on-year [31][21]. - The company’s catheter products generated revenue of 219 million RMB, up 32% year-on-year, while international business revenue reached 69 million RMB, growing by 60% [33][31]. - The company’s comprehensive gross margin was 63.5%, with a net margin of 1.7%, reflecting a steady decline in overall expense ratios [36][31]. Financial Performance Summary - **Revenue and Growth Rates**: - 2022: 260 million RMB - 2023: 329 million RMB (26.46% growth) - 2024E: 474 million RMB (43.91% growth) [2] - **Net Profit**: - 2022: 3 million RMB - 2023: 6 million RMB (85% growth) - 2024E: 29 million RMB (91.41% growth) [2][21] - **Earnings Per Share (EPS)**: - 2022: 0.006 RMB - 2023: 0.012 RMB - 2024E: 0.062 RMB [2] - **Return on Equity (ROE)**: - 2022: 0.18% - 2023: 0.34% - 2024E: 1.71% [2] Market Position and Product Development - The company has successfully launched the IceMagic balloon-type cryoablation catheter, becoming the first domestically approved product for atrial fibrillation treatment, with trials conducted in over 20 provinces [49][31]. - The company’s products have been adopted in over 1,000 hospitals nationwide, with a cumulative total of over 50,000 three-dimensional surgeries performed [31][33]. Research and Development - Continuous growth in R&D investment, with significant projects progressing well, including the pressure pulse ablation catheter project entering follow-up stages [5][36]. - The company is advancing its product layout in the "radiofrequency + cryo + pulse electric field" energy platforms, enhancing its competitive edge in the electrophysiology field [36][31].

Financial Performance - The company achieved an operating revenue of 329 million RMB in 2023, representing a year-on-year growth of 26.46%[4]. - The net profit attributable to the parent company was 5.6885 million RMB, with a year-on-year increase of 85.17%[4]. - The net profit after deducting non-recurring gains and losses was -35.4702 million RMB, indicating that the company has not yet achieved profitability[4]. - The company's operating revenue for 2023 reached CNY 329,194,871.27, representing a 26.46% increase compared to CNY 260,324,959.49 in 2022[24]. - The net profit attributable to shareholders for 2023 was CNY 5,688,512.88, an 85.17% increase from CNY 3,072,058.58 in 2022[24]. - The basic earnings per share for 2023 was CNY 0.0121, up 65.75% from CNY 0.0073 in 2022[25]. - The company's total assets as of the end of 2023 were CNY 1,823,268,386.10, a 1.72% increase from CNY 1,792,490,425.56 at the end of 2022[24]. - The net cash flow from operating activities for 2023 was CNY -37,971,144.98, a decrease compared to CNY -9,380,833.64 in 2022[24]. - The company reported a negative net profit of 35.4702 million RMB after deducting non-recurring gains and losses, indicating it has not yet achieved profitability[90]. - The operating cost increased by 49.35% to 120.12 million yuan, driven by higher sales volume[99]. - Research and development expenses rose by 18.69% to 91.31 million yuan, reflecting increased project activities[99]. Market Position and Strategy - The company continues to focus on the research, development, production, and sales of innovative medical devices in the field of electrophysiological intervention and ablation therapy[4]. - The company has a low market share and has not yet achieved large-scale commercialization of its products[4]. - The company plans to enhance its market expansion efforts and increase investment in research and development to drive future growth[27]. - The company expanded its market presence by completing volume-based procurement in 27 provinces in China, significantly increasing the sales of its TrueForce® pressure catheter and EasyStars™ mapping catheter[35]. - International market revenue grew by over 50%, with products now covering 35 countries and regions[36]. - The company is exploring strategic partnerships and potential acquisitions to bolster its market position and expand its product offerings[45]. - The company aims to increase market penetration in the electrophysiology sector, targeting a growth rate of 15% in the next fiscal year[45]. - The company plans to accelerate its international development strategy and enhance its global sales network to increase brand awareness overseas[135]. Research and Development - Research and development expenses accounted for 36.23% of operating revenue in 2023, a decrease of 0.54 percentage points from 36.77% in 2022[26]. - The company achieved a total R&D investment of ¥119,275,395.49, representing a 24.61% increase compared to the previous year[74]. - The company has filed a total of 528 patent applications globally, with 217 effective patents granted, including 135 new applications and 48 new grants during the reporting period[39]. - The company has introduced several new products, including the FireMagic® series and EasyFinder®, aimed at improving cardiac electrophysiology procedures[44]. - The company is focusing on integrating technological achievements with industrial applications, with its core products recognized in the Shanghai 2023 Innovative Medical Device Application Demonstration Project[39]. - The company launched clinical trials for the renal artery ablation project and pressure pulse catheter project in 2023, leading to increased R&D expenditures[75]. - The company is expected to achieve NMPA registration for the cryoablation system and catheter by the end of 2023[79]. Operational Efficiency - The company has optimized production lines, processes, and personnel configurations to enhance efficiency and ensure delivery[40]. - The company has been actively recruiting external talent, leading to increased salary expenses during the reporting period[27]. - The company’s cash flow management involved utilizing idle funds for structured deposits, impacting cash and cash equivalents[120]. - The company’s PID control algorithm ensures rapid system response and stable temperature control during ablation, minimizing the risk of overheating[69]. - The company’s pressure sensing technology provides accurate catheter force output, enhancing the safety and effectiveness of surgical procedures[67]. Governance and Compliance - The company has established a comprehensive governance structure to ensure efficient and stable operations[140]. - The company held one annual general meeting and two extraordinary general meetings during the reporting period, with all resolutions passed and no rejected proposals[144]. - The company has maintained compliance with corporate governance standards throughout the reporting period[145]. - The company’s independent directors have reported no conflicts of interest or issues related to compensation from related parties[146]. - The company has established a comprehensive evaluation mechanism for senior management, with performance assessments linked to compensation based on operational results[181]. Environmental Responsibility - The company invested 167,900 RMB in environmental protection measures during the reporting period[186]. - The company is not classified as a key pollutant discharge unit and has not faced any administrative penalties related to environmental issues during the reporting period[187][188]. - The company has a strong focus on environmental risk management, having obtained ISO 14001:2015 certification for its environmental management system[197]. - The company’s greenhouse gas emissions for 2023 amounted to 32.61 tons of CO2 equivalent, adhering to national and local emission standards[191]. - The company has implemented a comprehensive waste management system, categorizing waste into general and hazardous types, and complies with relevant environmental laws[194].

上海微创电生理医疗科技股份有限公司董事会 关于独立董事独立性自查情况的专项报告 根据《上市公司独立董事管理办法》、《上海证券交易所科创板上市公司自律监管 指引第 1 号——规范运作》等要求，上海微创电生理医疗科技股份有限公司（以下简 称"公司"）董事会，就公司在任独立董事杨健、栾依峥、宋成利的独立性情况进行 评估并出具如下专项意见： 经核查独立董事杨健、栾依峥、宋成利及其直系亲属和主要社会关系人员的任职 经历以及独立董事签署的相关自查文件，独立董事杨健、栾依峥、宋成利不存在《上 市公司独立董事管理办法》第六条不得担任独立董事的情形，在担任公司独立董事期 间，独立董事已严格遵守中国证监会和上海证券交易所的相关规定，确保有足够的时 间和精力勤勉尽责地履行职责，作出独立判断，不受公司主要股东、实际控制人或其 他与公司存在利害关系的单位或个人的影响。公司独立董事杨健、栾依峥、宋成利符 合《上市公司独立董事管理办法》《上海证券交易所科创板上市公司自律监管指引第 1 号——规范运作》中对独立董事独立性的相关要求。 特此报告。 上海微创电生理医疗科技股份有限公司董事会 2024 年 3 月 28 日 ...

[2024]0011000070 ( ) DaHua Certified Public Accountants（Special General Partnership） （截止 2023 年 12 月 31 日） 1-2 2023 1 大华会计师事务所（特殊普通合伙） 北京市海淀区西四环中路 16 号院 7 号楼 12 层 [100039] 电话：86 (10) 5835 0011 传真：86 (10) 5835 0006 [2024]0011000070 我们接受委托，依据《中国注册会计师执业准则》审计了上海微 创电生理医疗科技股份有限公司（以下简称"微电生理"）2023 年度财 务报表，包括 2023 年 12 月 31 日的合并及母公司资产负债表，2023 年度的合并及母公司利润表、合并及母公司现金流量表和合并及母 公司股东权益变动表以及财务报表附注，并于 2024 年 3 月 28 日签发 了大华审字[2024] 0011001098 号无保留意见的审计报告。 根据中国证券监督管理委员会发布的《上市公司监管指引第 8 号 ——上市公司资金往来、对外担保的监管要求》(证监会公告[2022]26 号)和上 ...

[2024]0011000073 ( ) Da Hua Certified Public Accountants（Special General Partnership） 1-2 1 大华会计师事务所（特殊普通合伙） 北京市海淀区西四环中路 16 号院 7 号楼 12 层 [100039] 电话：86 (10) 5835 0011 传真：86 (10) 5835 0006 （2023 年 1 月 1 日至 2023 年 12 月 31 日止） | | | [2024]0011000073 我们接受委托，对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"）2023 年度财务报表进行审计，并出具了大华审字 [2024] 0011001098 号审计报告。在此基础上我们检查了贵公司编制 的后附 2023 年度营业收入扣除情况明细表（以下简称"明细表"）。 该明细表已由微电生理管理层按照上海证券交易所(以下简称"监管 机构")发布的《上海证券交易所股票上市规则（2023 年 8 月修订）》 及《上海证券交易所上市公司自律监管指南第 2 号——业务办理 （2023 年 12 月修订）》（以下简称"上市规则及相 ...

上海微创电生理医疗科技股份有限公司 2023 年度独立董事履职情况报告 本人作为上海微创电生理医疗科技股份有限公司(以下简称"公司")的独 立董事,能够严格按照《中华人民共和国公司法》《上市公司治理准则》、《上市 公司独立董事管理办法》、《上海证券交易所科创板股票上市规则》、《上海证券交 易所科创板上市公司自律监管指引第1号 -- 规范运作》等法律、法规、规范性 文件的相关规定,结合《公司章程》等公司制度要求,诚实、勤勉、独立地履行 职责,积极出席相关会议,认真审议董事会各项议案,对公司重大事项发表了独 立意见,切实维护公司和公众股东的合法权益,促进公司规范运作。现将 2023 年度本人履行独立董事职责的情况报告如下: (一)出席会议情况 报告期内,公司共召开 6 次董事会会议和 3 次股东大会。作为独立董事,本 人在审议提交董事会的相关事项尤其是重大事项时,与公司及相关方保持密切沟 通,细致研读相关资料,认真审议每项议案并就相关事项发表了独立意见或事前 (一) 个人工作履历、专业背景及兼职情况 本人栾依峥,1985年出生,男,中国国籍,无境外永久居留权。毕业于美国 西北大学工商管理专业,硕士研究生学历。20 ...