微电生理：一季度净利润同比增长328.63% 智通财经4月29日电，微电生理(688351.SH)公告称，2025年第一季度营业收入1.04亿元，同比增长 16.77%；归属于上市公司股东的净利润1787.05万元，同比增长328.63%。主要系报告期内公司销售规模 增长，以及实施降本增效措施带来的利润增长。 ...

Group 1 - The core viewpoint of the news is the performance and holdings of the Huatai-PineBridge Medical Services Flexible Allocation Mixed A Fund, which has shown significant returns in recent months and has a strong portfolio in the healthcare sector [1][3]. - As of April 24, 2025, the fund's latest net value is 1.5450 yuan, reflecting a growth of 1.25% [1]. - The fund has achieved a return of 18.21% over the past month, ranking 2 out of 8 in its category, and a return of 30.60% over the past three months, ranking 1 out of 8 [1]. - Year-to-date, the fund has returned 28.32%, also ranking 1 out of 8 in its category [1]. Group 2 - The top ten stock holdings of the fund account for a total of 64.17%, with significant positions in companies such as Heng Rui Pharmaceutical (10.23%), Kelun Pharmaceutical (9.09%), and Bai Li Tianheng (8.94%) [1]. - The fund was established on June 18, 2015, and as of March 31, 2025, it has a total asset size of 4.408 billion yuan [1]. - The fund manager, Zhang Wei, has a strong background in biomedical studies and has held various positions in the pharmaceutical research field prior to managing this fund [2].

Core Insights - As of April 21, 2024, 2,246 companies have released their annual reports, with 1,197 reporting a year-on-year increase in net profit, while 1,049 reported a decline [1] - A total of 1,341 companies saw an increase in operating revenue, whereas 904 experienced a decrease [1] - Companies that reported simultaneous growth in both net profit and operating revenue include 940 firms, while 648 companies saw declines in both metrics [1] - Notably, 234 companies achieved a net profit growth rate exceeding 100%, with Zhengdan Co., Ltd. leading at an impressive 11,949.39% increase [1] Company Performance Summary - Zhengdan Co., Ltd. (300641) reported earnings per share of 2.35 yuan, with a net profit of 1,189.89 million yuan, reflecting a year-on-year increase of 11,949.39%, and operating revenue of 348.02 million yuan, up 126.31% [1] - Guangxi Energy (600310) reported earnings per share of 0.043 yuan, with a net profit of 62.99 million yuan, a significant increase of 3,704.04%, but a decline in operating revenue by 76.48% to 393.16 million yuan [1] - Siwei (688213) achieved earnings per share of 0.98 yuan, with a net profit of 39.27 million yuan, marking a 2,662.76% increase, and operating revenue of 596.81 million yuan, up 108.87% [1] - Other notable performers include Andis (600299) with a net profit of 120.43 million yuan (up 2,208.66%) and operating revenue of 1,553.43 million yuan (up 17.83%) [1] - Companies like Huabei Pharmaceutical (600812) and Jiangsu Suo (600746) also reported significant changes in their financial metrics, with varying trends in net profit and operating revenue [1][2]

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督导，并出具 2024 年度（以 下简称"报告期"）持续督导跟踪报告： 一、保荐人和保荐代表人发现的问题及整改情况 （一）募集资金使用中存在的问题 2024 年 12 月 6 日，因相关工作人员误操作，公司误从募集资金专户转出 3,434.50 元，发现上述情况后，公司已于 2024 年 12 月 9 ...

Summary of Conference Call Company Overview - The conference call involved Tianming Technology, which specializes in the design, research, production, and sales of automotive modification components, particularly for off-road vehicles like SUVs and pickups [2][3]. Key Financial Highlights - For the fiscal year 2024, Tianming Technology reported revenue of 250 million, representing a year-on-year growth of 12% [3]. - Net profit attributable to shareholders increased by 7%, while the net profit excluding non-recurring items grew by 15% [3]. - The company has maintained a steady growth trajectory since its listing nearly three years ago [3]. Market Dynamics - The company has shifted its market focus from primarily overseas to a more balanced approach, with overseas sales currently accounting for approximately 70% of total revenue [6]. - North America and Europe represent over 50% of the overseas market share [6]. - The company is expanding its customer base in the domestic market, establishing long-term partnerships with major automotive manufacturers like Great Wall Motors and Dongfeng Motors [2]. Product and Market Strategy - Tianming Technology is actively developing new products and increasing its investment in technology research and development [4]. - The company is the first supplier of electric footboards to domestic OEMs, with a significant market share in this segment [8][19]. - The electric footboard and electric pedal products are positioned as high-end offerings, with a focus on quality and performance [9][10]. Challenges and Risks - The company faces challenges related to increased tariffs, particularly in the North American market, which could impact pricing and customer relationships [5][7]. - The impact of tariffs has led to a period of adjustment for both the company and its customers, with ongoing discussions about how to manage these costs [5][6]. - The gross margin has seen a decline of approximately 8.75% due to pricing pressures in the domestic market [10]. Future Outlook - The company anticipates continued growth in 2025, primarily driven by the introduction of new products and expansion into new markets [27]. - There is a cautious optimism regarding the overall market environment, with expectations of stable demand despite external pressures [21][27]. - The company is also exploring opportunities related to the Belt and Road Initiative, although it acknowledges limited familiarity with this market [26]. Additional Insights - The company has experienced a shift in its customer base, with the largest customer now accounting for over 40% of revenue, indicating a successful transition to new partnerships [17]. - The automotive modification market is described as large but fragmented, with significant potential for growth in the off-road vehicle segment [18][20]. - The company is committed to maintaining a high level of product quality and competitive pricing, which is crucial for sustaining its market position [20]. This summary encapsulates the key points discussed during the conference call, highlighting the company's performance, market strategies, challenges, and future outlook.

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 ...

Investment Rating - The report suggests a positive outlook for the pharmaceutical industry, indicating a potential for outperformance compared to the overall market [27]. Core Insights - The report highlights the impact of the recent U.S. tariff measures, which include a 34% additional tariff on Chinese goods, and the subsequent Chinese countermeasures that may benefit domestic pharmaceutical companies [3][4][5]. - It emphasizes the growth in China's pharmaceutical exports, particularly to the U.S., which reached $19.05 billion in 2024, marking an 11.7% increase year-on-year [6][7]. - The report identifies specific sectors within the pharmaceutical industry that may benefit from the tariff situation, including blood products, high-end raw materials, medical devices, and innovative drugs [18][19]. Summary by Sections Tariff Impact - The U.S. has implemented a 34% tariff on Chinese goods, which affects a wide range of medical supplies and devices, while China has responded with similar tariffs on U.S. imports [4][5]. - The tariffs are expected to disrupt the supply of imported blood products, potentially increasing demand for domestic alternatives [18]. Trade Statistics - In 2024, China's total pharmaceutical trade amounted to $199.376 billion, with exports at $107.964 billion and imports at $91.412 billion, showing a slight decline in imports but a recovery in exports [6][11]. - The U.S. remains the largest market for Chinese pharmaceutical exports, accounting for 17.6% of total exports [7][11]. Sector Opportunities - Blood Products: The tariff on U.S. imports may lead to increased domestic production and sales of blood products, with companies like Tian Tan Biological, Hualan Biological, and others positioned to benefit [18]. - High-End Raw Materials: The report suggests that domestic manufacturers of critical raw materials and consumables may gain market share due to reduced competition from U.S. imports [18]. - Medical Devices: Companies focusing on high-value medical devices are recommended for their potential to capture market share from imported products [18]. - Innovative Drugs: The report encourages investment in companies involved in the development of innovative drugs, particularly those that can replace U.S. imports in oncology and vaccine sectors [19].

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 ...