股 票 研 究 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-------------------------------------------|------------------------------------------------------------|--------------------------------------|-------------------|----------------------------------------------------------------------------|----------------------|------------------------|-----------------------------------------------------|------------|-------------------| | [Table_MainInfo] [Table_Title] 微电生理 | -U(688351) | | | | [Tabl ...

稳健增长，长期发展潜力充足 ——微电生理-U 年报点评 核心观点 ⚫ 业绩符合预期，国内外齐头并进。2023 年，公司实现营收 3.29 亿元，同比 +26.5%，归母净利润 0.06 亿元，同比+85.2%，扣非后归母净利润-0.35 亿元。其 中，23Q4 实现收入 0.93 亿元，同比+36.1%。2023 年，分区域来看，国内营收同比 增长 17.15%，共累计覆盖 1000 余家医院，三维手术累计超过 5 万例，且公司积极 参与带量采购，在北京市医疗机构DRG付费和电生理带量采购中，公司TrueForce® 压力导管等多款产品全线中标，已于 2023 年 12 月执行；国际市场营收同比增长 59.5%，公司坚定全球化发展战略，不断提高海外临床用量。截至 2023 年底，已累 计覆盖 35 个国家和地区，共 21 款产品获得 CE 认证。 ⚫ 持续推进研发创新，在研管线储备丰富。2023 年 8 月，公司冷冻消融系列产品率先 获批上市，成为国内该领域首个房颤治疗的产品。截至目前，已完成 20 多个省份的 挂网。在研管线方面，压力脉冲消融导管项目已进入随访阶段；肾动脉消融项目进 入临床试验阶段。其次，公 ...

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 华泰证券、中信建投、中金公司、海通证券、信达证券、汇添富 基金管理股份有限公司、嘉实基金管理有限公司、建信基金管理 参与单位 有限公司、华泰柏瑞基金管理有限公司、招商基金管理有限公司 等（排名不分先后） 会议时间 2024年4月2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 Q1：2023年全国电生理集采执行情况如何？ 容介绍 A:福建联盟集采已于2023年内全面开始执行；在北京市医疗机 构DRG付费和电生理带量采购中，公司压力导管、星型标测导 管等多款产品全线中标，已于2023年12月15日开展执行，冷 冻系列产品已申请增补；在京津冀“3+N”联盟电生理类医用耗 材带量联动采购中，公司包括冷冻产品在内的全线产品均中标， 已于2024年2月开始执行 ...

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 ...

Investment Rating - The report maintains a "Buy" rating for the company [1][4]. Core Insights - The company has shown strong revenue growth, with a 2023 revenue of 329 million yuan, representing a 26.46% increase year-on-year. The net profit attributable to the parent company was 6 million yuan, up 85.17% [10]. - The company is actively expanding its domestic and international markets, with significant increases in three-dimensional surgical procedures and product adoption [3][4]. - The report highlights a robust pipeline of projects, including clinical trials for new catheter products and collaborations with other firms to enhance product offerings [11][21]. Summary by Sections Financial Performance - In 2023, the company achieved total revenue of 329 million yuan, with a year-on-year growth rate of 26.46%. The net profit attributable to the parent company was 6 million yuan, reflecting an 85.17% increase [10]. - The revenue breakdown shows that catheter products generated 219 million yuan (+32.0%), while equipment products saw a decline of 60.0% to 17 million yuan, and needle sheath products increased by 68.9% to 84 million yuan [10]. Market Expansion - The company has successfully penetrated both domestic and international markets, with its products covering over 1,000 hospitals across 31 provinces in China and 35 countries globally [3][4]. - The TrueForce® pressure catheter has been used in over 1,000 procedures, and the company has received multiple certifications for its products, including CE and FDA approvals [3]. Product Development - The company is advancing its research and development pipeline, with several projects in clinical trials and collaborations aimed at enhancing its product portfolio [11]. - The report notes that the company is focusing on cost control and efficiency improvements, which are expected to enhance profitability as it navigates the challenges posed by market changes [21].

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].

Investment Rating - The investment rating for the company is "Buy" (maintained) [12]. Core Views - The report indicates that the company's 2023 annual performance met expectations, with new product volume expected to increase significantly [12]. - The company achieved approximately 329 million yuan in revenue for 2023, representing a year-on-year growth of 26.46%, and a net profit attributable to the parent company of 5.69 million yuan, up 85.17% year-on-year [12]. - The report highlights the company's strong growth in three-dimensional surgical volumes and the successful implementation of over 1,000 radiofrequency ablation surgeries guided by pressure monitoring [12][14]. Financial Performance Summary - **2023 Financial Metrics**: - Revenue: 329 million yuan - Year-on-year revenue growth: 26.5% - Net profit attributable to the parent company: 5.69 million yuan - Year-on-year net profit growth: 85.2% - Gross margin: 63.5% [5][12]. - **Future Projections**: - Revenue forecasts for 2024-2026 are 486 million yuan, 662 million yuan, and 951 million yuan, with growth rates of 47.6%, 36.3%, and 43.7% respectively [14]. - Net profit projections for the same period are 16 million yuan, 46 million yuan, and 101 million yuan, with growth rates of 182.2%, 188.6%, and 118.9% respectively [14]. - Earnings per share (EPS) are expected to be 0.03 yuan, 0.10 yuan, and 0.22 yuan for 2024-2026 [14]. Product and Market Development - The company has a diverse pipeline of projects, including: - Pressure pulse ablation catheter project entering follow-up stage - Renal artery ablation project in clinical trial phase - Continuous optimization of key products like TrueForce® pressure catheter and IceMagic® balloon cryoablation catheter [13]. - The company has successfully expanded its overseas market, achieving 69 million yuan in revenue in 2023, a 60% year-on-year increase, accounting for 21.5% of main business revenue [12][14].

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].

[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 ...