华福证券 产品研发不及预期；市场竞争加剧风险；新品推广不及预期风险。 司 研 微电生理（688351.SH） 新品销售快速增长，加速进军房颤治疗领域 投资要点： 公司发布 2024 年半年报。 24H1 公司实现营收 1.98 亿（同比+39.6%），归母净利润 1701 万 元（同比+689.3%），归母扣非净利润 92 万元（同比+107.5%），实 现毛利率 59.1%（同比-8.5pct），净利率 8.6%（同比+7.1pct）。 单 Q2 公司实现营收 1.09 亿元（同比+21.4%），归母净利润 1284 万元（同比+11.9%），归母扣非净利润 227 万元（同比-22.8%）。 加速进军房颤治疗领域，压力导管、冷冻消融等新品销售同比+475%。 依托集采执行、市场推广等因素，公司高端新品入院速度加快， 24H1 公司 TrueForce®压力导管、IceMagic®冷冻消融产品等新品收入同 比增长 475%，截止目前公司已在全球累计实现超 7 万例三维电生理手 术。 1）国内市场：随北京、湖北、天津集采中标执行，TrueForce®压 力消融导管上市后已在多中家心实现近 3000 例射频消融 ...

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"或"公司"） 首次公开发行股票并在科创板上市的保荐人及持续督导机构，根据《证券发行上 市保荐业务管理办法》《上海证券交易所科创板股票上市规则（2024 年 4 月修 订）》《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 相关法律、法规和规范性文件的规定，对公司首次公开发行战略配售限售股份上 市流通的事项进行了审慎核查，具体情况如下： 一、本次上市流通的限售股类型 本次上市流通的限售股为公司首次公开发行的部分战略配售限售股，股份数 量为 2,824,000 股，占公司总股本 0.60%，股东数量为 1 名，限售期限为自公司 首次公开发行股票上市之日起 24 个月。 核查意见 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 首次公开发行战略配售限售股份上市流通的核查意见 根据中国证券监督管理委员会出具的《关于同意上海微创电生理医疗科技股 份有限公司首次公开发行股票注册的批复》（证监许可〔2022〕1587 号），公 司获准向社会公众公开发行人民币普通 ...

证券代码：688351 证券简称：微电生理 公告编号：2024-026 上海微创电生理医疗科技股份有限公司 首次公开发行战略配售限售股份上市流通公告 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： 本次股票上市类型为首发战略配售股份（限售期 24 月）；股票认购方式为 网下，上市股数为 2,824,000 股。本公司确认，上市流通数量等于该限售期的全 部战略配售股份数量。 本次股票上市流通总数为 2,824,000 股。 本次股票上市流通日期为 2024 年 9 月 2 日（因非交易日顺延）。 一、本次上市流通的限售股类型 根据中国证券监督管理委员会出具的《关于同意上海微创电生理医疗科技股 份有限公司首次公开发行股票注册的批复》（证监许可〔2022〕1587 号），公司获 准向社会公众公开发行人民币普通股（A 股）70,600,000 股，并于 2022 年 8 月 31 日在上海证券交易所科创板上市。首次公开发行后公司总股本为 470,600,000 股， 其中有限售条件流通股为 408,130,829 ...

公 司 报 告 公 司 半 年 报 点 评 证 券 研 究 报 告 | --- | --- | |------------------------|-------------------------------------| | 行业 | 医药 | | 公司网址 | www.everpace.com | | 大股东 / 持股 | 宁波梅山保税港区铧杰股权投资管理 | | | 有限公司 - 嘉兴华杰一号股权投资合伙 | | | 企业 ( 有限合伙 )/34.94% | | 实际控制人 | | | 总股本 ( 百万股 ) | 471 | | 流通 A 股 ( 百万股 ) | 122 | | 流通 B/H 股 ( 百万股 ) | | | 总市值 ( 亿元 ) | 102 | | 流通 A 股市值 ( 亿元 ) | 26 | | 每股净资产 ( 元 ) | 3.62 | | 资产负债率 (%) | 7.9 | 行情走势图 微电生理(688351.SH) 增长符合预期，新产品不断放量打开成长空间 股价:21.58元 请通过合法途径获取本公司研究报告，如经由未经许可的渠道获得研究报告，请慎重使用并注意阅读研究报告尾页的声 ...

Investment Rating - The report maintains a "Buy" rating for the stock [2][21]. Core Views - The company achieved a revenue of 198 million yuan in H1 2024, representing a year-on-year growth of 39.57%. The net profit attributable to the parent company was 17.01 million yuan, a significant increase of 689.30% year-on-year [2][8]. - The company has successfully completed over 70,000 three-dimensional cardiac electrophysiology surgeries, ranking first among domestic manufacturers. The marketing network and service system have been continuously upgraded to enhance service quality and brand recognition [3][11]. - The company is focusing on its core products and aggressively entering the atrial fibrillation market, with the TrueForce® pressure monitoring catheter gaining traction in hospitals [3][10]. Financial Performance - In H1 2024, the company reported a revenue of 198 million yuan, with a quarterly breakdown of 89 million yuan in Q1 and 109 million yuan in Q2 [8][10]. - The net profit attributable to the parent company for H1 2024 was 17.01 million yuan, with a non-recurring profit of 0.92 million yuan, indicating a turnaround from losses [8][10]. - The company expects 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% [5][17]. Market Strategy - The company is advancing its "Radiofrequency + Cryoablation + Pulsed Electric Field" strategy, with ongoing development of the PFA project and clinical trials for various innovative devices [4][14]. - The TrueForce® pressure monitoring catheter has been successfully used in nearly 3,000 procedures, receiving high clinical recognition [3][11]. - The company is expanding its international market presence, having covered 36 countries and regions, and is actively participating in major international medical conferences to enhance brand influence [13][14]. Innovation and R&D - The company has filed for 232 patents, including 127 invention patents, demonstrating its commitment to innovation in the electrophysiology field [15][16]. - The development of the FlashPoint® renal artery radiofrequency ablation system is progressing through the NMPA's special review process, aiming for approval in the second half of 2024 [4][14].

来源：公司年报、国金证券研究所 微电生理 (688351.SH) 增持(维持评级) 上半年收入高速增长,全力进军房颤市 业绩简述 2024 年 8 月 21 日，公司发布 2024 半年度报告，2024 年上半年公 司实现收入 1.98 亿元，同比+40%；归母净利润 1701 万元，同比 +689%；实现扣非归母净利润 92 万元。 2024Q2 公司实现收入 1.09 亿元，同比+21%；归母净利润 1284 元， 同比+12%；实现扣非归母净利润 227 万元，同比-23%。 经营分析 全力进军房颤市场，创新产品拓展加速。2024 上半年国内压力导 管在集采中标加持下入院速度加快，使用量不断攀升，上市以来 已在多家中心完成了近 3000 例压力监测指导下的射频消融手术， 均获得较高的临床认可度。冷冻消融产品已完成近 30 个省份的挂 网。上半年 TrueForce 压力导管、IceMagic 冷冻消融产品等新产 品同比增长 475%；目前全球三维手术量累计突破 7 万例。 海外市场同步推进，综合净利率显著提升。在国外市场，公司三 位手术量实现快速增长，现已累计覆盖 36 个国家和地区。 TrueForc ...

证券代码：688351 证券简称：微电生理 公告编号：2024-021 上海微创电生理医疗科技股份有限公司 2024 年半年度募集资金存放与实际使用 情况的专项报告 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。 一、募集资金基本情况 根据中国证券监督管理委员会出具的《关于同意上海微创电生理医疗科技 股份有限公司首次公开发行股票注册的批复》（证监许可[2022]1587 号），公 司向社会公开发行人民币普通股（A 股）7,060 万股，发行价格为 16.51 元/股， 募集资金总额为人民币 116,560.60 万元，扣除发行费用 9,572.61 万元后，实 际募集资金净额为 106,987.99 万元。上述募集资金实际到位时间为 2022 年 8 月 25 日，已经大华会计师事务所（特殊普通合伙）审验，并出具了《上海微创 电生理医疗科技股份有限公司发行人民币普通股（A 股）7,060 万股后实收股本 的验资报告》（大华验字[2022]000559 号）。 二、募集资金管理情况 监管指引第 1 号——规范运作》等法律法规 ...

1 核查意见 二、募集资金投资项目基本情况 根据公司披露的《上海微创电生理医疗科技股份有限公司首次公开发行股票 并在科创板上市招股说明书》《关于部分募集资金投资项目变更及延期的公告》 （公告编号：2024-014），公司首次公开发行股票募集资金投资项目及募集资金 使用计划如下： 核查意见 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 使用自有资金、外汇支付募投项目部分款项 并以募集资金等额置换的核查意见 华泰联合证券有限责任公司（以下简称"华泰联合证券"、"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"或"公司"） 首次公开发行股票并在科创板上市的保荐人及持续督导机构，根据《证券发行上 市保荐业务管理办法》《科创板上市公司持续监管办法（试行）》《上海证券交 易所科创板股票上市规则（2024 年 4 月修订）》《上市公司监管指引第 2 号— —上市公司募集资金管理和使用的监管要求（2022 年修订）》等相关法律、法 规和规范性文件的规定，对微电生理使用自有资金、外汇支付募投项目部分款项 并以募集资金等额置换的事项进行了核查，具体情况如下： 一、募集资金基本情况 经中 ...

Financial Performance - The company reported a total revenue of RMB 500 million for the first half of 2024, representing a 20% increase compared to the same period last year[8]. - The company has set a revenue guidance of RMB 1.2 billion for the full year 2024, indicating an expected growth of 25%[8]. - The company's operating revenue for the first half of 2024 reached ¥198,364,587.44, representing a 39.57% increase compared to ¥142,122,680.52 in the same period last year[12]. - The net profit attributable to shareholders of the listed company was ¥17,012,670.68, a significant increase of 689.30% from ¥2,155,420.89 in the previous year[12]. - The basic earnings per share rose to ¥0.0362, up 686.96% from ¥0.0046 in the same period last year[13]. - The net cash flow from operating activities improved significantly to ¥37,921,452.48, compared to a negative cash flow of ¥37,384,475.56 in the previous year[12]. - The company achieved a revenue of 198 million yuan, representing a year-on-year growth of 39.57%[34]. - The company reported a significant increase in revenue, achieving a total of 1.5 billion in the first half of 2024, representing a 25% year-over-year growth[60]. - The company provided a positive outlook for the second half of 2024, projecting a revenue growth of 20%[60]. Research and Development - The company has invested RMB 100 million in R&D for new technologies, focusing on advanced cardiac ablation techniques[8]. - Research and development expenses accounted for 22.56% of operating revenue, a decrease of 15.24 percentage points compared to the previous year[13]. - The company has established three core technology platforms: image navigation, precision instruments, and energy therapy, focusing on innovations in electrophysiology intervention and ablation treatment[18]. - The company has developed a high-precision positioning navigation technology with an average positioning accuracy error of less than 1mm, achieving performance levels comparable to imported high-end products[19]. - The company has received recognition as a national-level specialized and innovative "little giant" enterprise in 2022, highlighting its technological advancements and market position[23]. - The company has a research and development team of 122 personnel, with over 60% holding master's degrees or higher[33]. - Research and development investments increased by 30%, focusing on innovative medical technologies[60]. - The company has made significant progress in capitalized R&D projects, which are now in the mid-to-late clinical trial stages[26]. Product Development and Innovation - The company is actively developing new products, including a next-generation 3D electrophysiology mapping system, expected to launch in Q4 2024[8]. - New products such as the TrueForce® pressure catheter and IceMagic® cryoablation products saw a remarkable growth of 475% year-on-year[34]. - The company has launched the only domestic catheter product equipped with dual magnetic sensors, enhancing real-time visualization of the catheter's shape and improving operational guidance for clinicians[20]. - The company has introduced a rapid three-dimensional cardiac mapping algorithm that effectively shortens modeling time and enhances navigation during procedures[19]. - The company is advancing the clinical trials for its self-developed disposable intracardiac ultrasound imaging catheter, expected to commence in the second half of the year[35]. Market Expansion - Market expansion efforts have led to the establishment of partnerships with 50 new hospitals across China in the first half of 2024[8]. - The cumulative number of global three-dimensional procedures has surpassed 70,000, ranking the company first among domestic manufacturers[33]. - The company is expanding its market presence in Southeast Asia, targeting a 10% market share by the end of 2025[60]. - The company has registered core products in multiple countries including the EU, South Korea, Brazil, Argentina, Russia, India, and Australia, exporting to 36 countries and regions[33]. Financial Position and Cash Flow - The company has maintained a strong cash position with RMB 300 million in cash reserves as of June 30, 2024[8]. - Cash and cash equivalents increased by 101.46% to ¥534,934,783.76 compared to ¥265,530,944.31 in the previous period[40]. - The asset-liability ratio stands at 7.92%, indicating strong long-term development potential[37]. - The company reported a net cash flow from operating activities of CNY 37.92 million, a significant improvement compared to the previous year[38]. - The total cash and cash equivalents at the end of the period were CNY 534,669,950.43, down from CNY 760,593,284.08 at the end of the previous year[132]. Risks and Challenges - The company has identified potential risks related to regulatory changes in the medical device sector, which could impact future operations[3]. - The company faces risks related to innovation, talent retention, and market competition, particularly from established foreign brands in the electrophysiology medical device sector[36]. Environmental and Social Responsibility - The company invested 74 million yuan in environmental protection during the reporting period[52]. - The company has implemented carbon reduction measures, including the use of energy-efficient equipment and LED lighting[55]. - The company ensures that all waste and pollutants are treated in compliance with national environmental protection laws and standards[54]. - The company has established mechanisms for environmental protection and is actively involved in ecological conservation efforts[54]. Shareholder Commitments and Governance - The company has committed to fulfilling various promises related to share restrictions and dividend distributions, with all commitments being met on time[58]. - The company will implement stock buybacks if the stock price falls below the audited net asset value for 20 consecutive trading days within three years post-IPO[67]. - The company guarantees that there will be no fraudulent issuance of shares during the IPO process, and if fraud is confirmed, it will initiate a buyback of all issued shares within 5 working days[71]. - The company will ensure compliance with all relevant laws and regulations regarding shareholding and transfer commitments[65]. Accounting and Financial Reporting - The financial statements are prepared based on the assumption of going concern, with no significant doubts about the company's ability to continue operations[147]. - The company's accounting policies comply with the enterprise accounting standards, ensuring a true and complete reflection of the company's financial status[148]. - The company recognizes revenue when the customer obtains control of the related goods or services, which occurs when the performance obligations in the contract are fulfilled[197]. - The company assesses impairment of contract costs if the carrying amount exceeds the expected recoverable amount from the related goods[199].

证券代码：688351 证券简称：微电生理 公告编号：2024-025 上海微创电生理医疗科技股份有限公司 关于2024 年度"提质增效重回报" 行动方案的公告 势产品，全面进军房颤市场，积极开展"冰与火"系列产品推广活动，逐步扩大 营销网络，引领国产电生理手术解决方案的全面推进。作为少数进入国际市场竞 争的中国企业，公司积极布局海外市场品牌和服务体系建设，2024 年计划高效 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；IceMagic®冷冻消融系列产品力争于 2024 年获得 CE 认证，为国 产房颤治疗方案走向国际市场打开新局面。 在研发创新方面，公司将进一步完善在脉冲电场消融领域的战略布局，全面 覆盖"冰、火、电"三大能量平台，脉冲电场消融项目已完成临床入组，预计于 2024 年正式递交国内注册；加快肾动脉消融项目临床试验进度，推进与三维标 测系统联用的差异化技术优势，为高血压治疗实现更加精准的靶点消融，积极拓 展射频消融技术的应用领域；持续开展核心产品升级迭代，开展 Columbus®三维 心脏电生理标测系统软件升级，进一步优化自动高密度标测功能 ...