证券研究报告：医药生物 | 公司点评报告 发布时间：2025-05-08 股票投资评级 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 21.64 | | --- | --- | | 总股本/流通股本（亿股）4.71 | / 1.25 | | 总市值/流通市值（亿元）102 | / 27 | | 52 周内最高/最低价 | 26.44 / 16.45 | | 资产负债率(%) | 8.0% | | 市盈率 | 195.66 | | 第一大股东 | 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) | 研究所 分析师:蔡明子 SAC 登记编号:S1340523110001 Email:caimingzi@cnpsec.com 研究助理:陈峻 SAC 登记编号:S1340123110013 Email:chenjun@cnpsec.com 微电生理(688351) 压力导管加速放量，公司盈利能力持续提升 l 业绩简评 公司发布 2024 年年报和 2025 年一季度报，2024 年公司实现营 业收入 4.13 亿元 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 20% within six months [15]. Core Insights - The company reported a significant increase in revenue and net profit for 2024, with revenue reaching 413 million yuan, a year-on-year growth of 25.51%, and net profit of 52 million yuan, a staggering increase of 815.36% [3][9]. - In Q1 2025, the company achieved revenue of 104 million yuan, up 16.77% year-on-year, and net profit of 18 million yuan, reflecting a growth of 328.63% [3][9]. - The company has expanded its market presence, with over 4,000 procedures performed using its pressure monitoring magnetic navigation radiofrequency ablation catheters in the domestic market, and has successfully conducted surgeries in 21 countries internationally [4][8]. Company Overview - The latest closing price of the company's stock is 21.64 yuan, with a total market capitalization of 10.2 billion yuan [2]. - The company has a total share capital of 471 million shares, with 125 million shares in circulation [2]. - The largest shareholder is Ningbo Meishan Bonded Port Area Huajie Equity Investment Management Co., Ltd. [2]. Financial Performance - The company forecasts revenue growth from 539 million yuan in 2025 to 956 million yuan in 2027, with corresponding year-on-year growth rates of 30.5%, 34.5%, and 31.9% respectively [9][11]. - The projected net profit for the same period is expected to rise from 74 million yuan in 2025 to 172 million yuan in 2027, with growth rates of 41.5%, 57.8%, and 47.6% [9][11]. - The company's PE ratio is projected to decrease from 142 times in 2025 to 61 times in 2027, indicating improving valuation metrics [9][11]. Product Development and Market Strategy - The company is focusing on enhancing its product matrix, including the launch of new products such as the Magbot™ catheter and the PulseMagic™ pressure pulse catheter, which are in various stages of regulatory approval [5][6]. - The company plans to increase its hospital coverage and promote core and new products in both domestic and international markets, aiming to enhance the penetration rate of its three-dimensional surgeries [8][9].

证券研究报告 | 公司点评报告 2025 年 05 月 08 日 微电生理（688351.SH） 业绩符合预期，重磅产品 PFA 获批 消费品/生物医药 公司发布 2025 年第一季度报告：公司实现营业收入 1.04 亿元（+16.77%）； 归母净利润 1787 万元（+328.63%）；扣非归母净利润 1256 万元。 财务数据与估值 | 会计年度 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入(百万元) | 329 | 413 | 530 | 696 | 902 | | 同比增长 | 26% | 26% | 28% | 31% | 30% | | 营业利润(百万元) | 8 | 55 | 81 | 109 | 145 | | 同比增长 | 153% | 613% | 49% | 34% | 33% | | 归母净利润(百万元) | 6 | 52 | 79 | 106 | 142 | | 同比增长 | 91% | 815% | 51% | 35% | 34% | | 每股收益(元) ...

Core Viewpoint - Microelectrophysiology (688351.SH) has demonstrated strong growth in Q1 2025, with significant increases in revenue and net profit, indicating robust performance and development potential in the electrophysiology market [1] Financial Performance - In Q1 2025, the company achieved revenue of 104 million yuan, a year-on-year increase of 16.77% - The net profit attributable to shareholders reached 17.87 million yuan, up 328.63% year-on-year - The net profit after deducting non-recurring items also turned positive, amounting to 12.56 million yuan [1] Product Development and Commercialization - The company has completed the commercialization of PFA and has three products in the "green channel" for expedited approval - By 2024, over 30 registered products have been developed around the Columbus® 3D cardiac electrophysiology mapping system, with more than 70,000 surgeries performed using the 3D ablation series [2] - The PulseMagic™ pressure pulse catheter has entered the "green channel" for special review, with approval expected in 2025 [2] Technological Advancements - The EasyEcho™ intracardiac ultrasound catheter has also entered the "green channel," marking a significant innovation in high-end interventional imaging - This product utilizes intracardiac echocardiography technology for real-time, high-quality imaging without radiation, enhancing surgical precision and safety [3] Market Expansion and Growth Potential - The cardiac electrophysiology market is expected to reach 15.73 billion yuan in China by 2025, driven by increasing patient numbers and improved clinical outcomes - The PFA technology is anticipated to create a market space of over 10 billion yuan, reflecting significant growth opportunities [4] - The company plans to submit registrations for additional products in 2025, including pressure pulse ablation catheters and intracardiac ultrasound catheters [4] Internationalization Efforts - The company has expanded its international presence, with its 3D surgery covering 21 countries by 2024, and over 1,000 overseas surgeries performed using its pressure monitoring magnetic navigation RF ablation catheter [5] - The company has received CE certification for its cryo mapping catheter and cryo ablation devices, with further certifications expected for its magnetic navigation RF ablation catheter and high-density mapping catheter [6] Market Outlook - The global electrophysiology device market is projected to reach $14.49 billion by 2025 and could further increase to $32.45 billion by 2032, indicating a strong growth trajectory for the industry [6]

Core Viewpoint - The company reported robust revenue growth in Q1 2025, with domestic revenue showing single-digit percentage growth year-on-year and international revenue growing over 50% year-on-year. The company expects high growth in overseas revenue to continue throughout the year. [1] Group 1: Financial Performance - Q1 2025 revenue increased by 17% year-on-year to RMB 100 million, with domestic business showing single-digit percentage growth and overseas revenue growing over 50% [1] - The company's gross profit margin remained stable at 60.6%, while net profit attributable to the parent company surged by 329% year-on-year to RMB 17.87 million, resulting in a net profit margin improvement of 12.5 percentage points to 17.2% [1] - The company aims to achieve revenue of RMB 510 million, RMB 660 million, and RMB 840 million for the years 2025-2027, respectively, with a target price of RMB 27.90 based on a 20x 2026E PS valuation multiple [4] Group 2: Market Dynamics - The company anticipates that the 27-province alliance for electrophysiology procurement will be renewed in the second half of 2025, with expectations of moderate price declines [3] - In Q1 2025, the company performed over 1,000 surgeries overseas (double-digit year-on-year growth), with approximately half using pressure catheters. The Latin American market showed the highest growth rate [2] - Domestic surgeries exceeded 5,000 in Q1 2025, reflecting single-digit growth year-on-year, with about 30% utilizing pressure catheters [2] Group 3: Product Development - The company is accelerating the localization of raw materials, reducing the import ratio from 40% in 2024 (down from 60% in 2022) and decreasing the proportion of raw materials imported from the U.S. to about 10% [3] - The R&D pipeline is progressing well, with the PFA product approved in April 2025 and expected to be listed soon, while self-developed catheters are anticipated to be approved in 2025 [3] - The 3D intracardiac ultrasound product has initiated clinical research and is expected to be approved by 2026, offering innovative features to reduce X-ray exposure [3]

Investment Rating - The report maintains a "Recommended" rating for the company, with a current stock price of 21.77 yuan [1]. Core Insights - The company achieved a revenue of 104 million yuan in Q1 2025, representing a year-on-year increase of 16.77%. The net profit attributable to the parent company was 17.87 million yuan, a significant increase of 328.63% year-on-year, and the net profit after deducting non-recurring items was 12.56 million yuan, turning around from a loss of 1.35 million yuan in the same period last year [5]. - The company is positioned as a leading domestic player in the electrophysiology field, benefiting from rapid expansion in this sector. The report forecasts continued strong growth, with projected revenues of 522 million yuan, 687 million yuan, and 934 million yuan for 2025, 2026, and 2027 respectively, and net profits of 76 million yuan, 134 million yuan, and 215 million yuan for the same years [11]. Financial Summary - Revenue growth is expected to be robust, with year-on-year growth rates of 26.5%, 25.5%, 26.4%, 31.5%, and 36.0% from 2023 to 2027 [7]. - The net profit is projected to grow significantly, with year-on-year increases of 91.4%, 815.4%, 46.8%, 75.7%, and 60.0% over the same period [7]. - The gross margin is expected to stabilize around 61.8% to 62.8%, while the net margin is projected to improve from 12.6% in 2024 to 23.0% in 2027 [7][13]. - The company maintains a low debt level, with a debt-to-asset ratio of only 8.1% [8]. Operational Efficiency - The company has effectively controlled its operating expenses, with a sales expense ratio of 26.29% in Q1, down by 1.20 percentage points year-on-year, and a management expense ratio of 10.87%, down by 0.63 percentage points [8]. - Research and development expenses accounted for 19.88% of revenue, reflecting a focus on core projects [8]. Product Development - The company has introduced new products, including a PFA product approved in April 2025, which is expected to enhance its market position [8]. - The company is also working on a self-developed pressure pulse ablation catheter, with a registration application planned for 2025, further expanding its product portfolio [11].

2025年4月30日，微电生理(688351.SH)发布2025年第一季报。截至2025年4月30日，共有19个机构投资 者披露持有微电生理A股股份，合计持股量达3.88亿股，占微电生理总股本的82.51%。其中，前十大机 构投资者包括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)、微创投资控股有限公司、上海生晖企业管理咨询中心(有限合伙)、天津爱德博瑞企业管理合伙企业 (有限合伙)、上海毓衡投资管理中心(有限合伙)、招商银行股份有限公司-汇添富医疗服务灵活配置混合 型证券投资基金、中国民生银行股份有限公司-汇添富达欣灵活配置混合型证券投资基金、中国银行股 份有限公司-华宝中证医疗交易型开放式指数证券投资基金、上海张江火炬创业投资有限公司、平安资 管-工商银行-鑫福34号资产管理产品，前十大机构投资者合计持股比例达80.50%。相较于上一季度，前 十大机构持股比例合计下跌了0.72个百分点。 公募基金方面，本期较上一期持股增加的公募基金共计4个，包括南方医药保健灵活配置混合A、华泰 柏瑞医疗健康A、农银专精特新混合A、汇添富达欣混合A，持股增加占比小幅上涨。本期较上一季度 ...

Group 1 - The A-share market shows a mixed performance with the Shanghai Stock Exchange Sci-Tech Innovation Board Biomedicine Index experiencing strong fluctuations [1] - The Sci-Tech Biomedicine Index ETF (588700) rose by 1.26% with a turnover rate of 4.66% and a trading volume exceeding 11 million yuan, indicating active trading [1] - The ETF closely tracks the Sci-Tech Biomedicine Index, which includes 50 large-cap companies in biomedicine, biomedical engineering, biopharmaceuticals, and other related sectors [1] Group 2 - The pharmaceutical sector has undergone a prolonged adjustment, with overall valuations at low levels and public fund holdings being underweight, suggesting potential for recovery [1] - The medical sector is highlighted as a key investment direction due to its strong safety profile amid international uncertainties and the continuous realization of catalysts for innovative drugs [2] - There are structural opportunities in the pharmaceutical sector, particularly with the integration of artificial intelligence in diagnostics and medical services, which may lead to sustained valuation improvements [1]

Group 1: Fixed Income Market - The recent volatility in the US Treasury market is largely attributed to the upcoming June maturity, which may be overestimated in terms of its impact on financial markets [2] - In the short term, the supply pressure from maturing US Treasuries is expected to be limited, with a more significant focus on the debt ceiling adjustments anticipated in Q3 [2] - Long-term demand for US Treasuries may face a downward trend, with potential alternatives including European and Japanese bonds, as well as gold [2] Group 2: Technology Sector - The report discusses India's potential as the next manufacturing hub for Apple, highlighting the competitive tariff advantages for Indian exports compared to China [4] - Apple theoretically has the capacity to produce the required number of iPhones in India, but initial production will still rely on Chinese exports due to current limitations [4] - The localization of components in India is still in its early stages, with significant reliance on supply chains from other Asian countries for critical parts [4] Group 3: Energy and New Energy - The lithium battery production forecast for May shows a slight decline in overall production, primarily due to the cancellation of mandatory storage policies and the impact of US tariffs on exports [5] - Despite short-term fluctuations, the long-term outlook for the lithium battery industry remains positive, driven by new vehicle models and technologies [5] - Recent power outages in Spain, Portugal, and southern France have underscored the need for investment in grid upgrades and DC grid technology, presenting opportunities for Chinese power equipment companies [6] Group 4: Media and Publishing - Phoenix Media reported a Q1 2025 revenue of 3.226 billion yuan, reflecting a year-over-year decline, but a significant increase in net profit due to continued tax incentives [7] - The company maintains a stable core business and is rated as a "buy" based on its solid performance and favorable tax policies [7] Group 5: Financial Sector - The report indicates that the China Construction Bank's Q1 2025 net profit and revenue showed slight year-over-year changes, with a focus on asset quality and credit expansion [9] - The bank's diversified income sources and stable operations support a "buy" rating [9] Group 6: Consumer Goods - The report highlights the strong performance of China National Offshore Oil Corporation, with Q1 revenues showing a significant year-over-year increase, driven by stable oil and gas production [20] - The company is expected to maintain a "buy" rating due to its robust operational performance and project advancements [20] Group 7: Real Estate - The report notes that China Petroleum's Q1 2025 revenue and net profit exceeded expectations, attributed to increased natural gas production and sales [34] - The company is rated as "increase" based on its strong performance and potential for further growth in the natural gas sector [34]

上海微创电生理医疗科技股份有限公司 舆情管理制度 上海微创电生理医疗科技股份有限公司 舆情管理制度 第一章 总则 第一条 为提高上海微创电生理医疗科技股份有限公司（以下简称"公 司"）应对各类舆情的能力，建立快速反应和应急处置机制，及时、妥善处理 各类舆情对公司股价、公司商业信誉及正常生产经营活动造成的影响，切实保 护投资者合法权益，根据《中华人民共和国公司法》《上海证券交易所科创板 股票上市规则》等相关法律法规及《上海微创电生理医疗科技股份有限公司章 程》（以下简称《公司章程》），结合公司实际情况，制定本制度。 第二条 本制度所称舆情包括： （一）报刊、电视、网络等媒体对公司进行的负面、不实报道； 第三条 本制度舆情类型包括： （一）重大舆情：传播范围较广，严重影响公司公众形象或正常经营活 动，使公司已经或可能遭受损失，已经或可能造成公司股票及其衍生品交易价 格变动的负面舆情； （二）一般舆情：除重大舆情外的其他舆情。 第二章 舆情管理的组织体系及其工作职责 第四条 公司应对各类舆情实行统一领导、统一组织、快速反应、协同应 对。 第五条 公司成立应对舆情管理工作领导小组（以下简称"舆情工作 1 上海微创电生 ...