Investment Rating - The report maintains an "Outperform" rating for the company [1]. Core Views - The company continues to experience rapid growth, with a significant increase in electrophysiology surgeries and potential growth in peripheral products due to centralized procurement [1][5]. - The target price has been adjusted to 504.27 CNY, reflecting a 40% upside from the current price of 433.06 CNY [1][5]. Financial Summary - For 2024, the company is projected to achieve revenue of 2,066 million CNY, representing a 25.2% increase, and a net profit of 673 million CNY, up 26.1% [3][5]. - The first quarter of 2025 is expected to show revenue of 564 million CNY, a 23.93% increase, and a net profit of 183 million CNY, up 30.69% [5]. - The earnings per share (EPS) estimates have been adjusted to 9.34 CNY for 2025 and 15.89 CNY for 2027 [5]. Business Performance - The company has seen a 50% increase in three-dimensional electrophysiology surgeries, with over 15,000 procedures completed in 2024 [5]. - The revenue from electrophysiology products is expected to reach 440 million CNY, a 19.73% increase [5]. - The coronary intervention revenue is projected at 1,054 million CNY, reflecting a 33.30% growth [5]. Market Position - The company has become the first globally to offer a comprehensive solution for three-dimensional pulsed ablation, including various approved products [5]. - International business has shown strong growth, with overseas revenue reaching 280 million CNY, a 19.75% increase, and a 45.88% growth in self-owned brands [5].

Company Overview - Shenzhen Huatai Medical Devices Co., Ltd. specializes in the research, production, and sales of electrophysiological and interventional medical devices [1] - The main products include electrophysiological devices, coronary access devices, peripheral vascular interventional devices, and non-vascular interventional medical devices [1] Financial Performance - For Q1 2025, the company reported revenue of 564 million yuan, representing a year-on-year increase of 23.93% [1] - The net profit for the same period was 183 million yuan, showing a year-on-year growth of 30.69% [1] - The gross profit margin stood at 73.09% [1] Market Position - As of the latest data, Huatai Medical's stock closed at 427.1 yuan, down 1.38%, with a rolling price-to-earnings (PE) ratio of 57.90 times [1] - The company's total market capitalization is 41.464 billion yuan [1] - In comparison, the average PE ratio for the medical device industry is 46.40 times, with a median of 34.81 times, placing Huatai Medical at the 95th position in the industry ranking [1][2] Institutional Holdings - As of Q1 2025, a total of 109 institutions hold shares in Huatai Medical, including 106 funds and 3 other entities, with a total shareholding of 47.1568 million shares valued at 18.264 billion yuan [1]

Core Insights - The company reported a revenue of 2.066 billion yuan for 2024, representing a year-over-year increase of 25.18%, with a net profit of 673 million yuan, up 26.08% [1] - The company’s Q4 2024 revenue was 541 million yuan, a 23.93% increase year-over-year, while Q1 2025 revenue reached 564 million yuan, also reflecting a 23.93% growth [1] Group 1: Business Performance - The electrophysiology business showed steady growth with revenue of 440 million yuan in 2024, a 19.73% increase, and a gross margin of 73.76% [2] - The coronary pathway revenue was 1.054 billion yuan, up 33.3%, with a gross margin of 73.21%, while peripheral intervention revenue reached 351 million yuan, a 37.09% increase [2] - The overall gross margin for the company improved to 72.31%, an increase of 1.04 percentage points, driven by enhanced production efficiency and scale effects [2] Group 2: Market Expansion - Domestic market revenue reached 1.769 billion yuan, a 25.68% increase, with over 200 new hospital admissions in electrophysiology and more than 15,000 three-dimensional surgeries completed [3] - International market revenue was 280 million yuan, a 19.62% increase, with the company’s own brand growing over 45%, particularly in the Middle East, Africa, and Europe [3] - The company made significant progress in product registration and channel development in the CIS region, enhancing its product matrix in PCI and achieving breakthroughs in high-end hospitals in Spain, France, Italy, and Germany [3] Group 3: Research and Development - The company invested 290 million yuan in R&D in 2024, accounting for 14% of its revenue, to strengthen its capabilities in interventional devices [3] - New product launches included pulse ablation catheters and various vascular intervention products, contributing to a robust pipeline for long-term growth [3] Group 4: Profit Forecast - Revenue projections for 2025-2027 are 2.695 billion, 3.398 billion, and 4.279 billion yuan, with year-over-year growth rates of 30.47%, 26.08%, and 25.93% respectively [4] - Expected net profits for the same period are 907 million, 1.156 billion, and 1.453 billion yuan, with growth rates of 34.74%, 27.49%, and 25.68% respectively [4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company reported a revenue of 2.066 billion yuan in 2024, representing a year-on-year increase of 25.18%, and a net profit attributable to shareholders of 673 million yuan, up 26.08% year-on-year [5] - In Q1 2025, the company achieved a revenue of 564 million yuan, a year-on-year growth of 23.93%, and a net profit of 183 million yuan, increasing by 30.69% year-on-year [5] - The company has successfully expanded its electrophysiology business, with over 1,360 hospitals covered and a 50% increase in the number of three-dimensional electrophysiology surgeries performed in 2024 [5] - The company has launched several new products in the atrial fibrillation treatment field, marking its entry into this market [5] Financial Performance - The company’s revenue from coronary access reached 1.054 billion yuan in 2024, a year-on-year increase of 33.30%, while electrophysiology revenue was 440 million yuan, up 19.73% [6] - The company’s overseas revenue was 280 million yuan, reflecting a year-on-year growth of 19.75%, with a notable 45.88% increase in international brand sales [6] - The projected revenues for 2025, 2026, and 2027 are 2.741 billion yuan, 3.580 billion yuan, and 4.664 billion yuan, respectively, with growth rates of 32.7%, 30.6%, and 30.3% [7][8] Earnings Forecast - The expected net profits for 2025, 2026, and 2027 are 907 million yuan, 1.197 billion yuan, and 1.572 billion yuan, with growth rates of 34.8%, 32.0%, and 31.3% respectively [8] - The projected earnings per share (EPS) for the same years are 9.34 yuan, 12.33 yuan, and 16.19 yuan, with corresponding price-to-earnings (P/E) ratios of 46x, 35x, and 27x [8]

Investment Rating - Investment Rating: Buy (Maintained) [1] Core Views - The company reported a revenue of 2.066 billion yuan in 2024, representing a year-on-year increase of 25.18%, and a net profit attributable to shareholders of 673 million yuan, up 26.08% year-on-year [4][5] - In Q1 2025, the company achieved a revenue of 564 million yuan, reflecting a year-on-year growth of 23.93%, and a net profit of 183 million yuan, which is a 30.69% increase year-on-year [4][5] - The company has successfully expanded its electrophysiology business, with over 1,360 hospitals covered and a 50% increase in the number of three-dimensional electrophysiology surgeries performed in 2024 [5][6] Financial Performance - The company’s revenue from coronary access reached 1.054 billion yuan in 2024, a year-on-year increase of 33.30%, while electrophysiology revenue was 440 million yuan, up 19.73% [6] - The company’s overseas revenue was 280 million yuan, showing a growth of 19.75%, with a notable 45.88% increase in international business under its own brand [6] - The projected revenues for 2025, 2026, and 2027 are 2.741 billion yuan, 3.580 billion yuan, and 4.664 billion yuan, respectively, with growth rates of 32.7%, 30.6%, and 30.3% [7][8] Earnings Forecast - The expected net profits for 2025, 2026, and 2027 are 907 million yuan, 1.197 billion yuan, and 1.572 billion yuan, with growth rates of 34.8%, 32.0%, and 31.3% [8][10] - The projected EPS for the same years are 9.34 yuan, 12.33 yuan, and 16.19 yuan, with corresponding P/E ratios of 46x, 35x, and 27x [8][10]

Investment Rating - The investment rating for the company is "Buy" [6] Core Views - The company achieved a rapid revenue growth of 25.18% year-on-year in 2024, with total revenue reaching 2.066 billion yuan and a net profit of 673 million yuan, reflecting a growth of 26.08% [1] - The electrophysiology segment saw a significant increase in surgical volume, with over 15,000 procedures completed, marking a 50% year-on-year growth [3] - The company is benefiting from scale effects and changes in product structure, leading to an improvement in gross margin and a reduction in expense ratios [2] Financial Performance - In 2024, the company reported a revenue of 2.066 billion yuan, a 25.18% increase from the previous year, and a net profit of 673 million yuan, up 26.08% [1] - The first quarter of 2025 showed continued growth, with revenue of 564 million yuan, a 23.93% increase year-on-year, and a net profit of 183 million yuan, up 30.69% [1] - The gross margin for 2024 was 72.31%, an increase of 1.04 percentage points year-on-year, while the sales expense ratio improved to 18.05% [2] Business Segments - The electrophysiology segment generated revenue of 440 million yuan in 2024, growing by 19.73%, with a gross margin of 73.76% [2] - The coronary intervention segment saw revenue of 1.054 billion yuan, a 33.30% increase, with a gross margin of 73.21% [2] - The peripheral intervention segment reported revenue of 351 million yuan, up 37.09%, with a gross margin of 75.86% [2] - Non-vascular intervention revenue surged by 135.05% to 39 million yuan, with a gross margin of 59.89% [2] International Performance - The company achieved overseas revenue of 280 million yuan in 2024, a 19.62% increase, with overseas self-owned brands growing by 45.88% [4] - The company has made significant inroads into high-end hospitals in Spain, France, Italy, Germany, the UK, Switzerland, Turkey, and Brazil, enhancing its market penetration [4] Future Projections - Revenue projections for 2025-2027 are 2.694 billion yuan, 3.479 billion yuan, and 4.478 billion yuan, with year-on-year growth rates of 30.4%, 29.2%, and 28.7% respectively [4] - Net profit forecasts for the same period are 902 million yuan, 1.181 billion yuan, and 1.537 billion yuan, with growth rates of 34.0%, 30.9%, and 30.2% respectively [4]

Investment Rating - The investment rating for the company is "Buy" [6] Core Views - The company achieved a rapid revenue growth of 25.18% year-on-year in 2024, with a total revenue of 2.066 billion yuan and a net profit of 673 million yuan, reflecting a growth of 26.08% [1] - The electrophysiology segment saw a significant increase in surgical volume, with over 15,000 procedures performed, marking a 50% year-on-year growth [3] - The company is experiencing strong performance in overseas markets, with a 45.88% increase in overseas self-owned brand revenue, particularly in the Middle East, Africa, and Europe [4] Financial Performance Summary - In 2024, the company reported total revenue of 20.66 billion yuan, a 25.18% increase from the previous year, and a net profit of 6.73 billion yuan, up 26.08% [1] - The revenue breakdown by business segment for 2024 includes: - Electrophysiology: 440 million yuan (up 19.73%), gross margin 73.76% - Coronary intervention: 1.054 billion yuan (up 33.30%), gross margin 73.21% - Peripheral intervention: 351 million yuan (up 37.09%), gross margin 75.86% - Non-vascular intervention: 39 million yuan (up 135.05%), gross margin 59.89% [2] - The company expects revenue growth of 30.4%, 29.2%, and 28.7% for 2025, 2026, and 2027, respectively, with net profits projected to grow by 34.0%, 30.9%, and 30.2% in the same years [4] Operational Highlights - The company expanded its electrophysiology product coverage to over 1,360 hospitals, with a significant increase in the number of procedures performed [3] - The vascular intervention segment led the growth, with coronary product admissions increasing by over 15% and peripheral product admissions by nearly 20% [3] - The company hosted over 150 self-brand events across more than 20 provinces, enhancing brand recognition and market penetration [4]

Investment Rating - The report maintains an "Outperform" rating for the company [4] Core Views - The company is a leading player in the domestic vascular intervention and electrophysiology sectors, with a well-established product pipeline and continuous new product approvals. It is expected to maintain rapid growth due to the high demand in the domestic electrophysiology and vascular intervention markets [2][31] - The company achieved a revenue of 2.066 billion yuan in 2024, representing a year-on-year growth of 25.2%, and a net profit of 673 million yuan, up 26.1% year-on-year. For Q1 2025, the revenue was 564 million yuan, with a growth of 23.9%, and a net profit of 183 million yuan, growing by 30.7% [8][31] - The company is set to benefit from the acceleration of domestic substitution driven by centralized procurement and the commercialization of its atrial fibrillation electrophysiology products, which will support sustained high revenue and profit growth in the future [8][31] Financial Performance - The company’s revenue and profit growth rates are impressive, with a projected revenue of 2.663 billion yuan in 2025, reflecting a growth rate of 28.9%, and a net profit of 876 million yuan, with a growth rate of 30.2% [3][2] - The company has effectively controlled its expense ratios, with a sales expense ratio of 18.0% and a net profit margin of 31.9% in 2024, indicating stable profit margins [8][14] Market Expansion - The company has expanded its market presence, with over 200 new hospital admissions for its electrophysiology products in 2024, covering more than 1,360 hospitals. The number of three-dimensional electrophysiology surgeries increased by over 50% year-on-year [25][59] - The company’s entry into the atrial fibrillation treatment market is marked by the approval of its AForcePlus catheter and other products, indicating a new era for its electrophysiology business [25][31] Product Pipeline - The company has a rich product pipeline in the electrophysiology and vascular intervention fields, with multiple key products approved for market entry in 2024, enhancing its competitive position [27][37] - The company’s three-dimensional electrophysiology mapping system is expected to lay a solid foundation for entering the pulsed field ablation (PFA) market, which is anticipated to grow significantly [61][49]

Investment Rating - The report maintains an "Outperform" rating for the company [4] Core Views - The company is a leading player in the domestic vascular intervention and electrophysiology sectors, with a well-established product pipeline and continuous new product approvals. Benefiting from the high growth potential in the domestic electrophysiology and vascular intervention markets, the company is expected to maintain rapid growth amid the wave of domestic substitution [2][4] - The company achieved a revenue of 2.066 billion yuan in 2024, representing a year-on-year growth of 25.2%, and a net profit of 673 million yuan, up 26.1% year-on-year. For Q1 2025, the company reported a revenue of 564 million yuan, a 23.9% increase, and a net profit of 183 million yuan, growing by 30.7% year-on-year [8][18] - The company’s gross margin for 2024 is projected at 72.3%, with a net margin of 31.9%, indicating stable profit margin improvements [14][18] Financial Performance - The company’s revenue and profit growth rates are expected to remain robust, with projected revenues of 2.663 billion yuan, 3.423 billion yuan, and 4.401 billion yuan for 2025, 2026, and 2027, respectively, reflecting year-on-year growth rates of 28.9%, 28.5%, and 28.5% [2][3] - The company’s net profit is forecasted to reach 876 million yuan, 1.134 billion yuan, and 1.473 billion yuan for the same years, with growth rates of 30.2%, 29.4%, and 29.9% [2][3] Market Expansion - The company has successfully expanded its market presence, with over 200 new hospitals adopting its electrophysiology products in 2024, covering more than 1,360 hospitals. The number of three-dimensional electrophysiology surgeries performed exceeded 15,000, marking a 50% increase year-on-year [25][59] - The company’s entry into the atrial fibrillation treatment market was marked by the approval of its AForcePlus catheter in December 2024, signifying a new era for its electrophysiology business [25][27] Product Pipeline - The company has a comprehensive product pipeline in the electrophysiology and vascular intervention fields, with multiple key products approved for market entry in 2024, enhancing its competitive position [27][37] - The company’s three-dimensional electrophysiology mapping system, HT Viewer, integrates various functionalities to improve operational efficiency and surgical outcomes [60][61] Industry Context - The domestic electrophysiology market is expected to grow significantly, with a projected compound annual growth rate (CAGR) of 20.3% from 2021 to 2032, driven by an increasing patient population and the adoption of electrophysiology surgeries [45][56] - The company is well-positioned to capitalize on the domestic substitution trend in the electrophysiology market, which is currently dominated by foreign manufacturers [56][58]

报名：首届全球骨科大会 | 参会须知 报名：首届全球心血管大会 | 重磅亮点 合作伙伴征集：2025全球手术机器人大会 2025年4月22日， 惠泰医疗 发布了2024年年报。 # 财务与市场表现 骨未来 | 智汇骨 | 思宇MedTech 首届全球骨科大会 Global Orthopedics Conference 主办单位:骨未来、智汇骨、思宇MedTech 协办单位:中关村联新生物医药产业联盟 支持单位:北京中关村科学城创新发展有限公司 北京中关村创业大街科技服务有限公司 启迪之星 中关村科学城CGT产业孵化中心 中国 北京 2025年4月24日 心未来 | 思宇MedTech 24年实现营收 20.66亿 元（+25.2%）；归母净利润 6.73亿 元（+26.1%） ；扣非归母净利润6.43亿元 （+37.3%）。经计算，24年Q4实现营收5.41亿元（+23.9%）；归母净利润1.45亿元（+11.0%）；扣非归 母净利润1.35亿元（+24.69%）。25年Q1公司实现营收5.64亿元 (+23.9%)，归母净利润1.83亿元 (+30.7%)，扣非归母净利润1.81亿元 (+32.2%)。24 ...