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 ...

Financial and Market Performance - In 2024, the company achieved revenue of 2.066 billion yuan (+25.2%) and a net profit attributable to shareholders of 673 million yuan (+26.1%), with a non-recurring net profit of 643 million yuan (+37.3%) [2] - For Q4 2024, the company reported revenue of 541 million yuan (+23.9%) and a net profit of 145 million yuan (+11.0%), with a non-recurring net profit of 135 million yuan (+24.69%) [2] - In Q1 2025, the company generated revenue of 564 million yuan (+23.9%) and a net profit of 183 million yuan (+30.7%), with a non-recurring net profit of 181 million yuan (+32.2%) [2] - The growth in profits for 2024 and Q1 2025 was driven by increased sales volume, enhanced product profitability, and cost control measures [2] Business Segments - In 2024, the electrophysiology business generated revenue of 440 million yuan (+19.7%), while the coronary access segment achieved 1.054 billion yuan (+33.3%), and peripheral intervention revenue was 351 million yuan (+37.1%) [2] - Non-vascular intervention revenue reached 39 million yuan, showing a significant increase of 135.1%, while OEM revenue was 165 million yuan, a decrease of 21.7% [2] - Domestic business overall achieved 1.769 billion yuan (+25.7%), while overseas business revenue was 280 million yuan (+19.6%) [2] Product and Market Expansion - In 2024, the company added over 200 new hospitals for electrophysiology products, covering more than 1,360 hospitals, and completed over 15,000 three-dimensional electrophysiology surgeries, a 50% increase year-on-year [3] - The company maintains a leading market share in the adjustable bend ten-electrode coronary sinus catheter, with an annual usage exceeding 100,000 units [3] - In 2025, the company plans to complete clinical follow-ups for PFA net basket consumables and the ICE project registration, while advancing clinical projects for abdominal aortic stents and coronary peripheral shock wave balloons [3] Profitability Metrics - The gross margin for 2024 was 72.3% (+1.1 percentage points year-on-year), and the net profit margin was 32.6% (+0.2 percentage points year-on-year) [3] - For Q4 2024, the gross margin was 71.3% (+0.3 percentage points year-on-year), while the net profit margin was 26.8% (-3.1 percentage points year-on-year) [3] - In Q1 2025, the gross margin improved to 73.1% (+2.4 percentage points year-on-year), and the net profit margin was 32.5% (+1.7 percentage points year-on-year) [3] Dividend Policy - The company plans to distribute a cash dividend of 17.50 yuan (including tax) for every 10 shares to all shareholders, which accounts for 25.24% of the net profit attributable to shareholders for 2024 [3] Company Overview - Shenzhen Huitai Medical Devices Co., Ltd. is a high-tech enterprise established in 2002, focusing on the research, development, production, and sales of electrophysiology and interventional medical devices [4] - The company is headquartered in Shenzhen and has developed a product line primarily centered on coronary access and cardiac electrophysiology medical devices, with a focus on peripheral vascular and non-vascular interventional medical devices [4] - Huitai Medical emphasizes research and innovation, holding numerous domestic and international medical device registrations and certifications, with products sold in various countries and regions worldwide [4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance in 2024 is in line with expectations, with total revenue of 2.066 billion yuan (+25.18% year-on-year) and net profit attributable to shareholders of 673.15 million yuan (+26.08%) [8] - The company is expected to see significant growth in its electrophysiology products within the year, supported by increased R&D investment [8] - The company has successfully expanded its market presence both domestically and internationally, with a notable increase in hospital coverage for electrophysiology products [8] Financial Summary - Total revenue projections are as follows: 2023A: 1.65 billion yuan, 2024A: 2.066 billion yuan, 2025E: 2.684 billion yuan, 2026E: 3.455 billion yuan, 2027E: 4.474 billion yuan [1] - Net profit attributable to shareholders is projected to grow from 533.92 million yuan in 2023A to 1.607 billion yuan in 2027E, reflecting a compound annual growth rate [1] - The latest diluted EPS is expected to increase from 5.50 yuan in 2023A to 16.56 yuan in 2027E [1] Business Performance - The coronary artery intervention and peripheral intervention businesses showed strong growth in 2024, with revenues of 1.054 billion yuan (+33.30% year-on-year) and 351 million yuan (+37.09% year-on-year), respectively [8] - The company has achieved a gross margin of 73.09% and a net margin of 31.99% in Q1 2025, indicating improved profitability [8] - The company has made significant strides in expanding its international market presence, particularly in high-end markets such as Spain, France, and Germany, with a 45.88% increase in international brand revenue [8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance in 2024 is in line with expectations, with total revenue of 2.066 billion yuan (+25.18% year-on-year) and net profit attributable to shareholders of 673.15 million yuan (+26.08%) [8] - The company is expected to see significant growth in its electrophysiology products within the year, supported by increased R&D investment [8] - The company has successfully expanded its market presence both domestically and internationally, with a notable increase in hospital coverage and product penetration [8] Financial Performance Summary - Total revenue projections for the company are as follows: 1.65 billion yuan in 2023, 2.066 billion yuan in 2024, 2.684 billion yuan in 2025, 3.455 billion yuan in 2026, and 4.474 billion yuan in 2027 [1] - Net profit attributable to shareholders is projected to grow from 533.92 million yuan in 2023 to 1.607 billion yuan in 2027, reflecting a compound annual growth rate [1] - The earnings per share (EPS) is expected to increase from 5.50 yuan in 2023 to 16.56 yuan in 2027 [1] Business Segment Performance - The coronary artery intervention business and peripheral intervention business showed strong growth in 2024, with coronary artery revenue reaching 1.054 billion yuan (+33.30% year-on-year) and electrophysiology revenue at 440 million yuan (+19.73%) [8] - The company has expanded its international market presence, achieving 280 million yuan in overseas revenue (+19.75%) and a 45.88% increase in international brand sales [8] R&D and Product Development - The company has increased its R&D expenditure to 291 million yuan in 2024 (+22.12%), focusing on new product development in electrophysiology and vascular intervention [8] - Several core products have received registration certificates, enhancing the company's product line in electrophysiology and vascular intervention [8] Valuation Metrics - The projected price-to-earnings (P/E) ratios for the company are 82.37 for 2023, 65.33 for 2024, 48.47 for 2025, 36.18 for 2026, and 27.36 for 2027 [1]

Investment Rating - The report maintains a "Recommended" investment rating for the company [1] Core Views - The company is expected to achieve a revenue of 2.066 billion yuan in 2024, representing a year-on-year growth of 25.18%, and a net profit of 673 million yuan, up 26.08% year-on-year [4] - The company is positioned as a leading enterprise in the cardiovascular intervention field, benefiting from rapid growth trends in electrophysiology and vascular intervention sectors [10] Revenue and Profitability - The company reported a revenue of 5.64 billion yuan in Q1 2025, reflecting a year-on-year increase of 23.93%, and a net profit of 1.83 billion yuan, up 30.69% year-on-year [4] - The revenue from electrophysiology products is projected to reach 440 million yuan in 2024, with a year-on-year growth of 19.73% [5] - The vascular intervention segment is expected to generate 1.054 billion yuan in revenue in 2024, showing a year-on-year increase of 33.30% [6] Product Development and Market Expansion - The company has made significant advancements in its product lines, with new products in electrophysiology and vascular intervention receiving regulatory approval [9] - The company has expanded its market presence, with over 1,360 hospitals adopting its electrophysiology products, and a notable increase in the number of hospitals using its coronary products [8] - International business has shown strong growth, with a 45.88% increase in revenue from self-branded products, particularly in the Middle East, Africa, and Europe [8] Financial Projections - The company is projected to achieve a net profit of 886 million yuan in 2025 and 1.139 billion yuan in 2026, with a consistent growth trajectory [10] - The gross margin is expected to remain stable, with projections of 72.3% in 2024 and gradually increasing to 73.0% by 2027 [13] Research and Development - The company invested 290 million yuan in R&D in 2024, accounting for 14.06% of its revenue, indicating a strong commitment to innovation [9] - Key products in the coronary product line have successfully obtained registration certificates, enhancing the company's competitive edge in the market [9]