MicroPort EP(SH:688351) Xin Lang Cai Jing·2025-05-02 08:36Core 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]