微电生理(688351)：利润端持续改善 海外市场延续高增 新产品研发进度整体顺利

Core Insights - The company reported a revenue of 336 million yuan for the first three quarters of 2025, representing a year-on-year growth of 15.65% [1] - The net profit attributable to the parent company was 42 million yuan, with a slight increase of 0.46% year-on-year, while the net profit excluding non-recurring gains and losses surged by 3297.94% to 24 million yuan [1] - In Q3 2025 alone, the company achieved a revenue of 113 million yuan, marking a year-on-year increase of 21.78%, but the net profit attributable to the parent company decreased by 62.56% to 9 million yuan [1] Business Performance - The company ranks first among domestic manufacturers in three-dimensional electrophysiology surgery, with over 1,000 hospitals covered and more than 80,000 surgeries completed [2] - The FireMagic? Trueforce? disposable pressure monitoring magnetic positioning radiofrequency ablation catheter has seen increasing clinical acceptance, with over 3,000 radiofrequency ablation surgeries completed in multiple medical centers [2] - International market revenue grew by over 40% year-on-year in H1 2025, with successful market entries in Mexico, the UK, and Rwanda [2] Product Development - The company has a rich pipeline of products, with its self-developed pressure pulse PFA product submitted for registration and expected to be approved within the year [3] - The second-generation nanosecond pulse product from the affiliated company Shangyang Medical has completed clinical enrollment and is in the follow-up stage [3] - The company’s ICE and RDN products have been included in the national green channel for innovative products, indicating strong future growth potential [3] Financial Projections - Revenue projections for 2025-2027 are 463 million yuan, 631 million yuan, and 829 million yuan, with year-on-year growth rates of 12.18%, 36.24%, and 31.36% respectively [3] - Net profit attributable to the parent company is expected to be 72 million yuan, 108 million yuan, and 157 million yuan for the same period, with growth rates of 37.79%, 50.92%, and 45.10% respectively [3] - Corresponding PE ratios for 2025-2027 are projected at 165x, 109x, and 75x, with PEG ratios of 4.37, 2.15, and 1.67 [3]