微电生理(688351)：海内外共同驱动 利润高增可期

Core Viewpoint - The company is a leader in the domestic three-dimensional electrophysiology market, and despite short-term impacts from delayed domestic procurement, the long-term growth logic remains clear with expected revenue and profit growth by 2026 [1] Group 1: Growth Potential - Short-term growth is affected by the delay in procurement renewal, but the penetration of high-end products continues to improve [2] - The company has accelerated the commercialization of new products, with a robust pipeline that supports long-term growth [2] - The overseas expansion is accelerating, with overseas revenue share increasing to 31% in the first half of 2025, driven by faster market access for high-end products [3] Group 2: Profitability - Gross margin showed short-term fluctuations, with a gross margin of 59.1% in the first three quarters of 2025, a year-on-year increase of 0.3 percentage points [4] - The company achieved a significant improvement in non-recurring profit, turning a profit with a net profit of 0.24 billion yuan in the first three quarters, driven by revenue growth and scale effects [4] Group 3: Revenue and Profit Forecast - Projected revenues for 2025-2027 are 4.96 billion, 6.17 billion, and 7.72 billion yuan, with year-on-year growth rates of 20.0%, 24.4%, and 25.2% respectively [5] - Expected net profits for the same period are 0.65 billion, 0.91 billion, and 1.35 billion yuan, with corresponding year-on-year growth rates of 24.7%, 40.8%, and 48.0% [5]