MicroPort EP(SH:688351) China Post Securities·2024-08-22 09:00Investment Rating - The report maintains a "Buy" rating for the stock [2][21]. Core Views - The company achieved a revenue of 198 million yuan in H1 2024, representing a year-on-year growth of 39.57%. The net profit attributable to the parent company was 17.01 million yuan, a significant increase of 689.30% year-on-year [2][8]. - The company has successfully completed over 70,000 three-dimensional cardiac electrophysiology surgeries, ranking first among domestic manufacturers. The marketing network and service system have been continuously upgraded to enhance service quality and brand recognition [3][11]. - The company is focusing on its core products and aggressively entering the atrial fibrillation market, with the TrueForce® pressure monitoring catheter gaining traction in hospitals [3][10]. Financial Performance - In H1 2024, the company reported a revenue of 198 million yuan, with a quarterly breakdown of 89 million yuan in Q1 and 109 million yuan in Q2 [8][10]. - The net profit attributable to the parent company for H1 2024 was 17.01 million yuan, with a non-recurring profit of 0.92 million yuan, indicating a turnaround from losses [8][10]. - The company expects revenues of 478 million yuan, 681 million yuan, and 936 million yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 45.2%, 42.5%, and 37.4% [5][17]. Market Strategy - The company is advancing its "Radiofrequency + Cryoablation + Pulsed Electric Field" strategy, with ongoing development of the PFA project and clinical trials for various innovative devices [4][14]. - The TrueForce® pressure monitoring catheter has been successfully used in nearly 3,000 procedures, receiving high clinical recognition [3][11]. - The company is expanding its international market presence, having covered 36 countries and regions, and is actively participating in major international medical conferences to enhance brand influence [13][14]. Innovation and R&D - The company has filed for 232 patents, including 127 invention patents, demonstrating its commitment to innovation in the electrophysiology field [15][16]. - The development of the FlashPoint® renal artery radiofrequency ablation system is progressing through the NMPA's special review process, aiming for approval in the second half of 2024 [4][14].