MicroPort EP(SH:688351) Tai Ping Yang·2024-08-27 06:03Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase of over 15% compared to the CSI 300 index in the next six months [11]. Core Views - The company achieved a revenue of 198 million yuan in the first half of 2024, representing a year-on-year growth of 39.57%, primarily due to the expansion of its business scale and increased product sales [2][3]. - The net profit attributable to shareholders reached 17 million yuan, a significant increase of 689.30% year-on-year, indicating strong financial performance [2][3]. - New products such as the TrueForce® pressure catheter and IceMagic® cryoablation products saw a remarkable growth of 475% year-on-year, contributing to the overall revenue increase [3]. Summary by Sections Financial Performance - In Q2 2024, the company reported a revenue of 109 million yuan, up 21.36% year-on-year, with a net profit of 13 million yuan, reflecting an 11.86% increase [2][3]. - The overall gross margin decreased by 8.54 percentage points to 59.10% due to the impact of domestic procurement policies and the early commercialization stage of new products [7]. Market Expansion - The company is actively pursuing a global marketing strategy, achieving rapid growth in overseas markets, now covering 36 countries and regions [3]. - The TrueForce® pressure catheter has become the top-selling product, significantly contributing to the company's revenue [3]. Product Development - The company is advancing its product development projects, including the PFA project and the FlashPoint® renal artery RF ablation system, which is currently under special review for registration [4][6]. - Continuous upgrades to the Columbus® 3D cardiac electrophysiology mapping system are enhancing measurement efficiency [4]. Future Projections - Revenue forecasts for 2024-2026 are 477 million, 671 million, and 903 million yuan, with expected growth rates of 45%, 41%, and 35% respectively [7][8]. - The net profit projections for the same period are 49 million, 90 million, and 158 million yuan, with growth rates of 761%, 84%, and 75% respectively [7][8].