微电生理：公司业绩保持稳健增长，经营质量不断提升

Investment Rating - The report maintains a "Recommended" rating for the company [2][6] Core Views - The company's performance shows steady growth with improved operational quality, achieving a revenue of 291 million yuan in the first three quarters, a year-on-year increase of 23.21%, and a net profit attributable to shareholders of 41.73 million yuan, up 262.22% year-on-year [4][5] - The decline in revenue for Q3 is attributed to domestic delivery pace and slower overseas collections, but the overall annual revenue is expected to maintain a rapid growth trend due to increasing surgical volumes [5][6] - The company is advancing product iteration and development, which is expected to benefit from industry growth, with a low penetration rate in domestic electrophysiology treatment [5][6] Financial Summary - For 2024-2026, the company’s revenue forecast has been adjusted to 436 million, 613 million, and 832 million yuan respectively, with net profit forecasts of 50 million, 93 million, and 172 million yuan [6][7] - The gross margin for Q3 was 58.13%, with a slight increase, while the sales expense ratio decreased by 2.46% to 27.89% [5][6] - The company’s financial metrics indicate a strong growth trajectory, with expected revenue growth rates of 32.5%, 40.5%, and 35.8% for 2024, 2025, and 2026 respectively [7][8]