MicroPort EP(SH:688351) GF SECURITIES·2024-10-22 09:12Investment Rating - The report maintains a "Buy" rating for the company, with a reasonable value set at 22.46 CNY per share, compared to the current price of 19.29 CNY per share [3]. Core Insights - The company has shown outstanding performance in net profit, achieving a revenue of 291 million CNY for the first three quarters of 2024, representing a year-over-year increase of 23.21%. The net profit attributable to shareholders reached 42 million CNY, a significant year-over-year increase of 262.22% [1]. - The company is advancing multiple innovative products, with its self-developed PFA catheter entering the final clinical follow-up stage and the FlashPoint® renal artery RF ablation system undergoing special review procedures [1]. - The company has achieved rapid growth in both domestic and international markets, with over 70,000 global surgeries performed and significant progress in product adoption across various regions [1]. Financial Summary - Revenue projections for 2024 to 2026 are 423 million CNY, 571 million CNY, and 782 million CNY, respectively, with corresponding EPS estimates of 0.09 CNY, 0.13 CNY, and 0.18 CNY [2]. - The company is expected to experience substantial growth in net profit, with projections of 44 million CNY, 61 million CNY, and 85 million CNY for the years 2024 to 2026, reflecting growth rates of 676.4%, 37.1%, and 40.4% respectively [2][7]. - The EBITDA is projected to increase significantly from 49 million CNY in 2024 to 89 million CNY in 2026, indicating strong operational performance [2].