微电生理：配送商调整及收入延期确认影响短期业绩，高端产品放量可期

Investment Rating - The report maintains a "Buy" rating for the company [3] Core Views - The company's Q3 revenue decline is attributed to domestic distributor changes and delayed revenue recognition for some overseas projects. However, the profit growth outpaced revenue growth due to a decrease in expense ratios and government subsidies [1][2] - The company is experiencing significant growth in three-dimensional electrophysiology surgeries, with a steady increase in pressure catheter usage. The overseas market is performing exceptionally well, with Q3 overseas revenue growth exceeding 20% [1] - The company has a rich pipeline of projects under research and development, supporting its long-term growth potential. The self-developed pulsed electric field ablation catheter is nearing the end of clinical follow-up, and other projects are progressing well [1] Financial Summary - For the first three quarters of 2024, the company achieved revenue of 291 million yuan, a year-on-year increase of 23.21%, and a net profit of 41.73 million yuan, a year-on-year increase of 262.22% [1] - The projected revenues for 2024-2026 are 429 million, 576 million, and 784 million yuan, representing year-on-year growth rates of 30.4%, 34.2%, and 36.0% respectively. The net profit for the same period is expected to be 30 million, 60 million, and 95 million yuan, with growth rates of 424.1%, 100.6%, and 59.3% respectively [2][3] - The company’s sales expense ratio decreased to 27.89%, management expense ratio to 10.86%, and R&D expense ratio to 19.48% in Q3 2024, indicating improved cost efficiency [1]