微电生理：新产品增量明显，公司净利率显著提升

Investment Rating - The investment rating for the company is "Buy" and is maintained [2] Core Views - The company has shown significant growth in its new products, leading to a notable increase in net profit margin [3] - For the first three quarters of 2024, the company achieved a revenue of 291 million yuan, representing a year-on-year growth of 23.21%, and a net profit attributable to shareholders of 41.73 million yuan, which is a year-on-year increase of 262.22% [4][5] - The company is expected to continue its rapid growth trajectory, with projected revenues for 2024-2026 of 421 million yuan, 580 million yuan, and 770 million yuan, respectively, indicating year-on-year growth rates of 27.9%, 37.8%, and 32.8% [5][7] Financial Performance - The company reported a decrease in revenue for Q3 2024, with 92.5 million yuan, a decline of 1.54% year-on-year, but a significant increase in net profit of 24.71 million yuan, up 163.92% year-on-year [4] - The company’s operating income for the first three quarters of 2024 was 291 million yuan, with a main business revenue growth of 26% after excluding outsourced R&D income from the previous year [4] - The company’s net profit for 2024-2026 is projected to be 4.3 million yuan, 7 million yuan, and 11.8 million yuan, with corresponding year-on-year growth rates of 649.0%, 64.5%, and 68.1% [5][7] Market and Product Development - The company has successfully expanded its market coverage with existing products and is progressing well with its research and development of new products [4] - The company’s pressure catheter surgeries exceeded 3,000 cases domestically, and the number of three-dimensional electrophysiology surgeries surpassed 6,000, with a significant portion aimed at atrial fibrillation treatment [4] - The company’s products have received EU CE certification, and it is actively working towards obtaining similar certifications for other products by the end of the year [4]