微电生理点评报告：集采加速产品放量，脉冲消融进展顺利

Investment 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 [6][7]. Core Views - The company achieved a revenue of 291 million yuan in the first three quarters of 2024, representing a year-on-year growth of 23.21%, and a net profit of 42 million yuan, which is a significant increase of 262.22% year-on-year [1]. - The company is actively pursuing procurement agreements in various provinces, aiming to enhance contract volumes and optimize product structure [1]. - The company is making progress in the development of its PFA project, with its self-developed pulse electric field ablation catheter entering a special review process, which will expedite product registration and market entry [1][2]. - The company’s gross profit margin for the first three quarters of 2024 is reported at 58.79%, showing a decrease of 6.76 percentage points year-on-year [2]. Financial Summary - Revenue projections for 2024-2026 are 419 million, 581 million, and 783 million yuan, with year-on-year growth rates of 27%, 39%, and 35% respectively [2][4]. - The net profit forecast for the same period is 39 million, 65 million, and 104 million yuan, with growth rates of 578%, 686%, and 602% respectively [2][4]. - The earnings per share (EPS) are projected to be 0.08, 0.14, and 0.22 yuan for 2024, 2025, and 2026 respectively [2][4].