MicroPort EP(688351) 华福证券·2024-11-05 08:39Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 20% relative to the market benchmark within the next six months [9]. Core Views - The company has shown continuous growth in surgical volume, with over 6,000 three-dimensional electrophysiology surgeries performed in Q3 2024, including approximately 5,000 domestically and 1,000 overseas [2]. - The revenue for Q1-3 2024 reached 290 million yuan, a year-on-year increase of 23.2%, while the net profit attributable to shareholders was 42 million yuan, reflecting a significant year-on-year growth of 262.2% [1]. - The company is expected to benefit from the domestic substitution wave in electrophysiology and increase its penetration in the atrial fibrillation market [2]. Financial Performance Summary - For Q3 2024, the company reported revenue of 92.5 million yuan, a slight decrease of 1.5% year-on-year, with a net profit of 24.71 million yuan, up 163.9% year-on-year [1]. - The gross margin for Q1-3 2024 was 58.8%, down 6.8 percentage points year-on-year, while the net profit margin improved to 14.4%, an increase of 9.5 percentage points year-on-year [1]. - The earnings per share (EPS) forecast for 2024-2026 is adjusted to 0.12, 0.20, and 0.28 yuan, respectively [2]. Market and Product Development - The company has multiple products in the clinical mid-to-late stage, with several products expected to receive certification soon [2]. - The company is expanding its product lineup in the "ice-fire-electric" energy platform, with successful progress in various research and development projects [2]. - The domestic market has seen successful bids for pressure catheters and other products, while several products have received CE certification in the European market [2].