Ping An Securities·2025-03-10 03:30Investment Rating - The report maintains an "Outperform" rating for the pharmaceutical and biotechnology industry [1]. Core Insights - PFA (Pulsed Field Ablation) technology is expected to experience rapid development and has significant advantages in treating atrial fibrillation (AF) [3][24]. - The PFA market in China is projected to reach 1.3 billion yuan by 2025 and 16.3 billion yuan by 2032, with a CAGR of 43.73% [3][35]. Summary by Sections Industry Overview - PFA technology has a long history and is anticipated to become a breakthrough technology in the field of cardiac ablation [4][5]. Industry Trends - Continuous clinical research advancements are clarifying the development trends of PFA technology [4][39]. - Recent clinical trials have demonstrated the effectiveness and safety of PFA in treating both paroxysmal and persistent AF patients, with reduced treatment times [3][41]. Competitive Landscape - Both domestic and international companies are actively developing PFA technology, with domestic firms poised to leverage PFA for market entry [3][35]. - The approval of PFA products by major companies like Medtronic and Boston Scientific indicates a competitive environment where domestic companies can gain market share [3][31]. Investment Recommendations - The report suggests focusing on domestic companies with strong product layouts and commercialization capabilities in the PFA space, such as Huatai Medical and Microelectrophysiology [3][35].