MicroPort EP(SH:688351) Xiangcai Securities·2025-03-20 11:11Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Insights - In 2024, the company achieved a revenue of 413 million yuan, representing a year-on-year growth of 25.51%. The net profit attributable to the parent company was 52.19 million yuan, an increase of 817.40%, and the net profit after deducting non-recurring items was 5.20 million yuan, marking the first time it turned a profit on an annual basis [3][4] - The company is focusing on its advantageous products and expanding its market both domestically and internationally. The TrueForce® pressure monitoring radiofrequency ablation catheter has seen increased usage, with over 5,000 cases since its launch, and has been commercialized in over 20 countries. The overseas business revenue grew by over 60% year-on-year [4][5] - The company is actively advancing its PFA project while completing the "radiofrequency + cryo" collaborative layout, covering three major energy platforms: ice, fire, and electricity. The self-developed pressure pulse catheter has completed clinical enrollment and is under special review by the National Medical Products Administration [5][6] - The company has a competitive advantage in the cardiac electrophysiology field, with good results in local procurement and smooth admissions of radiofrequency ablation products. Despite a slowdown in revenue growth in the second half of 2024, the overall growth potential remains strong, with expectations for revenue of 413 million, 521 million, and 662 million yuan from 2024 to 2026, respectively [6][10]