微电生理（688351）：海外市场增长靓丽，产品矩阵持续完善

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company achieved a revenue of 413 million yuan in 2024, representing a year-on-year growth of 25.51%, and a net profit of 52.07 million yuan, with a remarkable increase of 815.36% [1][2] - The growth in profits outpaced revenue growth primarily due to significant improvements in expense ratios, with a net profit margin of 12.60%, up by 10.87 percentage points year-on-year [2] - The company is experiencing robust growth in overseas markets, with over 1,000 procedures performed using pressure monitoring catheters, indicating a steady advancement of its international strategy [2][3] Revenue and Profit Analysis - In 2024, the revenue breakdown by product line shows: - Catheter products generated 300 million yuan, up 36.62% year-on-year, with a gross margin of 61.34% - Equipment products generated 26.45 million yuan, up 58.69% year-on-year, with a gross margin of 47.51% - Other products generated 80.79 million yuan, down 3.82% year-on-year, with a gross margin of 54.32% [2] - The overall gross margin for 2024 was 58.73%, a decrease of 4.78 percentage points year-on-year, attributed to the impact of centralized procurement [2] Product Pipeline and Innovation - The company has successfully advanced its research pipeline, with seven products entering the special approval process for innovative medical devices in China [4] - Notable products include: - Magbot™ catheter, which received NMPA approval, filling a gap in domestic magnetic navigation technology - PulseMagic™ pressure pulse catheter and FlashPoint® renal artery RF ablation system, both in the special review process [4] Financial Forecast and Growth Projections - Revenue projections for 2025-2027 are as follows: - 2025: 539 million yuan, a growth of 30.5% - 2026: 717 million yuan, a growth of 33.0% - 2027: 949 million yuan, a growth of 32.3% [4] - Net profit projections for the same period are: - 2025: 71 million yuan, a growth of 35.8% - 2026: 110 million yuan, a growth of 55.0% - 2027: 161 million yuan, a growth of 46.9% [4]