MicroPort EP(SH:688351) Shenwan Hongyuan Securities·2025-04-01 02:50Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company's 2024 performance met market expectations, with total revenue of 413 million yuan, a year-on-year increase of 25.5%, and a net profit attributable to shareholders of 52 million yuan, a year-on-year increase of 815.4% [5] - The company has achieved significant breakthroughs both domestically and internationally, with over 4,000 procedures performed using its pressure monitoring magnetic positioning radiofrequency ablation catheter and coverage in over 400 hospitals, representing a growth of over 70% in hospital coverage compared to the previous year [5] - Internationally, overseas revenue grew by over 60%, with successful operations in countries such as Georgia and the UAE, and coverage of 21 countries for three-dimensional surgeries [5] - Multiple products are entering a harvest phase, including the PulseMagic™ pressure pulse catheter, which is in the final clinical stages, and the FlashPoint® renal artery radiofrequency ablation system, which is currently in clinical trials [5] - The report expresses optimism about the domestic electrophysiology industry's high-end product import substitution, particularly in the context of centralized procurement [5] Financial Data and Profit Forecast - Total revenue is projected to grow from 329 million yuan in 2023 to 868 million yuan in 2027, with a compound annual growth rate (CAGR) of approximately 26% [2][7] - Net profit attributable to shareholders is expected to increase from 6 million yuan in 2023 to 203 million yuan in 2027, reflecting a significant growth trajectory [2][7] - Earnings per share are forecasted to rise from 0.01 yuan in 2023 to 0.43 yuan in 2027 [2][7] - The gross profit margin is expected to stabilize around 60% from 2025 onwards [2][7] - Return on equity (ROE) is projected to improve from 0.3% in 2023 to 9.3% in 2027 [2][7]