微电生理（688351）：利润端持续改善，海外市场加速拓展

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][10] Core Views - The company reported a significant improvement in profitability, with H1 2025 revenue of 224 million yuan (+12.8%) and net profit attributable to shareholders of 33 million yuan (+92.0%), indicating a substantial enhancement in profitability [5] - The company is the leading domestic provider of three-dimensional electrophysiology surgeries, with over 80,000 surgeries completed across more than 1,000 hospitals [6] - The international market revenue grew by over 40% in H1 2025, with successful entries into markets such as Mexico, the UK, and Rwanda [7] - The company has a rich pipeline of products under development, including a pulse ablation product that has received NMPA approval [8] - Revenue projections for 2025-2027 are 537 million yuan, 688 million yuan, and 892 million yuan, with corresponding net profits of 72 million yuan, 104 million yuan, and 144 million yuan [9] Financial Summary - For 2025, the company expects revenue growth of 30.0%, with net profit growth of 37.3% [12] - The gross margin is projected to improve from 58.7% in 2024 to 60.0% by 2027 [12] - The earnings per share (EPS) is forecasted to increase from 0.11 yuan in 2024 to 0.31 yuan in 2027 [12]