三维手术量高速增长，房颤领域率先国产替代

Investment Rating - The report maintains a rating of "Accumulate" for the company, with expectations of a price increase of over 15% in the next 6-12 months [6][19]. Core Insights - The company achieved a revenue of 329 million RMB in 2023, representing a year-on-year growth of 26%. The net profit attributable to the parent company was 5.69 million RMB, an increase of 85% year-on-year [31][21]. - The company’s catheter products generated revenue of 219 million RMB, up 32% year-on-year, while international business revenue reached 69 million RMB, growing by 60% [33][31]. - The company’s comprehensive gross margin was 63.5%, with a net margin of 1.7%, reflecting a steady decline in overall expense ratios [36][31]. Financial Performance Summary - Revenue and Growth Rates: - 2022: 260 million RMB - 2023: 329 million RMB (26.46% growth) - 2024E: 474 million RMB (43.91% growth) [2] - Net Profit: - 2022: 3 million RMB - 2023: 6 million RMB (85% growth) - 2024E: 29 million RMB (91.41% growth) [2][21] - Earnings Per Share (EPS): - 2022: 0.006 RMB - 2023: 0.012 RMB - 2024E: 0.062 RMB [2] - Return on Equity (ROE): - 2022: 0.18% - 2023: 0.34% - 2024E: 1.71% [2] Market Position and Product Development - The company has successfully launched the IceMagic balloon-type cryoablation catheter, becoming the first domestically approved product for atrial fibrillation treatment, with trials conducted in over 20 provinces [49][31]. - The company’s products have been adopted in over 1,000 hospitals nationwide, with a cumulative total of over 50,000 three-dimensional surgeries performed [31][33]. Research and Development - Continuous growth in R&D investment, with significant projects progressing well, including the pressure pulse ablation catheter project entering follow-up stages [5][36]. - The company is advancing its product layout in the "radiofrequency + cryo + pulse electric field" energy platforms, enhancing its competitive edge in the electrophysiology field [36][31].