MicroPort EP(SH:688351) Huaan Securities·2024-03-31 16:00Investment Rating - The investment rating for the company is "Buy" (maintained) [12]. Core Views - The report indicates that the company's 2023 annual performance met expectations, with new product volume expected to increase significantly [12]. - The company achieved approximately 329 million yuan in revenue for 2023, representing a year-on-year growth of 26.46%, and a net profit attributable to the parent company of 5.69 million yuan, up 85.17% year-on-year [12]. - The report highlights the company's strong growth in three-dimensional surgical volumes and the successful implementation of over 1,000 radiofrequency ablation surgeries guided by pressure monitoring [12][14]. Financial Performance Summary - 2023 Financial Metrics: - Revenue: 329 million yuan - Year-on-year revenue growth: 26.5% - Net profit attributable to the parent company: 5.69 million yuan - Year-on-year net profit growth: 85.2% - Gross margin: 63.5% [5][12]. - Future Projections: - Revenue forecasts for 2024-2026 are 486 million yuan, 662 million yuan, and 951 million yuan, with growth rates of 47.6%, 36.3%, and 43.7% respectively [14]. - Net profit projections for the same period are 16 million yuan, 46 million yuan, and 101 million yuan, with growth rates of 182.2%, 188.6%, and 118.9% respectively [14]. - Earnings per share (EPS) are expected to be 0.03 yuan, 0.10 yuan, and 0.22 yuan for 2024-2026 [14]. Product and Market Development - The company has a diverse pipeline of projects, including: - Pressure pulse ablation catheter project entering follow-up stage - Renal artery ablation project in clinical trial phase - Continuous optimization of key products like TrueForce® pressure catheter and IceMagic® balloon cryoablation catheter [13]. - The company has successfully expanded its overseas market, achieving 69 million yuan in revenue in 2023, a 60% year-on-year increase, accounting for 21.5% of main business revenue [12][14].