MicroPort EP(SH:688351) Tai Ping Yang·2024-04-07 16:00Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase of over 15% compared to the CSI 300 index within the next six months [18][30]. Core Insights - The company has achieved significant revenue growth, with a reported revenue of 329 million yuan in 2023, representing a year-on-year increase of 26.46%. The net profit attributable to shareholders was 6 million yuan, up 85.17% year-on-year [13][27]. - The company is rapidly expanding its domestic and international markets, aiming to create a comprehensive "Ice and Fire Electricity" solution [25][29]. - The company has successfully implemented bulk procurement across 27 provinces in China and has made significant strides in international markets, covering 35 countries and regions with multiple product certifications [4][14]. Financial Summary - The company’s projected revenues for 2024, 2025, and 2026 are 477 million yuan, 671 million yuan, and 903 million yuan, respectively, with year-on-year growth rates of 44.79%, 40.80%, and 34.50% [18][27]. - The net profit forecast for the same years is 49 million yuan, 90 million yuan, and 158 million yuan, with substantial growth rates of 761.11%, 82.85%, and 76.34% [18][27]. - The earnings per share (EPS) are expected to rise from 0.10 yuan in 2024 to 0.34 yuan in 2026 [18][27]. Market Position and Product Development - The company has established a strong product matrix, including the TrueForce® pressure catheter and EasyStars™ mapping catheter, which have been well-received in the market [3][4]. - The company is advancing its research and development capabilities, with projects like the pressure pulse ablation catheter and renal denervation (RDN) expected to receive regulatory approval between 2025 and 2026 [4][17]. - The company is also collaborating with Stereotaxis to develop advanced navigation systems for cardiac procedures, enhancing its technological edge in the market [17].