深度研究：电生理国产破局者，引领尖端壁垒重塑

Investment Rating - The report upgrades the investment rating to "Buy" with a target price of 29.58 CNY, reflecting the company's growth potential and market positioning [15][19]. Core Insights - The company, Micro Electrical Physiology (688351), is a leading domestic player in the cardiac electrophysiology market, having established a comprehensive product lineup that includes both radiofrequency and cryoablation technologies. It is one of the few global manufacturers to offer a complete solution for three-dimensional cardiac electrophysiology equipment and consumables [11][20]. - The company has demonstrated robust revenue growth, with a CAGR of 31.41% from 2015 to 2023, achieving a revenue of 329 million CNY in 2023, a year-on-year increase of 26.46% [11][69]. - The report highlights the significant market potential for electrophysiology, with over 30 million patients suffering from arrhythmias in China. The demand for catheter ablation procedures is expected to grow rapidly, driven by advancements in technology and increasing clinical adoption [11][20]. Summary by Sections Company Overview - Micro Electrical Physiology was established in 2010 and focuses on innovative medical devices for electrophysiology intervention and ablation treatment. The company has made significant technological advancements, breaking the long-standing foreign monopoly in this field [61][62]. - The company has a diverse shareholder structure with no controlling shareholder, ensuring a balanced governance model [64]. Financial Overview - The company has maintained steady revenue growth, with a notable recovery post-pandemic. The revenue for 2023 was impacted by centralized procurement policies, but future growth is expected as these pressures ease [69]. - The net profit for 2023 reached 5.47 million CNY, marking an 84.06% increase from the previous year, indicating improving profitability as the company navigates the procurement landscape [69]. Market Potential - The report emphasizes the vast unmet demand in the electrophysiology market, with a projected increase in catheter ablation procedures. The market for atrial fibrillation ablation is expected to grow significantly, with the number of procedures projected to reach 252,000 by 2024 [10][11]. - The company is well-positioned to capitalize on this growth, with a strong pipeline of innovative products and a focus on expanding its market share domestically and internationally [11][20]. Product Development - Recent product approvals, including the TrueForce® pressure catheter and the Columbus® three-dimensional electrophysiology mapping system, enhance the company's competitive edge and market presence [11][62]. - The company is actively developing new technologies, including pulse field ablation and renal denervation, which are expected to open new growth avenues in the future [11][20].