MicroPort EP(688351) 兴业证券·2024-05-12 05:32Investment Rating - The report assigns an "Accumulate" rating for the company, indicating a positive outlook for its stock performance [3][15]. Core Viewpoints - The company is a pioneer in domestic electrophysiology devices, being one of the few manufacturers to complete the layout of both cardiac electrophysiology equipment and consumables, with multiple first-of-its-kind products in China [3][15]. - The company has successfully participated in various regional bulk procurement initiatives, validating the price-for-volume strategy for domestic enterprises [3][15]. - The company is expected to achieve significant growth in the atrial fibrillation market, moving from 0 to 1 breakthroughs in future procurement rounds [3][15]. Financial Summary - In 2023, the company achieved operating revenue of 329 million yuan, a year-on-year increase of 26.46%, and a net profit attributable to shareholders of 6 million yuan [8][10]. - For Q4 2023, the company reported operating revenue of 93 million yuan, a year-on-year increase of 36.11% [8][10]. - In Q1 2024, the company achieved operating revenue of 89 million yuan, a year-on-year increase of 71.01%, and a net profit attributable to shareholders of 4 million yuan, a year-on-year increase of 144.70% [8][10]. Revenue Forecast - The forecast for net profit attributable to shareholders is 48 million yuan in 2024, 90 million yuan in 2025, and 139 million yuan in 2026, reflecting substantial growth rates [3][15]. - The projected operating revenue for 2024 is 476 million yuan, with a year-on-year growth rate of 44.7% [3][15]. Market Performance - The company has made significant progress in both domestic and international markets, with domestic revenue reaching 251 million yuan, a year-on-year increase of 17.15%, and international revenue reaching 69 million yuan, a year-on-year increase of 59.50% [11][12]. - The company has successfully established a comprehensive marketing network, covering over 1,000 hospitals across 31 provinces in China by the end of 2023 [12][13]. Product Development - The company has developed a complete range of electrophysiology solutions, including the first-generation three-dimensional cardiac mapping system, which received NMPA approval in 2016 [9][10]. - New products such as the TrueForce® pressure catheter and IceMagic® cryoablation products have been launched, marking significant advancements in the domestic market [12][13]. International Expansion - The company has achieved rapid growth in international markets, with over 50% year-on-year revenue growth, and has obtained various international certifications for its products [13][15]. - The company actively participates in international conferences to enhance its global presence and brand recognition [13].