电生理赛道梳理：24Q1增长强劲，PFA技术加速布局

Investment Rating - The industry investment rating is "Positive" with expectations of overall returns exceeding the CSI 300 Index by more than 5% in the next six months [34]. Core Insights - The report highlights strong growth in the electrophysiology sector, with significant contributions from leading companies in Q1 2024, driven by increased surgical volumes and the commercialization of new products [6][8]. - Key companies such as Johnson & Johnson, Boston Scientific, and Abbott have reported substantial revenue growth in their electrophysiology segments, indicating a robust market demand [6][12]. - The report emphasizes the importance of innovation in the pharmaceutical sector, identifying opportunities in single product innovations, overseas expansion, and essential hospital needs driven by an aging population [2][15][17]. Summary by Sections Electrophysiology Business Performance - Johnson & Johnson reported Q1 2024 revenue of $21.383 billion, with a 2.3% year-over-year increase, and a 23% growth in electrophysiology business due to rising global surgical volumes and new product launches [6][8]. - Boston Scientific achieved $3.856 billion in revenue for Q1 2024, marking a 13.8% increase, with a 72% growth in its electrophysiology business driven by the expansion of the FARAPULSE system [8][10]. - Abbott's total revenue for Q1 2024 was $9.964 billion, up 2.2%, with double-digit growth in diabetes care, electrophysiology, and structural heart disease sectors [12][11]. Domestic Electrophysiology Companies - Micro Electrophysiology reported Q1 2024 revenue of 89 million yuan, a 71.01% increase, attributed to market expansion and favorable procurement policies [13]. - Huatai Medical achieved Q1 2024 revenue of 455 million yuan, a 30.20% increase, with significant growth in three-dimensional electrophysiology surgeries [13]. Investment Opportunities - The report suggests focusing on "key few" companies that are innovating single products, expanding internationally, and addressing essential hospital needs [2][15]. - Specific companies highlighted for potential investment include Mindray Medical, BGI Genomics, and other innovative medical device firms [15][16][33].