Core Viewpoint - The company is expected to turn a profit in 2024, with successful domestic and international market expansion and a comprehensive research and development layout, maintaining a buy rating [1] Financial Performance - The company achieved revenue of 413 million yuan in 2024, a year-on-year increase of 25.5%, and a net profit attributable to shareholders of 52 million yuan, a year-on-year increase of 815%. The non-recurring net profit was 5.08 million yuan, recovering from a loss of 35 million yuan in 2023 [2] - The EPS forecasts for 2025 and 2026 have been slightly adjusted to 0.14 yuan and 0.22 yuan respectively, with a new forecast for 2027 set at 0.32 yuan. The target price has been lowered to 24.68 yuan from 28.91 yuan, while maintaining a buy rating [2] Market Expansion - The company has seen a continuous increase in surgical volume, with over 70,000 three-dimensional surgeries performed globally by the end of 2024, up from over 50,000 at the end of 2023, ranking first among domestic manufacturers and third nationwide [3] - The company’s key product, the pressure catheter, had over 4,000 surgeries in 2024, with hospital coverage increasing by over 70% to more than 400 hospitals. The frozen ablation series has been successfully implemented in over 30 centers [3] - Internationally, the company participated in over 20 international conferences and organized more than 10 academic exchange meetings, contributing to a 63% year-on-year increase in overseas revenue to 112 million yuan, with three-dimensional surgeries covering 21 countries [3] Innovation and R&D - The company is steadily advancing clinical applications of innovative treatment solutions, completing the "radiofrequency + freezing" collaborative layout and enhancing its technology product matrix with "ice, fire, electricity, and magnetism" [4] - The magnetic navigation catheter has been approved, filling a domestic gap, while the self-developed pressure pulse catheter is in the final clinical stages. The joint venture company has submitted an NMPA registration application for the pulse ablation system [4] - Continuous upgrades of existing products are expected to enhance the company's overall competitiveness [4]