齐鲁晚报.齐鲁壹点记者郭蕊通讯员陈晨 近日，济南市第三人民医院心血管内科一病区主任杨兵带领团队成功完成首例房颤脉冲电场消融术，此次手术标志着医院在心律失常介入治疗领域取得重 大突破，为济南东部区域房颤患者提供了更先进的治疗选择。 患者为71岁老年男性，因发作性心悸、胸闷、头晕入院，经检查确诊为"阵发性心房颤动"。杨兵根据患者病情，请北京安贞医院全国知名专家会诊，并与 患者及家属充分沟通后，决定采用脉冲电场消融(PFA)技术进行治疗。 脉冲电场通过不可逆电穿孔机制选择性破坏心肌细胞，对血管、神经、食道等周围组织损伤风险极低。大量案例显示，接受脉冲电场消融术后不仅心跳恢 复正常，也避免了传统手术可能引发的多种并发症。 高效快捷，术后恢复无忧 手术时间可缩短至1小时左右，患者术后1-2天即可出院。脉冲电场消融对房颤术后复发患者同样有效，单次脉冲即可实现透壁性损伤，显著提升患者治疗 成功率。 手术在全麻的方式下进行，脉冲电场消融时间约半小时，较传统的射频消融时间(一般约90分钟)大大缩短，手术顺利，术后患者无任何不适，亦未再发作 房颤，无任何并发症发生，手术达到了预期效果。术后8小时，患者已能下床活动，身体恢复良好。 ...

Investment Rating - Investment Rating: Buy (Maintained) [1] Core Views - The company reported a revenue of 2.066 billion yuan in 2024, representing a year-on-year increase of 25.18%, and a net profit attributable to shareholders of 673 million yuan, up 26.08% year-on-year [4][5] - In Q1 2025, the company achieved a revenue of 564 million yuan, reflecting a year-on-year growth of 23.93%, and a net profit of 183 million yuan, which is a 30.69% increase year-on-year [4][5] - The company has successfully expanded its electrophysiology business, with over 1,360 hospitals covered and a 50% increase in the number of three-dimensional electrophysiology surgeries performed in 2024 [5][6] Financial Performance - The company’s revenue from coronary access reached 1.054 billion yuan in 2024, a year-on-year increase of 33.30%, while electrophysiology revenue was 440 million yuan, up 19.73% [6] - The company’s overseas revenue was 280 million yuan, showing a growth of 19.75%, with a notable 45.88% increase in international business under its own brand [6] - The projected revenues for 2025, 2026, and 2027 are 2.741 billion yuan, 3.580 billion yuan, and 4.664 billion yuan, respectively, with growth rates of 32.7%, 30.6%, and 30.3% [7][8] Earnings Forecast - The expected net profits for 2025, 2026, and 2027 are 907 million yuan, 1.197 billion yuan, and 1.572 billion yuan, with growth rates of 34.8%, 32.0%, and 31.3% [8][10] - The projected EPS for the same years are 9.34 yuan, 12.33 yuan, and 16.19 yuan, with corresponding P/E ratios of 46x, 35x, and 27x [8][10]