Investment Rating - The report gives the company an "Accumulate" rating for the first time [6][14]. Core Viewpoints - The company is a leading domestic player in cardiac electrophysiology, providing a comprehensive three-dimensional cardiac electrophysiology solution, with strong technical barriers and a complete product matrix [4][14]. - The domestic electrophysiology market is experiencing rapid growth, driven by favorable policies and increasing demand for innovative technologies, with the company positioned to capture significant market share [2][3]. Company Overview - The company, established in 2010, focuses on innovative medical devices for electrophysiology intervention and ablation therapy, becoming the first domestic manufacturer to offer a complete solution in this field [21]. - The company has a stable shareholding structure, with no single shareholder holding more than 10%, ensuring balanced governance [24][27]. Financial Performance - The company is projected to achieve revenue of 413 million yuan in 2024, representing a year-on-year growth of 25.51%, and a net profit of 52 million yuan, with a staggering growth of 815.36% [5][14]. - Earnings per share (EPS) are forecasted to be 0.13, 0.18, and 0.26 yuan for 2025, 2026, and 2027 respectively, with corresponding price-to-earnings (P/E) ratios of 187, 131, and 88 [4][5]. Market Dynamics - The domestic electrophysiology market is expected to grow significantly, with the market share of foreign brands decreasing from 93% in 2020 to 72% in 2024, indicating a strong trend towards domestic substitution [2][3]. - The company has successfully participated in multiple provincial procurement programs, demonstrating its clinical recognition and market competitiveness [2][3]. Product Development - The company has a comprehensive product line covering two-dimensional and three-dimensional systems, with several products filling domestic gaps and matching foreign competitors in performance [3][4]. - The company is actively developing new products in emerging fields such as pulse ablation and renal artery treatment, enhancing its growth potential [3][12]. Profitability Forecast - The company’s revenue from catheter products is expected to grow at rates of 16.00%, 28.00%, and 27.00% from 2025 to 2027, driven by increased market penetration and procurement benefits [10]. - The gross margin is anticipated to stabilize above 60% starting in 2025, following the launch of high-margin new products [11].

Core Insights - The 8th China International Import Expo has opened in Shanghai, with Johnson & Johnson showcasing its commitment to addressing global health challenges through innovative medical technologies [1][2] - Johnson & Johnson's latest pulse field ablation (PFA) solutions have garnered significant attention, including the debut of the OMNYPULSE catheter, which quantifies ablation damage depth and provides real-time pressure monitoring [1] - The VARIPULSE catheter, launched in April, has already served over 2,000 patients, demonstrating its potential in treating atrial fibrillation [1] Group 1 - Johnson & Johnson emphasizes its comprehensive strength across medical technology and innovative pharmaceuticals at the expo [1] - The company aims to introduce a new PFA product to the Chinese market annually, enhancing atrial fibrillation treatment standards [2] - The DESTSF catheter combines radiofrequency and pulse energy, showcasing advanced capabilities in real-time pressure and ablation index monitoring [1] Group 2 - The immersive "healing space" created by Johnson & Johnson at the expo highlights its dedication to innovation in healthcare [1] - The introduction of the OMNYPULSE catheter marks a significant advancement in the field of pulse ablation technology [1] - Johnson & Johnson's ongoing commitment to innovation is reflected in its strategic focus on the Chinese market [2]

Core Viewpoint - Jianhu Medical Technology (Suzhou) Co., Ltd. has developed the StarTrek cardiac electrophysiology three-dimensional mapping system, which has received the Class III medical device registration certificate from the state, marking a significant advancement in the treatment of cardiac atrial fibrillation in China [1][2]. Group 1: Product Development and Technology - The StarTrek system is the first open three-dimensional mapping platform in China based on dielectric imaging technology, enhancing the technical level in the field of cardiac atrial fibrillation treatment [1]. - The system operates like a horizontal white computer host, integrating multi-channel mapping and ablation catheter interfaces, and processes electrocardiogram signals in real-time, displaying dynamic mapping of myocardial electrical conduction paths [1]. - The platform supports pulse ablation technology, which uses high-frequency pulse electric fields to precisely destroy lesions without damaging normal myocardial cells, improving the efficiency and safety of atrial fibrillation treatment compared to traditional radiofrequency ablation [1]. Group 2: Cost Reduction and Accessibility - The development team has successfully reduced the manufacturing and usage costs of the product, bringing the cost of a single three-dimensional cardiac electrophysiology mapping system down to one-third of imported products, making advanced technology more accessible to the public [2]. - The system is compatible with all brands of pulse and radiofrequency ablation devices on the market, creating an open technological ecosystem [2]. Group 3: Industry Collaboration and Support - The project is a benchmark initiative incubated by the Kunshan Industrial Research Institute and the team of Academician Chen Yazhu from Shanghai Jiao Tong University, benefiting from deep integration of government, industry, academia, and research [2]. - The company has achieved over 20 patents and raised 47 million yuan in equity financing within three years, being recognized as a leading entrepreneurial talent enterprise in Kunshan and Gusu [2]. Group 4: Future Outlook - The company aims to continue focusing on the high-end medical device market for import substitution, leveraging the supportive ecosystem that fosters innovation and development [3].