Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company's performance in 2024 met expectations, with a revenue of 2,065.80 million yuan, a year-on-year increase of 25.18%, and a net profit attributable to the parent company of 673.48 million yuan, up 26.14% year-on-year [4][8] - The company has maintained a net profit growth rate of over 25% for several consecutive years, indicating strong growth potential [4] - The domestic market's product admission rate has continued to improve, with over 150 new hospitals adopting the company's electrophysiology products and a more than 100% increase in the number of three-dimensional electrophysiology surgeries performed [5] - The company is actively expanding its overseas market and enhancing its internal governance structure, focusing on revenue growth, cost control, and quality improvement [6] - Significant R&D progress has been made, with key products approved for market release, including a disposable cardiac pulsed field ablation catheter, which is expected to create new revenue growth opportunities in 2025 [7][8] Financial Summary - The company is projected to achieve revenues of 2,066 million yuan, 2,521 million yuan, and 2,996 million yuan for 2024, 2025, and 2026 respectively, with net profits of 673 million yuan, 922 million yuan, and 1,092 million yuan for the same years [8][11] - The gross profit margin is expected to improve from 72.6% in 2024 to 77.7% in 2026, indicating enhanced profitability [11] - The company's earnings per share (EPS) are forecasted to be 6.92 yuan, 9.47 yuan, and 11.22 yuan for 2024, 2025, and 2026 respectively [11]