Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company has received approval for its self-developed PFA product, enhancing its electrophysiology product matrix [5] - Revenue forecasts for 2025-2027 are projected at 478 million, 604 million, and 807 million RMB, with year-on-year growth rates of 15.62%, 26.50%, and 33.60% respectively [5] - The net profit attributable to the parent company is expected to be 69 million, 98 million, and 147 million RMB for the same years, with growth rates of 32.01%, 42.02%, and 50.63% respectively [5] Financial Performance Summary - For the first three quarters of 2025, the company achieved revenue of 336 million RMB, a year-on-year increase of 15.65%, and a net profit of 42 million RMB, with a non-recurring net profit of 24 million RMB [7] - The third quarter revenue was 113 million RMB, reflecting a year-on-year growth of 21.78%, while the net profit was 9 million RMB, down 62.56% year-on-year [7] - The gross margin for the first three quarters was 59.09%, with a sales expense ratio of 28.33% and a management expense ratio of 9.31% [7] Revenue and Profit Forecast - Revenue projections for 2025-2027 are 478 million, 604 million, and 807 million RMB, with corresponding growth rates of 15.62%, 26.50%, and 33.60% [6] - The net profit attributable to the parent company is forecasted to be 69 million, 98 million, and 147 million RMB for 2025-2027, with growth rates of 32.01%, 42.02%, and 50.63% [6] - The price-to-earnings ratio (P/E) is projected to be 157x, 111x, and 73x for 2025, 2026, and 2027 respectively [5][6]

Core Viewpoint - Microelectrophysiology reported a decline in stock price on August 26, closing at 25.18 yuan, down 2.55% from the previous trading day, with a trading volume of 1.97 billion yuan [1] Company Summary - Microelectrophysiology operates in the medical device industry, focusing on the research, production, and sales of cardiac electrophysiology interventional diagnostic devices [1] - The company's main products include a three-dimensional cardiac electrophysiology mapping system and cardiac radiofrequency ablation catheters [1] - In the first half of 2025, the company achieved operating revenue of 224 million yuan, representing a year-on-year growth of 12.80%, and a net profit attributable to shareholders of 32.67 million yuan, up 92.02% year-on-year [1] - The growth in performance is attributed to an expansion in sales scale and effective cost reduction measures [1] - On the same day, the company announced the appointment of Lin Yishan as the securities affairs representative [1] Market Activity - On August 26, the net inflow of main funds into Microelectrophysiology was 1.59 million yuan, while the cumulative net outflow over the past five trading days reached 26.79 million yuan [1]