证券研究报告 2026 年 3 月 25 日│中国内地 医疗器械 公司 25 年实现收入/归母净利 25.84/8.21 亿元（yoy+25.1%/+21.9%），符 合 业 绩 快 报 预 期 。 其 中 4Q25 实现收入 / 归 母 净 利 7.16/1.97 亿 元 （yoy+32.4%/+36.1%），业绩重回快速增长。公司 25 年毛利率 72.9% （yoy+0.6pct），公司 PFA、冠脉棘突球囊等高端新品积极放量，带动整体 毛利率稳中有升。公司 25 年经营性现金流量净额 9.68 亿元（yoy+30.2%）， 现金流水平持续改善。考虑公司高端新品市场认可度持续提升且海内外销售 渠道积极拓展，看好公司 26 年整体业绩保持较快增长。维持"买入"。 电生理：高端新品加速放量，板块 2H25 收入显著提速 公司电生理业务 25 年实现收入 5.71 亿元（yoy+29.8%），其中 2H25 收入 yoy+50.3%，PFA 系统及射频消融高端新品加速放量，带动板块收入显著 提速。产品推广方面，公司 25 年完成 PFA 脉冲消融手术超 5900 例，完成 国内电生理传统三维非房颤手术超 15 ...

证券研究报告 4Q 业绩重回高增，股权激励彰显信心 2026 年 3 月 25 日│中国内地 医疗器械 公司 25 年实现收入/归母净利 25.84/8.21 亿元（yoy+25.1%/+21.9%），符 合 业 绩 快 报 预 期 。 其 中 4Q25 实现收入 / 归 母 净 利 7.16/1.97 亿 元 （yoy+32.4%/+36.1%），业绩重回快速增长。公司 25 年毛利率 72.9% （yoy+0.6pct），公司 PFA、冠脉棘突球囊等高端新品积极放量，带动整体 毛利率稳中有升。公司 25 年经营性现金流量净额 9.68 亿元（yoy+30.2%）， 现金流水平持续改善。考虑公司高端新品市场认可度持续提升且海内外销售 渠道积极拓展，看好公司 26 年整体业绩保持较快增长。维持"买入"。 电生理：高端新品加速放量，板块 2H25 收入显著提速 盈利预测与估值 考虑公司积极强化销售推广及研发投入对于相关费用率的影响，我们预计 26-28 年归母净利至 10.42/13.21/16.57 亿元（相比 26/27 年前值调整 -3%/-5%）。考虑公司为国内电生理及血管介入领域领导型企业，整体竞 争 ...

Core Insights - The company reported revenue and net profit of 1.867 billion and 623 million yuan for the first three quarters of 2025, representing year-over-year growth of 22.5% and 18.0% respectively, with Q3 alone showing revenue and net profit of 654 million and 198 million yuan, reflecting growth of 24.8% and 6.8% year-over-year [1] - The company is expected to maintain a positive development trend in 2025 due to its leading product performance and strengthening commercialization capabilities both domestically and internationally [1] Financial Performance - The gross margin for the first three quarters of 2025 was 73.2%, an increase of 0.5 percentage points year-over-year, driven by a higher proportion of revenue from high-end new products [1] - The company’s operating cash flow for the first three quarters of 2025 was 676 million yuan, showing a year-over-year increase of 29.1%, indicating continuous improvement in cash flow levels [1] Business Segments - The electrophysiology segment is expected to see rapid growth, with PFA procedures exceeding 2,000 by August 2025, and an anticipated total of 4,500 procedures for the year [2] - The vascular intervention segment is also projected to grow quickly, supported by the increasing market recognition of products like coronary guiding catheters and peripheral intervention products [3] - The non-vascular intervention segment is expected to contribute to revenue growth due to the continuous improvement of the product matrix and clinical recognition [3] Profit Forecast and Valuation - The net profit forecast for 2025-2027 has been adjusted to 824 million, 1.072 billion, and 1.393 billion yuan, reflecting a downward adjustment of 9% to 10% [4] - The company is positioned as a leading player in the domestic electrophysiology and vascular intervention markets, with a target price of 387.58 yuan for 2026, based on a 51x PE ratio [4]