微电生理（ [Table_StockNameRptType] 688351） 公司点评 利润端持续改善，海外市场加速拓展 | 投资评级：买入（维持） [Table_Rank] | | | | --- | --- | --- | | 报告日期： | 2025-09-03 | | | [Table_BaseData] 收盘价（元） | | 23.88 | | 近 12 个月最高/最低（元） | | 27.80/ | | | | 16.14 | | 总股本（百万股） | | 471 | | 流通股本（百万股） | | 125 | | 流通股比例（%） | | 26.53 | | 总市值（亿元） | | 112 | | 流通市值（亿元） | | 30 | [公司价格与沪深 Table_Chart] 300 走势比较 -27% -8% 11% 29% 48% 9/24 12/24 3/25 6/25 微电生理 沪深300 [Table_Author] 分析师：谭国超 执业证书号：S0010521120002 邮箱：tangc@hazq.com 分析师：李婵 执业证书号：S0010523120002 邮箱：lichan@ ...

Investment Rating - The report maintains a "Recommended" rating for the company [1][9]. Core Insights - The company achieved a 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 remarkable increase of 815.36% [4]. - The growth in revenue is primarily driven by an increase in electrophysiological procedures and the ramp-up of core products, with Q4 revenue growth exceeding 30% [5]. - The company has expanded its three-dimensional surgical coverage to over 1,100 hospitals, with a cumulative surgical volume exceeding 70,000 cases by the end of 2024 [5]. - Internationally, the company reported an international revenue of 112 million yuan in 2024, a year-on-year increase of 62.94%, with three-dimensional surgical coverage in 21 countries [5]. Financial Performance Summary - The company’s revenue is projected to grow from 522 million yuan in 2025 to 934 million yuan in 2027, with a compound annual growth rate (CAGR) of 36.0% [6][9]. - Net profit is expected to increase from 76 million yuan in 2025 to 215 million yuan in 2027, reflecting a strong growth trajectory [6][9]. - The gross margin is projected to stabilize around 62.8% by 2027, while the net profit margin is expected to reach 23.0% [6][9]. - The company maintains a low debt level with an asset-liability ratio of 8.0% in 2024, indicating strong financial health [7][13]. Product and Market Positioning - The company is recognized as a leading domestic player in the electrophysiology market, with a comprehensive product lineup covering "ice, fire, electricity, and magnetism" technologies [8]. - The company has a first-mover advantage in atrial fibrillation products and ranks first among domestic manufacturers in three-dimensional electrophysiological surgeries [8]. - The product line includes advanced solutions such as TrueForce pressure catheters and IceMagic cryoablation series, which have shown excellent clinical performance [8]. Future Outlook - The company is expected to continue benefiting from the rapidly expanding electrophysiology market, with new products still in the ramp-up phase [9]. - Revenue forecasts for 2025-2027 have been adjusted to 5.22 billion yuan, 6.87 billion yuan, and 9.34 billion yuan respectively, reflecting a positive growth outlook [9].