Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 20% within six months [15]. Core Insights - The company reported a significant increase in revenue and net profit for 2024, with revenue reaching 413 million yuan, a year-on-year growth of 25.51%, and net profit of 52 million yuan, a staggering increase of 815.36% [3][9]. - In Q1 2025, the company achieved revenue of 104 million yuan, up 16.77% year-on-year, and net profit of 18 million yuan, reflecting a growth of 328.63% [3][9]. - The company has expanded its market presence, with over 4,000 procedures performed using its pressure monitoring magnetic navigation radiofrequency ablation catheters in the domestic market, and has successfully conducted surgeries in 21 countries internationally [4][8]. Company Overview - The latest closing price of the company's stock is 21.64 yuan, with a total market capitalization of 10.2 billion yuan [2]. - The company has a total share capital of 471 million shares, with 125 million shares in circulation [2]. - The largest shareholder is Ningbo Meishan Bonded Port Area Huajie Equity Investment Management Co., Ltd. [2]. Financial Performance - The company forecasts revenue growth from 539 million yuan in 2025 to 956 million yuan in 2027, with corresponding year-on-year growth rates of 30.5%, 34.5%, and 31.9% respectively [9][11]. - The projected net profit for the same period is expected to rise from 74 million yuan in 2025 to 172 million yuan in 2027, with growth rates of 41.5%, 57.8%, and 47.6% [9][11]. - The company's PE ratio is projected to decrease from 142 times in 2025 to 61 times in 2027, indicating improving valuation metrics [9][11]. Product Development and Market Strategy - The company is focusing on enhancing its product matrix, including the launch of new products such as the Magbot™ catheter and the PulseMagic™ pressure pulse catheter, which are in various stages of regulatory approval [5][6]. - The company plans to increase its hospital coverage and promote core and new products in both domestic and international markets, aiming to enhance the penetration rate of its three-dimensional surgeries [8][9].

报名：首届全球眼科大会 | 议程更新 报名：首届全球心血管大会 | 奖项申报 报名：首届全球骨科大会 | 奖项评选 合作伙伴征集：2025全球手术机器人大会 近日， 上海微创电生理医疗科技股份有限公司（简称"微创电生理"）发布了截至2024年12月31日的年度业绩 公告。 # 财报数据 国内市场 2024年，公司 压力监测磁定位射频消融导管 手术量 超过4000例 ，覆盖医院 400余家 ，较上年医院覆盖量 增 长70%以上 ； 三维手术覆盖医院超过1100 余家，三维消融系列产品自上市以来累计手术量超过70000例。 2024年营业收入 为 4.13亿元 ，同比增长 25% ； 归 母净利润为5207万元，同比增长815%； 扣非归母净利润为508万元（上年同期为-3547万元）； 基本每股收益为0.11元/股，同比增长814%。 经营活动产生的现金流量净额为6733万元（上年同期为-3797万元）。 2024 Q4 营业收入 为 1.22亿元 ，同比增长 31% ； 归母净利润为1034万元，同比增长277%； 扣非归母净利润为583万元（上年同期为-1802万元）。 2024年主营业务收入 分产品 ： ...

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].