Investment Rating - The report maintains a "Buy" rating for the company [1][7] Core Views - The company has demonstrated continuous high growth in performance, with a significant contribution expected from PFA [1][9] - The domestic electrophysiology business has seen an upgrade in procedures, with a further increase in penetration rates for interventional products [4] - The international business has shown rapid growth in self-owned brands, with a year-on-year increase of 45.88% [5] - The overall gross margin has slightly improved, while the net profit margin remains stable [6] Financial Performance Summary - In 2024, the company achieved operating revenue of 2.066 billion, a year-on-year increase of 25.18%, and a net profit of 673 million, up 26.08% [3][8] - For Q1 2025, the company reported operating revenue of 564 million, a year-on-year increase of 23.93%, and a net profit of 183 million, up 30.69% [3] - The company forecasts operating revenues of 2.689 billion, 3.468 billion, and 4.469 billion for 2025, 2026, and 2027 respectively, with growth rates of 30%, 29%, and 29% [8] Profitability Metrics - The comprehensive gross margin for 2024 increased by 1.04 percentage points to 72.31% [6] - The net profit margin for 2024 was stable at 31.86%, with a slight increase of 0.22 percentage points [6] - The report projects diluted earnings per share (EPS) of 9.27, 12.25, and 15.99 for 2025, 2026, and 2027 respectively [8]

Investment Rating - Investment Rating: Buy (Maintained) [1] Core Views - The company reported a revenue of 2.066 billion yuan in 2024, representing a year-on-year increase of 25.18%, and a net profit attributable to shareholders of 673 million yuan, up 26.08% year-on-year [4][5] - In Q1 2025, the company achieved a revenue of 564 million yuan, reflecting a year-on-year growth of 23.93%, and a net profit of 183 million yuan, which is a 30.69% increase year-on-year [4][5] - The company has successfully expanded its electrophysiology business, with over 1,360 hospitals covered and a 50% increase in the number of three-dimensional electrophysiology surgeries performed in 2024 [5][6] Financial Performance - The company’s revenue from coronary access reached 1.054 billion yuan in 2024, a year-on-year increase of 33.30%, while electrophysiology revenue was 440 million yuan, up 19.73% [6] - The company’s overseas revenue was 280 million yuan, showing a growth of 19.75%, with a notable 45.88% increase in international business under its own brand [6] - The projected revenues for 2025, 2026, and 2027 are 2.741 billion yuan, 3.580 billion yuan, and 4.664 billion yuan, respectively, with growth rates of 32.7%, 30.6%, and 30.3% [7][8] Earnings Forecast - The expected net profits for 2025, 2026, and 2027 are 907 million yuan, 1.197 billion yuan, and 1.572 billion yuan, with growth rates of 34.8%, 32.0%, and 31.3% [8][10] - The projected EPS for the same years are 9.34 yuan, 12.33 yuan, and 16.19 yuan, with corresponding P/E ratios of 46x, 35x, and 27x [8][10]