Investment Rating - The report maintains a "Strong Buy" rating for the company [5] Core Views - The company achieved a revenue of 2.066 billion yuan in 2024, representing a year-on-year growth of 25.18%, and a net profit of 673 million yuan, up 26.08% year-on-year [1] - The company has entered the atrial fibrillation treatment market with the approval of new products such as AForcePlusTM catheter and PulstamperTM catheter [2] - The financial performance remains robust, with a comprehensive gross margin increase of 1.05 percentage points to 72.31% in 2024 [3] Financial Performance - In 2024, the company reported a comprehensive gross margin of 72.31%, with a net profit margin of 31.86% [3] - The first quarter of 2025 saw a revenue of 564 million yuan, a 23.93% increase year-on-year, and a net profit of 183 million yuan, up 30.69% year-on-year [1] - The company forecasts revenues of 2.691 billion yuan, 3.475 billion yuan, and 4.553 billion yuan for 2025, 2026, and 2027, respectively, with corresponding net profits of 900 million yuan, 1.172 billion yuan, and 1.535 billion yuan [3][10] Business Segments - The electrophysiology segment generated 440 million yuan in revenue in 2024, a year-on-year increase of 19.73%, with over 15,000 three-dimensional electrophysiology surgeries performed [2] - The vascular intervention segment reported revenues of 1.054 billion yuan for coronary products and 351 million yuan for peripheral products, with significant increases in new admissions [2] Valuation Metrics - The company is projected to have a PE ratio of 45, 34, and 26 for the years 2025, 2026, and 2027, respectively [3][10] - The current stock price is 413.0 yuan, with a market capitalization of 40.1 billion yuan [5]

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]