Core Insights - The company reported a revenue of 336 million yuan for the first three quarters of 2025, representing a year-on-year growth of 15.65% [1] - The net profit attributable to the parent company was 42 million yuan, with a slight increase of 0.46% year-on-year, while the net profit excluding non-recurring gains and losses surged by 3297.94% to 24 million yuan [1] - In Q3 2025 alone, the company achieved a revenue of 113 million yuan, marking a year-on-year increase of 21.78%, but the net profit attributable to the parent company decreased by 62.56% to 9 million yuan [1] Business Performance - The company ranks first among domestic manufacturers in three-dimensional electrophysiology surgery, with over 1,000 hospitals covered and more than 80,000 surgeries completed [2] - The FireMagic? Trueforce? disposable pressure monitoring magnetic positioning radiofrequency ablation catheter has seen increasing clinical acceptance, with over 3,000 radiofrequency ablation surgeries completed in multiple medical centers [2] - International market revenue grew by over 40% year-on-year in H1 2025, with successful market entries in Mexico, the UK, and Rwanda [2] Product Development - The company has a rich pipeline of products, with its self-developed pressure pulse PFA product submitted for registration and expected to be approved within the year [3] - The second-generation nanosecond pulse product from the affiliated company Shangyang Medical has completed clinical enrollment and is in the follow-up stage [3] - The company’s ICE and RDN products have been included in the national green channel for innovative products, indicating strong future growth potential [3] Financial Projections - Revenue projections for 2025-2027 are 463 million yuan, 631 million yuan, and 829 million yuan, with year-on-year growth rates of 12.18%, 36.24%, and 31.36% respectively [3] - Net profit attributable to the parent company is expected to be 72 million yuan, 108 million yuan, and 157 million yuan for the same period, with growth rates of 37.79%, 50.92%, and 45.10% respectively [3] - Corresponding PE ratios for 2025-2027 are projected at 165x, 109x, and 75x, with PEG ratios of 4.37, 2.15, and 1.67 [3]

Investment Rating - The report assigns a rating of "Increase" for the stock, indicating an expected relative increase in stock price between 10% and 20% compared to the benchmark index over the next six months [2][13]. Core Insights - The company has shown continuous improvement in profitability, with a significant increase in net profit excluding non-recurring items, which grew by 3297.94% year-on-year in the first three quarters of 2025 [4][5]. - The company ranks first among domestic manufacturers in three-dimensional electrophysiology surgeries, with over 8,000 surgeries completed across more than 1,000 hospitals [5]. - International market revenue has seen robust growth, with a year-on-year increase of over 40% in the first half of 2025, and successful market entries in Mexico, the UK, and Rwanda [5]. - The company has a rich pipeline of products under development, including self-developed pressure pulse PFA products and ICE products, which are expected to contribute to future revenue growth [6]. Financial Performance Summary - For the first three quarters of 2025, the company achieved operating revenue of 336 million yuan, a year-on-year increase of 15.65%, and a net profit attributable to the parent company of 42 million yuan, up 0.46% [4]. - The projected revenues for 2025 to 2027 are 463 million yuan, 631 million yuan, and 829 million yuan, with year-on-year growth rates of 12.18%, 36.24%, and 31.36% respectively [6][9]. - The net profit attributable to the parent company is expected to reach 72 million yuan, 108 million yuan, and 157 million yuan for the same period, with growth rates of 37.79%, 50.92%, and 45.10% respectively [6][9].