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].

微电生理 688351.SH 公司研究 | 中报点评 业绩符合预期，海外市场加速拓展 ——微电生理 2025 年中报点评 核心观点 盈利预测与投资建议 | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 329 | 413 | 532 | 687 | 888 | | 同比增长 (%) | 26.5% | 25.5% | 28.7% | 29.2% | 29.1% | | 营业利润(百万元) | 8 | 55 | 84 | 129 | 179 | | 同比增长 (%) | 152.7% | 613.1% | 53.6% | 54.1% | 39.0% | | 归属母公司净利润(百万元) | 6 | 52 | 70 | 108 | 151 | | 同比增长 (%) | 85.2% | 815.4% | 34.3% | 54.5% | 39.6% | | 每股收益（元） | 0.01 | 0.11 | 0.15 | 0.23 | 0.32 | | 毛利率(%) | 63.5% ...