Investment Rating - The report gives the company an "Accumulate" rating for the first time [6][14]. Core Viewpoints - The company is a leading domestic player in cardiac electrophysiology, providing a comprehensive three-dimensional cardiac electrophysiology solution, with strong technical barriers and a complete product matrix [4][14]. - The domestic electrophysiology market is experiencing rapid growth, driven by favorable policies and increasing demand for innovative technologies, with the company positioned to capture significant market share [2][3]. Company Overview - The company, established in 2010, focuses on innovative medical devices for electrophysiology intervention and ablation therapy, becoming the first domestic manufacturer to offer a complete solution in this field [21]. - The company has a stable shareholding structure, with no single shareholder holding more than 10%, ensuring balanced governance [24][27]. Financial Performance - The company is projected to achieve 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 staggering growth of 815.36% [5][14]. - Earnings per share (EPS) are forecasted to be 0.13, 0.18, and 0.26 yuan for 2025, 2026, and 2027 respectively, with corresponding price-to-earnings (P/E) ratios of 187, 131, and 88 [4][5]. Market Dynamics - The domestic electrophysiology market is expected to grow significantly, with the market share of foreign brands decreasing from 93% in 2020 to 72% in 2024, indicating a strong trend towards domestic substitution [2][3]. - The company has successfully participated in multiple provincial procurement programs, demonstrating its clinical recognition and market competitiveness [2][3]. Product Development - The company has a comprehensive product line covering two-dimensional and three-dimensional systems, with several products filling domestic gaps and matching foreign competitors in performance [3][4]. - The company is actively developing new products in emerging fields such as pulse ablation and renal artery treatment, enhancing its growth potential [3][12]. Profitability Forecast - The company’s revenue from catheter products is expected to grow at rates of 16.00%, 28.00%, and 27.00% from 2025 to 2027, driven by increased market penetration and procurement benefits [10]. - The gross margin is anticipated to stabilize above 60% starting in 2025, following the launch of high-margin new products [11].

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].