证券研究报告 | 2025年08月26日 惠泰医疗（688617.SH） 优于大市 PFA 产品商业化逐步开展，海外市场自主品牌维持高增速 公司 2025H1 收入利润保持较高增速。2025H1 公司实现营业收入 12.14 亿 元，同比增长 21.3%；归母净利润 4.25 亿元，同比增长 24.1%。25Q2 单 季度公司实现营收 6.50 亿元，同比增长 19.0%；归母净利润 2.42 亿元，同 比增长 19.6%，单季度营收及利润创历史新高。得益于公司覆盖医院数量的 增长以及新产品获批和迭代，公司 2025H1 业绩表现亮眼。预计未来随着 PFA 等重点产品的商业化放量以及现有产品的入院渗透率进一步提升，公司 有望维持较高的营收与利润增速。 PFA 商业化起步，自主品牌在海外重点市场加速放量。2025H1 公司专注于 核心产品 PFA 的准入与增长，累计完成 PFA 脉冲消融手术 800 余例，逐步 加速 PFA 产品在国内国家头部中心的准入及常规开展。2025H1 公司传统三 维非房颤手术完成近 8000 例，公司计划未来通过产品升级迭代的方式逐步 实现压力感应导管对传统磁定位冷盐水消融导管的替代 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company's performance in the first half of 2025 met expectations, with total revenue of 1.214 billion yuan, representing a year-on-year growth of 21.26%, and a net profit attributable to shareholders of 425 million yuan, up 24.11% year-on-year [8] - The promotion of the PFA new product is progressing smoothly, with expectations for accelerated growth in the second half of the year [8] - The company has completed over 800 PFA pulse ablation surgeries and has made significant progress in product access and routine operations across major centers nationwide [8] - The vascular intervention product line has seen a strong increase in the number of hospitals adopting its products, with coronary products entering over 18% more hospitals compared to the same period last year [8] - The company's international brand products have shown rapid growth, with a year-on-year increase of 34.56% in key markets [8] - The profit forecast for 2025 remains unchanged, with an expected net profit of 907 million yuan, and a downward adjustment for 2026-2027 net profits to 1.200 billion and 1.588 billion yuan respectively [8] Financial Summary - Total revenue projections for the company are as follows: 2.066 billion yuan in 2024, 2.684 billion yuan in 2025, 3.455 billion yuan in 2026, and 4.474 billion yuan in 2027, with respective year-on-year growth rates of 25.18%, 29.93%, 28.72%, and 29.50% [1][9] - The projected net profit attributable to shareholders is 673 million yuan in 2024, 907 million yuan in 2025, 1.200 billion yuan in 2026, and 1.588 billion yuan in 2027, with year-on-year growth rates of 26.08%, 34.78%, 32.32%, and 32.27% [1][9] - The latest diluted EPS is projected to be 4.77 yuan in 2024, 6.43 yuan in 2025, 8.51 yuan in 2026, and 11.26 yuan in 2027 [1][9]