一、监事会会议召开情况 上海微创电生理医疗科技股份有限公司（以下简称"公司"）第三届监事会 第十三次会议（以下简称"本次会议"）于2024年12月11日以现场结合通讯方式， 由监事会主席卢莎女士主持召开。本次会议通知于2024年12月7日通过电子邮件 向各位监事发出，应出席监事3人，实际出席监事3人，董事会秘书朱郁女士列席 会议。本次会议的召集、召开程序符合《中华人民共和国公司法》、《公司章程》 等相关规定。 二、监事会会议审议情况 1、审议通过《关于全资子公司拟购买资产暨关联交易的议案》 公司全资子公司上海梓电医疗科技有限公司拟与关联方上海微创骨科医疗 科技有限公司签订《房屋买卖合同》，购买其拥有的位于上海市浦东新区周浦镇 天雄路 588 弄 1-28 号 23 幢及 7 个地下车位使用权，用于导管类产品生产及扩充 自有仓储空间。各方遵循公平、公正、公允原则，符合公司整体利益，不会对公 司业务独立性产生影响，不存在严重依赖该类关联交易和损害公司及股东尤其中 小股东利益的情形。 1 证券代码：688351 证券简称：微电生理 公告编号：2024-030 上海微创电生理医疗科技股份有限公司 第三届监事会第十三次 ...

证券代码：688351 证券简称：微电生理 公告编号：2024-031 上海微创电生理医疗科技股份有限公司 关于召开 2024 年第一次临时股东大会的通知 本公司董事会及全体董事保证公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 一、 召开会议的基本情况 （一） 股东大会类型和届次 2024 年第一次临时股东大会 召开日期时间：2024 年 12 月 27 日 14 点 30 分 召开地点：上海市浦东新区周浦镇天雄路 588 弄 23 号楼 3 楼会议室 （五） 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 至 2024 年 12 月 27 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 股东大会召开日期：2024年12月27日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 （二） 股东大会召集人：董事会 （三） 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结 合的方式 （四） 现场会议召开的日期、时间和地点 东大会召开当日的交易 ...

证券代码：688351 证券简称：微电生理 公告编号：2024-029 上海微创电生理医疗科技股份有限公司 关于全资子公司拟购买资产暨关联交易的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 一、关联交易概述 梓电医疗拟与上海骨科签订《房屋买卖合同》，购买其所拥有的位于上海市 周浦镇天雄路 588 弄 1-28 号 23 幢及 7 个地下车位使用权，用于导管类产品生 1 上海微创电生理医疗科技股份有限公司（以下简称"公司"）全资子公司上 海梓电医疗科技有限公司（以下简称"梓电医疗"）拟与关联方上海微创骨 科医疗科技有限公司（以下简称"上海骨科"）签订《房屋买卖合同》，公 司向上海骨科购买其所拥有的位于上海市周浦镇天雄路 588 弄 1-28 号 23 幢 及 7 个地下车位使用权（以下简称"交易标的"），交易标的对价为人民币 4850 万元（不含税）（以下简称"本次交易"或"本次关联交易"）。 本次交易未构成重大资产重组。 本次交易实施不存在重大法律障碍。 本次关联交易事项已经公司第三届董事会第十三次 ...

Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage in the market [2][4][9]. Core Viewpoints - The company has deeply engaged in the electrophysiology sector, establishing a comprehensive product layout that includes devices, mapping catheters, and ablation catheters. It has achieved significant technological innovations, leading the domestic atrial fibrillation treatment solutions to a global stage [2][3][11]. - The report highlights the rapid growth of three-dimensional surgical procedures and the comprehensive development of the energy platform, indicating a strong market potential for the company's products [2][3]. Summary by Relevant Sections Comprehensive Layout of Domestic Electrophysiology Leader - The company, founded in 2010, focuses on electrophysiological interventional diagnosis and ablation treatment, continuously launching innovative products, many of which are domestic firsts. It has established a complete layout for radiofrequency, cryoablation, and pulsed ablation technologies, with over 70,000 three-dimensional cardiac electrophysiology surgeries performed globally [26][27]. Technological Iteration and Collective Procurement Accelerating Industry Expansion - The report notes that the domestic electrophysiology device market was valued at 6.58 billion yuan in 2021, with a projected compound annual growth rate (CAGR) of 24.34% from 2021 to 2025, potentially reaching 15.73 billion yuan by 2025. The company is positioned to benefit from collective procurement initiatives that are expected to accelerate the replacement of imported products with domestic brands [3][4][11]. Earnings Forecast and Valuation - The company is expected to generate total revenues of 438 million yuan, 580 million yuan, and 787 million yuan for the years 2024, 2025, and 2026, respectively, with growth rates of 33.00%, 32.45%, and 35.63%. The net profit attributable to the parent company is forecasted to be 37 million yuan, 64 million yuan, and 111 million yuan for the same years, with growth rates of 547.65%, 73.08%, and 74.68% [4][9][31]. Market Performance - The company has achieved a significant market presence, with its first-generation product, the Columbus three-dimensional electrophysiology mapping system, approved in 2015. The system has evolved to its fourth generation, with clinical data supporting rapid product iteration. The company has also strategically positioned itself in potential markets with ongoing projects, including pressure pulsed ablation catheters and renal artery radiofrequency ablation systems [3][4][11]. Key Assumptions - The report outlines key assumptions regarding the growth of catheter and device revenues, with expected growth rates of 35.00% for catheters and 11.50% for devices from 2024 to 2026, driven by the launch of new products and the increasing acceptance of domestic brands [10][11]. Investment Logic Points - The company is recognized as a leading domestic electrophysiology manufacturer, with a comprehensive product matrix that enhances its competitive edge. The electrophysiology market is in a rapid growth phase, with increasing recognition of domestic products and the implementation of collective procurement driving the replacement of imported brands [11].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 20% relative to the market benchmark within the next six months [9]. Core Views - The company has shown continuous growth in surgical volume, with over 6,000 three-dimensional electrophysiology surgeries performed in Q3 2024, including approximately 5,000 domestically and 1,000 overseas [2]. - The revenue for Q1-3 2024 reached 290 million yuan, a year-on-year increase of 23.2%, while the net profit attributable to shareholders was 42 million yuan, reflecting a significant year-on-year growth of 262.2% [1]. - The company is expected to benefit from the domestic substitution wave in electrophysiology and increase its penetration in the atrial fibrillation market [2]. Financial Performance Summary - For Q3 2024, the company reported revenue of 92.5 million yuan, a slight decrease of 1.5% year-on-year, with a net profit of 24.71 million yuan, up 163.9% year-on-year [1]. - The gross margin for Q1-3 2024 was 58.8%, down 6.8 percentage points year-on-year, while the net profit margin improved to 14.4%, an increase of 9.5 percentage points year-on-year [1]. - The earnings per share (EPS) forecast for 2024-2026 is adjusted to 0.12, 0.20, and 0.28 yuan, respectively [2]. Market and Product Development - The company has multiple products in the clinical mid-to-late stage, with several products expected to receive certification soon [2]. - The company is expanding its product lineup in the "ice-fire-electric" energy platform, with successful progress in various research and development projects [2]. - The domestic market has seen successful bids for pressure catheters and other products, while several products have received CE certification in the European market [2].

浦银国际研究 浦银国际 公司研究 微电生理 （688351.CH） 公司研究 | 医药行业 微电生理（688351.CH）：3Q24 国内 业务有所承压，海外业务稳健增长 公司 3Q24 收入受国内业务影响有所下滑，但受益于有效的降本控费， 净利同比实现高增长。分地区看，国内三维手术量继续受到行业反腐冲 击，电生理设备投放及产品入院均受到一定影响，海外则维持稳健增长。 3Q24 业绩会上，公司表示 2024 年将力争实现收入同比 30%的增长，但 考虑到行业手术量增速仍在反腐背景下承受一定压力，我们的预测较公 司目标更为保守。维持"买入"评级及目标价人民币 27.9 元。 3Q24 收入因国内业务承压有所下滑，净利在降本控费下实现高增长： 3Q24 收入同比-1.5%至人民币 9,250 万元，收入中三维消融导管/标测 导管/设备/针鞘类产品占收入比例分别为>40%/约 30%/约 10%/约 15%， 其中主要新产品（压力消融导管、冷冻消融导管、高密度标测导管） 占比提升至 30%（vs 1H24 约 20%）；毛利率同比-4.3pcts 至 58.1%， 继续受到集采降价以及压力导管等新品上市后仍在放量期 ...

公 司 研 究 2024 年 10 月 28 日 公司点评 买入/维持 微电生理(688351) 昨收盘:21.46 微电生理点评报告：集采加速产品放量，脉冲消融进展顺利 | --- | --- | --- | --- | |-------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------|-------------------------------------- ...

证券研究报告：医药生物 | 公司点评报告 2024 年 10 月 24 日 公司基本情况 最新收盘价（元） 20.79 总股本/流通股本（亿股）4.71 / 1.25 总市值/流通市值（亿元）98 / 26 52 周内最高/最低价 28.60 / 16.45 资产负债率(%) 7.6% 市盈率 1,718.18 宁波梅山保税港区铧杰 股权投资管理有限公司 第一大股东 -嘉兴华杰一号股权投 资合伙企业(有限合伙) 股票投资评级 买入|维持 个股表现 -24% -17% -10% -3% 4% 11% 18% 25% 32% 39% 2023-10 2024-01 2024-03 2024-05 2024-08 2024-10 微电生理 医药生物 资料来源：聚源，中邮证券研究所 研究所 分析师:蔡明子 SAC 登记编号:S1340523110001 Email:caimingzi@cnpsec.com 研究助理:陈峻 SAC 登记编号:S1340123110013 Email:chenjun@cnpsec.com 微电生理(688351) 新产品增量明显，公司净利率显著提升 ⚫ 业绩简评 公司发布 2024 年三 ...

证券研究报告 | 季报点评 gszqdatemark 2024 10 25 年 月 日 微电生理-U（688351.SH） 配送商调整及收入延期确认影响短期业绩，高端产品放量可期 微电生理发布 2024 年三季度报告。2024Q1-Q3，实现营业收入 2.91 亿元，同 比增长 23.21%；归母净利润 4173 万元，同比增长 262.22%；扣非后归母净利润 -75 万元，同比增长 95.69%。2024Q3，实现营业收入 9250 万元，同比下滑 1.54%； 归母净利润 2471 万元，同比增长 163.92%；扣非后归母净利润-167 万元，同比 增长 67.09%。 观点：Q3 收入短期下滑，主要系国内更换配送商+海外部分项目收入确认延后影 响。期间费用率下降驱动利润端增速好于收入端，扣非端差异主要系政府补助影 响。三维手术量持续增长，压力导管使用量逐月递增。海外表现更加靓丽，Q3 海 外收入增长超 20%。销售渠道不断完善，在研项目储备丰富，国产电生理龙头潜 力无限。 配送商更换+部分项目收入确认延后导致 Q3 收入波动，利润端增速好于收入端 主要系期间费用率改善及政府补助影响。Q3 收入波动， ...

Group 1: Financial Performance - As of Q3 2024, the company achieved a revenue of 291 million CNY, reflecting a year-on-year growth of 23.2% [1] - In Q3 2024, the company reported a revenue of 92.5 million CNY, showing a slight decline compared to the previous quarter [1] - Overseas revenue increased by over 20% year-on-year, despite domestic revenue being affected by changes in distributors and delayed revenue recognition for some overseas projects [1] Group 2: Surgical Volume and Product Performance - In Q3 2024, the company performed approximately 5,000 surgeries, with over 6,000 surgeries conducted in total for three-dimensional electrophysiology [2] - The company reported over 3,000 surgeries in Beijing, Tianjin, and Hubei, with one-third of these surgeries focused on atrial fibrillation treatment [2] - The company’s high-value consumables have seen increased usage in major medical centers, contributing to revenue growth [2] Group 3: Market Expansion and Product Registration - The company has successfully bid for multiple products in the high-value consumables category in the Beijing medical institutions' DRG payment and electrophysiology procurement [2] - The overseas market revenue is significantly high, particularly in regions like the Middle East, Russia, and the EU, driven by new country openings and product introductions [2] - The pressure catheter and magnetic positioning ring lung catheter have received EU CE certification, with plans for further product registrations [2][3] Group 4: Innovative Technology Development - The company’s self-developed pressure pulse catheter has completed clinical enrollment and is currently undergoing special review by the National Medical Products Administration (NMPA) [3] - The second-generation PFA product from the affiliated company, Shangyang Medical, is expected to receive NMPA registration by mid-2025 [3]