微电生理（ [Table_StockNameRptType] 688351） 公司点评 2024Q3 房颤布局加速，公司利润端表现亮眼 | --- | --- | --- | |--------------------------------------------------------------------------------------------------------------|-----------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ...

盈利预测： [Table_Contacts] [Table_Title] 微电生理-U（688351.SH） 多项创新产品顺利推进，公司净利润端表现出色 [Table_Summary] 核心观点： 净利润端表现出色。公司发布 24 年三季报，24 年前三季度公司实现 营 收 2.91 亿 元 （ YOY+23.21% ）； 归 母 净 利 润 为 0.42 亿 元 （YOY+262.22%），我们预计主要系公司实施降本增效措施；净利率 14.35%；毛利率 58.79%（YOY-6.76pp），我们预计主要系部分产品纳 入集采价格下降拖累毛利率下降。根据 wind，公司 24 年单 3 季度实 现营收 0.93 亿元（YOY-1.54%），我们预计主要系公司部分产品未及 时确认收入；扣非归母净利润亏损 0.02 亿元（YOY+67.09%），环比 下滑 173.67%。 国内外市场齐头并进。根据公司微信公众号，截止 24H1，公司的全球 三维手术量累计突破 7 万例。国内市场，TrueForce®压力导管入院速 度相对加快，上市以来已完成近 3000 例射频消融手术；IceMagic®冷 冻消融产品已完成近 ...

Investment Rating - The report maintains a "Buy" rating for MicroPort EP (688351 CH) with a target price of RMB 27.46 [5][7] Core Views - The company's 1-3Q24 revenue reached RMB 291 million (yoy +23.2%), with net profit attributable to the parent company of RMB 41.73 million (yoy +262.2%) [1] - 3Q24 revenue was RMB 93 million (yoy -1.5%), impacted by external factors in the domestic medical industry and adjustments in distributor cooperation post-electrophysiology centralized procurement [1] - The report expects a recovery in 4Q24, driven by reduced domestic channel adjustment impacts and accelerated overseas high-end product sales [1] - Overseas revenue is expected to grow rapidly, supported by increased product recognition and new high-end product approvals (e.g., TrueForce pressure catheter) [2] - Domestic revenue is projected to remain stable, with high-end products contributing to growth [2] Product Performance - Catheter products showed strong growth in 1-3Q24, with over 3,000 pressure ablation catheters used domestically and 1,000 overseas [3] - Equipment products are expected to perform well due to strong product performance and commercialization efforts [3] - Other products, such as needle sheaths, are anticipated to grow alongside the increase in 3D electrophysiology surgeries [3] Financial Metrics - 1-3Q24 gross margin was 58.8% (yoy -6.8pct), attributed to price adjustments post-centralized procurement and limited scale effects for new high-end products [4] - Sales/management/R&D expense ratios were 27.7%/10.3%/19.4%, respectively, showing a yoy decline due to cost control measures [4] - Operating cash flow turned positive at RMB 61.97 million, indicating improved cash flow levels [4] Earnings and Valuation Adjustments - The report revised 24-26E EPS forecasts to RMB 0.07/0.15/0.24, down from previous estimates of RMB 0.11/0.21/0.34 [5] - DCF valuation was used with a WACC of 7.5% and a perpetual growth rate of 1.7%, resulting in a target price of RMB 27.46 [5] - 24E revenue is projected at RMB 428.11 million, with net profit attributable to the parent company at RMB 33.43 million [6] Overseas and Domestic Revenue Breakdown - Overseas revenue is expected to grow rapidly, driven by product recognition and new high-end product launches [2] - Domestic revenue is projected to remain stable, supported by high-end product expansion [2] Product-Specific Insights - Catheter products, especially pressure ablation catheters, are driving growth, with significant usage both domestically and overseas [3] - Equipment products are expected to perform well due to strong commercialization efforts [3] - Other products, such as needle sheaths, are anticipated to grow alongside the increase in 3D electrophysiology surgeries [3]

公 司 报 告 公 司 季 报 点 评 证 券 研 究 报 告 2024年10月22日 医药 微电生理(688351.SH) 公司业绩保持稳健增长，经营质量不断提升 推荐 ( 维持) 事项： 股价:19.29元 | --- | --- | |----------------------|-------------------------------------| | 行业 | 医药 | | 公司网址 | www.everpace.com | | 大股东 / 持股 | 宁波梅山保税港区铧杰股权投资管理 | | | 有限公司 - 嘉兴华杰一号股权投资合伙 | | | 企业 ( 有限合伙 )/34.94% | | 实际控制人 | | | 总股本 ( 百万股 ) | 471 | | 流通 A 股 ( 百万股 ) | 125 | | 流通 B/H 股 ( 百万股 | ) | | 总市值 ( 亿元 ) | 91 | | 流通 A 股市值 ( 亿元 | ) 24 | | 每股净资产 ( 元 ) | 3.68 | | 资产负债率 (%) | 7.4 | 行情走势图 ■ 沪深300指数 证券分析师 | --- | |----- ...

Financial Performance - The company's operating revenue for Q3 2024 was ¥92,501,545.11, a decrease of 1.54% compared to the same period last year[1] - Net profit attributable to shareholders for Q3 2024 reached ¥24,713,982.12, an increase of 163.92% year-on-year[1] - The basic earnings per share for Q3 2024 was ¥0.0525, reflecting a growth of 163.82% compared to the same period last year[1] - Total revenue for the first three quarters of 2024 reached CNY 290,866,132.55, an increase from CNY 236,071,421.62 in the same period of 2023, representing a growth of approximately 23.2%[15] - Operating profit for the first three quarters of 2024 was CNY 43,955,481.15, significantly higher than CNY 13,519,615.21 in 2023, reflecting a growth of approximately 224.5%[18] - Net profit for the first three quarters of 2024 was CNY 41,726,652.80, compared to a net profit of CNY 11,519,616.22 in 2023, showing an increase of around 262.5%[18] - The total comprehensive income for Q3 2024 is CNY 41,727,175.52, compared to CNY 11,519,616.22 in Q3 2023, reflecting an increase of approximately 262%[19] Assets and Liabilities - Total assets as of the end of Q3 2024 amounted to ¥1,868,108,151.72, representing a 2.46% increase from the end of the previous year[2] - The total assets as of the end of the reporting period were CNY 1,868,108,151.72, up from CNY 1,823,268,386.10 in the previous year, indicating an increase of approximately 2.5%[14] - Total liabilities were CNY 137,384,776.14, slightly down from CNY 138,210,343.16 in the previous year, reflecting a decrease of about 0.6%[14] - The company's equity attributable to shareholders increased to CNY 1,730,723,375.58 from CNY 1,685,058,042.94, marking an increase of approximately 2.7%[14] Cash Flow - The net cash flow from operating activities for the year-to-date period was ¥61,974,639.95[1] - The net cash flow from operating activities increased, primarily driven by the growth in operating profit[6] - Cash flow from operating activities for the first three quarters of 2024 is CNY 61,974,639.95, a significant improvement from a net cash outflow of CNY 40,741,045.35 in the same period of 2023[21] - The cash outflow for operating activities in the first three quarters of 2024 is CNY 302,621,144.71, slightly higher than CNY 297,463,858.79 in the same period of 2023[21] - The company's cash and cash equivalents as of September 30, 2024, were approximately RMB 232.79 million, down from RMB 265.53 million at the end of 2023[11] Research and Development - Research and development expenses totaled ¥21,472,078.06 in Q3 2024, a decrease of 30.69% year-on-year, accounting for 23.21% of operating revenue[2] - R&D investment decreased by 30.69% in the reporting period, as some projects entered the clinical late-stage, leading to reduced related expenditures[6] - Research and development expenses for the first three quarters of 2024 amounted to CNY 56,543,925.34, a decrease from CNY 64,194,405.61 in 2023, representing a reduction of about 11.8%[18] Shareholder Information - The total number of common shareholders at the end of the reporting period was 6,718[6] - The largest shareholder, Ningbo Meishan Bonded Port Area Huajie Equity Investment Management Co., Ltd., holds 34.94% of shares[6] - The company has not reported any significant changes in shareholder relationships or actions during the reporting period[9] Government Subsidies and Other Income - Government subsidies recognized in Q3 2024 amounted to ¥21,050,527.20, contributing to profit growth[3] - The company reported a significant increase in other income, which rose to CNY 27,840,968.03 from CNY 9,909,622.00, representing a growth of approximately 180.5%[18]

证券代码：688351 证券简称：微电生理 公告编号：2024-028 上海微创电生理医疗科技股份有限公司 关于召开 2024 年半年度业绩说明会的公告 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： 会议召开时间：2024 年 10 月 09 日(星期三) 下午 13:00-14:00 会 议 召 开 地 点 ： 上海证券 交易所上证路演中心（ 网 址 ： http://roadshow.sseinfo.com/） （二） 会议召开地点：上证路演中心 （三） 会议召开方式：上证路演中心网络互动 三、 参加人员 会议召开方式：上证路演中心网络互动 投资者可于 2024 年 09 月 25 日(星期三) 至 10 月 08 日(星期二)16:00 前登 录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 investors@everpace.com 进行提问。公司将在说明会上对投资者普遍关注的问 题进行回答。 上海微创电生理医疗科技股份有限公司（以下简称"公司"）已于 2024 年 8 月 22 日发 ...

经保荐人督促，公司已及时进行自纠，并于 2024 年 9 月 11 日就上述事项披 露了 2024 年半年度报告的更正公告及更正后的 2024 年半年度报告。同时，保荐 人亦督导公司有效执行信息披露制度。 二、重大风险事项 截至本跟踪报告出具日，公司目前面临的风险因素主要如下： 持续督导跟踪报告 华泰联合证券有限责任公司 关于上海微创电生理医疗科技股份有限公司 2024 年半年度持续督导跟踪报告 | 保荐人名称：华泰联合证券有限责任公司 | 被保荐公司简称：上海微创电生理医疗科技 | | --- | --- | | | 股份有限公司 | | 保荐代表人姓名：肖斯峻 | 联系电话：021-38966545 | | 保荐代表人姓名：任雅静 | 联系电话：021-38966545 | 根据《证券法》《证券发行上市保荐业务管理办法》和《上海证券交易所科 创板股票上市规则（2024 年 4 月修订）》等有关法律、法规的规定，华泰联合 证券有限责任公司（以下简称"华泰联合证券"或"保荐人"）作为上海微创电 生理医疗科技股份有限公司（以下简称"微电生理"、"公司"或"发行人"） 首次公开发行股票的保荐人，对微电生理进行持续 ...

单位:元币种:人民币 证券代码：688351 证券简称：微电生理 公告编号：2024-027 上海微创电生理医疗科技股份有限公司 关于 2024 年半年度报告的更正公告 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。 上海微创电生理医疗科技股份有限公司（以下简称"公司"）于 2024 年 8 月 22 日在上海证券交易所网站（www.sse.com.cn）上披露了《2024 年半年度报 告》，经事后核查，发现部分内容有误，现进行更正。本次更正不会对公司 2024 年半年度财务状况及经营成果产生重大影响。 一、更正内容 "第十节财务报告"之"十四、关联方及关联交易"之"6、应收、应付关 联方等未结算项目情况(1).应收项目"。 更正前： 6、应收、应付关联方等未结算项目情况 （1）.应收项目 √适用 □不适用 | --- | --- | --- | --- | --- | --- | |----------|--------------------------|---------------------|---------- ...

[ T able_StockInfo] 2024 年 08 月 23 日 证券研究报告•2024 年中报点评 买入 （维持） 当前价：21.31 元 微电生理（688351）医药生物 目标价：——元（6 个月） 2024H1 业绩符合预期，新产品收入同比增长近 5 倍 事件：公司发布 2024 年中报，24H1 实现收入 1.98 亿元（+39.6%），归母净利 润 1701万元（+689.3%）。其中 24Q2实现营业收入 1.09亿元（+21.4%），实现 归母净利润1284万元（+11.86%）业绩高增长符合预期，维持全年预期不变。 24H1 业绩符合预期，新产品收入同比增长近 5 倍。分季度看，2024Q1/Q2 单 季度收入分别为 0.9/1.1 亿元（+71%/+21.4%），单季度归母净利润分别为 0.04/0.13 亿元（+144.7%/+11.8%）。细化来看，24H1 新产品占比大幅提升， 房颤手术量国内国外增速表现较好，其中 24H1 TrueForce®压力导管、 IceMagic®冷冻消融产品等新产品同比增长 475%。 截至 24H1 公司国内外已 累计应用于超 7 万例三维心脏电 ...

2024 年 08 月 25 日 公司点评 买入/维持 微电生理(688351) 昨收盘:21.31 微电生理点评报告：国内外市场齐发力，"冰火电"能量平台布局 稳步推进 ◼ 走势比较 (20%) 0% 20% 40% 60% 80% 23/8/2523/11/524/1/1624/3/2824/6/824/8/19 微电生理 沪深300 ◼ 股票数据 总股本/流通(亿股) 4.71/4.71 总市值/流通(亿元) 100.28/100.28 12 个月内最高/最低价 (元) 28.75/15.9 相关研究报告 <<微电生理点评报告：集采加速产品 放量，新品认可度提升持续进军房颤 市场>>--2024-04-26 <<微电生理年报点评：国内外市场拓 展迅速，有望打造"冰火电"一站式 解决方案>>--2024-04-03 <<微电生理深度报告：国产电生理领 航人，新品层出创新迭代迎蓝海>>-- 2023-11-24 证券分析师：谭紫媚 电话：0755-83688830 E-MAIL：tanzm@tpyzq.com 分析师登记编号：S1190520090001 事件：8 月 22 日，公司发布 2024 年半年度 ...