Investment Rating - The report maintains an "Outperform" rating for the company [4] Core Views - The company is a leading player in the domestic vascular intervention and electrophysiology sectors, with a well-established product pipeline and continuous new product approvals. Benefiting from the high growth potential in the domestic electrophysiology and vascular intervention markets, the company is expected to maintain rapid growth amid the wave of domestic substitution [2][4] - The company achieved a revenue of 2.066 billion yuan in 2024, representing a year-on-year growth of 25.2%, and a net profit of 673 million yuan, up 26.1% year-on-year. For Q1 2025, the company reported a revenue of 564 million yuan, a 23.9% increase, and a net profit of 183 million yuan, growing by 30.7% year-on-year [8][18] - The company’s gross margin for 2024 is projected at 72.3%, with a net margin of 31.9%, indicating stable profit margin improvements [14][18] Financial Performance - The company’s revenue and profit growth rates are expected to remain robust, with projected revenues of 2.663 billion yuan, 3.423 billion yuan, and 4.401 billion yuan for 2025, 2026, and 2027, respectively, reflecting year-on-year growth rates of 28.9%, 28.5%, and 28.5% [2][3] - The company’s net profit is forecasted to reach 876 million yuan, 1.134 billion yuan, and 1.473 billion yuan for the same years, with growth rates of 30.2%, 29.4%, and 29.9% [2][3] Market Expansion - The company has successfully expanded its market presence, with over 200 new hospitals adopting its electrophysiology products in 2024, covering more than 1,360 hospitals. The number of three-dimensional electrophysiology surgeries performed exceeded 15,000, marking a 50% increase year-on-year [25][59] - The company’s entry into the atrial fibrillation treatment market was marked by the approval of its AForcePlus catheter in December 2024, signifying a new era for its electrophysiology business [25][27] Product Pipeline - The company has a comprehensive product pipeline in the electrophysiology and vascular intervention fields, with multiple key products approved for market entry in 2024, enhancing its competitive position [27][37] - The company’s three-dimensional electrophysiology mapping system, HT Viewer, integrates various functionalities to improve operational efficiency and surgical outcomes [60][61] Industry Context - The domestic electrophysiology market is expected to grow significantly, with a projected compound annual growth rate (CAGR) of 20.3% from 2021 to 2032, driven by an increasing patient population and the adoption of electrophysiology surgeries [45][56] - The company is well-positioned to capitalize on the domestic substitution trend in the electrophysiology market, which is currently dominated by foreign manufacturers [56][58]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance in 2024 is in line with expectations, with total revenue of 2.066 billion yuan (+25.18% year-on-year) and net profit attributable to shareholders of 673.15 million yuan (+26.08%) [8] - The company is expected to see significant growth in its electrophysiology products within the year, supported by increased R&D investment [8] - The company has successfully expanded its market presence both domestically and internationally, with a notable increase in hospital coverage for electrophysiology products [8] Financial Summary - Total revenue projections are as follows: 2023A: 1.65 billion yuan, 2024A: 2.066 billion yuan, 2025E: 2.684 billion yuan, 2026E: 3.455 billion yuan, 2027E: 4.474 billion yuan [1] - Net profit attributable to shareholders is projected to grow from 533.92 million yuan in 2023A to 1.607 billion yuan in 2027E, reflecting a compound annual growth rate [1] - The latest diluted EPS is expected to increase from 5.50 yuan in 2023A to 16.56 yuan in 2027E [1] Business Performance - The coronary artery intervention and peripheral intervention businesses showed strong growth in 2024, with revenues of 1.054 billion yuan (+33.30% year-on-year) and 351 million yuan (+37.09% year-on-year), respectively [8] - The company has achieved a gross margin of 73.09% and a net margin of 31.99% in Q1 2025, indicating improved profitability [8] - The company has made significant strides in expanding its international market presence, particularly in high-end markets such as Spain, France, and Germany, with a 45.88% increase in international brand revenue [8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance in 2024 is in line with expectations, with total revenue of 2.066 billion yuan (+25.18% year-on-year) and net profit attributable to shareholders of 673.15 million yuan (+26.08%) [8] - The company is expected to see significant growth in its electrophysiology products within the year, supported by increased R&D investment [8] - The company has successfully expanded its market presence both domestically and internationally, with a notable increase in hospital coverage and product penetration [8] Financial Performance Summary - Total revenue projections for the company are as follows: 1.65 billion yuan in 2023, 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 [1] - Net profit attributable to shareholders is projected to grow from 533.92 million yuan in 2023 to 1.607 billion yuan in 2027, reflecting a compound annual growth rate [1] - The earnings per share (EPS) is expected to increase from 5.50 yuan in 2023 to 16.56 yuan in 2027 [1] Business Segment Performance - The coronary artery intervention business and peripheral intervention business showed strong growth in 2024, with coronary artery revenue reaching 1.054 billion yuan (+33.30% year-on-year) and electrophysiology revenue at 440 million yuan (+19.73%) [8] - The company has expanded its international market presence, achieving 280 million yuan in overseas revenue (+19.75%) and a 45.88% increase in international brand sales [8] R&D and Product Development - The company has increased its R&D expenditure to 291 million yuan in 2024 (+22.12%), focusing on new product development in electrophysiology and vascular intervention [8] - Several core products have received registration certificates, enhancing the company's product line in electrophysiology and vascular intervention [8] Valuation Metrics - The projected price-to-earnings (P/E) ratios for the company are 82.37 for 2023, 65.33 for 2024, 48.47 for 2025, 36.18 for 2026, and 27.36 for 2027 [1]

Investment Rating - The report maintains a "Recommended" investment rating for the company [1] Core Views - The company is expected to achieve a revenue of 2.066 billion yuan in 2024, representing a year-on-year growth of 25.18%, and a net profit of 673 million yuan, up 26.08% year-on-year [4] - The company is positioned as a leading enterprise in the cardiovascular intervention field, benefiting from rapid growth trends in electrophysiology and vascular intervention sectors [10] Revenue and Profitability - The company reported a revenue of 5.64 billion yuan in Q1 2025, reflecting a year-on-year increase of 23.93%, and a net profit of 1.83 billion yuan, up 30.69% year-on-year [4] - The revenue from electrophysiology products is projected to reach 440 million yuan in 2024, with a year-on-year growth of 19.73% [5] - The vascular intervention segment is expected to generate 1.054 billion yuan in revenue in 2024, showing a year-on-year increase of 33.30% [6] Product Development and Market Expansion - The company has made significant advancements in its product lines, with new products in electrophysiology and vascular intervention receiving regulatory approval [9] - The company has expanded its market presence, with over 1,360 hospitals adopting its electrophysiology products, and a notable increase in the number of hospitals using its coronary products [8] - International business has shown strong growth, with a 45.88% increase in revenue from self-branded products, particularly in the Middle East, Africa, and Europe [8] Financial Projections - The company is projected to achieve a net profit of 886 million yuan in 2025 and 1.139 billion yuan in 2026, with a consistent growth trajectory [10] - The gross margin is expected to remain stable, with projections of 72.3% in 2024 and gradually increasing to 73.0% by 2027 [13] Research and Development - The company invested 290 million yuan in R&D in 2024, accounting for 14.06% of its revenue, indicating a strong commitment to innovation [9] - Key products in the coronary product line have successfully obtained registration certificates, enhancing the company's competitive edge in the market [9]

Fundraising Overview - The company raised a total of RMB 1,241,248,200.00 through the issuance of 16.67 million shares at a price of RMB 74.46 per share, with a net amount of RMB 1,150,717,825.25 after deducting expenses [2][3] - As of December 31, 2024, the cumulative usage of the raised funds amounted to RMB 1,055,352,821.42, leaving a balance of RMB 153,789,382.03 [3] Fund Management - The company has established a fundraising management system in compliance with relevant laws and regulations to ensure effective use and management of the raised funds [3] - A tripartite supervision agreement has been signed with the underwriter and the bank holding the funds to clarify responsibilities and obligations [3] Fund Usage - The company has not used idle funds for temporary working capital or made any early investments or replacements in fundraising projects during the reporting period [7][10] - The company approved the use of up to RMB 6 billion of temporarily idle funds for cash management, investing in safe and liquid financial products [7] - As of December 31, 2024, the company achieved a net income of RMB 3,149,200 from cash management of idle funds [9] Project Investment - The company plans to invest RMB 827,451,300 in a regional headquarters project, using RMB 337,320,200 from over-raised funds [11][13] - The company has permanently supplemented working capital with surplus funds from the "Vascular Interventional Medical Device Industrial Upgrade Project," amounting to RMB 14,556,000 [14] Fund Changes and Compliance - The company has not experienced any significant changes in project feasibility or failed to meet planned progress during the reporting period [18] - The company has complied with all disclosure obligations regarding the storage and actual use of raised funds, with no violations reported [22] Auditor's Opinion - The accounting firm, Lixin, has issued a report confirming that the company's fundraising storage and usage comply with regulatory requirements [22][23]

深圳惠泰医疗器械股份有限公司 关于 2025 年度"提质增效重回报"行动方案 为贯彻中央经济工作会议和中央金融工作会议精神，落实以投资者为本的理 念，推动上市公司持续优化经营、规范治理并积极回报投资者，大力提升上市公 司质量，助力市场信心提振、资本市场稳定和经济高质量发展。深圳惠泰医疗器 械股份有限公司（以下简称"公司"）于 2024 年 3 月 25 日发布了《深圳惠泰医 疗器械股份有限公司关于 2024 年度"提质增效重回报"行动方案》，为 2024 年度提质增效重回报行动明确了工作方向。2025 年 4 月 21 日，公司召开第二届 董事会第二十一次会议审议通过了《深圳惠泰医疗器械股份有限公司关于 2025 年度"提质增效重回报"行动方案》，以进一步提升公司经营效率，强化市场竞 争力，保障投资者权益，树立良好的资本市场形象。公司 2024 年度"提质增效 重回报"行动方案执行情况及 2025 年度"提质增效重回报"行动方案主要举措 如下： 一、聚焦经营主业，稳固核心竞争力 公司以"成为守护血管健康的核心力量，用科技和责任感，让更多患者受益" 为使命，在保持并巩固电生理和血管通路产品领域竞争优势的同时，持 ...

中信证券股份有限公司 关于深圳惠泰医疗器械股份有限公司 2024 年度募集资金存放与使用情况的专项核查意见 中信证券股份有限公司（以下简称"中信证券"或"保荐机构"）作为深圳惠 泰医疗器械股份有限公司（以下简称"惠泰医疗"或"公司"）首次公开发行股 票并在科创板上市及后续持续督导保荐机构，根据《中华人民共和国公司法》《中 华人民共和国证券法》《上市公司监管指引第 2 号——上市公司募集资金管理和 使用的监管要求》《上海证券交易所科创板上市公司自律监管指引第 1 号——规 范运作》等有关法律法规和规范性文件的要求，就惠泰医疗 2024 年度募集资金 存放与使用情况进行了审慎核查，发表意见如下： 一、募集资金基本情况 （一）实际募集资金金额、资金到账时间 根据中国证券监督管理委员会 2020 年 12 月 7 日出具的《关于同意深圳惠泰 医疗器械股份有限公司首次公开发行股票注册的批复》（证监许可[2020]3359 号）， 惠泰医疗向社会公众公开发行人民币普通股（A 股）1,667 万股（每股面值人民 币 1 元），并于 2021 年 1 月 7 日在上海证券交易所科创板上市（以下简称"本次 发行"）。本次发行的 ...

深圳惠泰医疗器械股份有限公司 对外投资管理制度 第一章 总则 短期投资主要指公司仅为获取短期投资收益为目的而购入的能随时 变现且预计持有时间不超过一年的投资，包括各种股票、债券、基 金、分红型保险、委托理财及其他资产管理产品； 长期投资主要指投资期限超过一年，不能随时变现或不准备变现的 各种投资，包括股票、债券、股权和其他投资等。包括但不限于下 列情形： 1 第一条 为规范深圳惠泰医疗器械股份有限公司（以下简称"公司"）对外 投资行为，加强对外投资管理，控制对外投资风险，保护投资者合 法权益，根据《中华人民共和国公司法》（以下简称"《公司法》"）、 《中华人民共和国证券法》《上海证券交易所科创板股票上市规则》 等法律、行政法规以及规范性文件和《深圳惠泰医疗器械股份有限 公司章程》（以下简称"《公司章程》"）的有关规定，结合公司 的实际情况，特制定本制度。 第二条 本制度所称的对外投资是指公司为获取未来收益而将一定数量的货 币资金、股权以及经评估后的实物或无形资产或其他法律法规及规 范性文件规定可以用作出资的资产，对外进行各种形式的投资活动， 包括但不限于投资新设全资或控股子公司（以下简称"子公司"）、 向子公 ...

深圳惠泰医疗器械股份有限公司 本制度所称"公司及其控股子公司对外担保总额"，是指包括公司 为控股子公司提供的担保在内的公司对外担保总额与公司控股子 公司对外担保总额之和。 对外担保管理制度 本制度所称"控股子公司"，是指公司持有其 50%以上的股份，或 者能够决定其董事会半数以上成员的当选，或者通过协议或其他安 排能够实际控制的公司。 1 第一条 为规范深圳惠泰医疗器械股份有限公司（以下简称"公司"）对外 担保行为，有效防范公司对外担保风险，保护股东和其他利益相关 者的合法权益，促进公司健康稳定发展，现根据《中华人民共和国 公司法》《中华人民共和国证券法》《上海证券交易所科创板股票 上市规则》《上市公司监管指引第 8 号——上市公司资金往来、对 外担保的监管要求》等相关法律、行政法规和规范性文件以及《深 圳惠泰医疗器械股份有限公司章程》（以下简称"《公司章程》"） 的有关规定，特制定本制度。 第二条 本制度所称"对外担保"，是指公司以第三人身份为其他单位或个 人提供的保证、抵押、质押以及其他形式的对外担保，包括本公司 对子公司的担保。 第三条 本制度适用于公司及其控股子公司，公司控股子公司的对外担保， 视同公 ...

深圳惠泰医疗器械股份有限公司 关联交易管理制度 第一章 总则 第二章 关联交易和关联人 第五条 公司的关联交易，是指公司或者其合并报表范围内的子公司等其他 主体与公司关联方之间发生的可能引致资源或者义务转移的事项 （不论是否收取价款），主要包括： 1 （一） 购买或者出售资产； （二） 对外投资（购买银行理财产品的除外）； 2 （三） 转让或受让研发项目； （四） 签订许可使用协议； （五） 提供担保； （六） 租入或者租出资产； （七） 委托或者受托管理资产和业务； （八） 赠与或者受赠资产； （九） 债权、债务重组； （十） 提供财务资助； （十一） 研究与开发项目的转移； （十二） 签订许可协议； （十三） 放弃权利（含放弃优先购买权、优先认缴出资权利等）； （十四） 购买原材料、燃料、动力； （十五） 销售产品、商品； （十六） 提供或接受劳务； （十七） 委托或受托销售； （十八） 关联双方共同投资； （十九） 通过约定可能导致资源或义务转移的其他事项。 （二十） 在关联方的财务公司存贷款； （二十一） 中国证券监督管理委员会（以下简称"中国证监会"）、 上海证券交易所（以下简称"上交所"）或公司根 ...