微电生理：公司简评报告：新品逐渐放量，业绩快速增长

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company has demonstrated continuous rapid growth in performance, achieving revenue of 198 million yuan in H1 2024, a year-on-year increase of 39.57%, and a net profit of 17 million yuan, up 689.30% year-on-year [2][3] - The company is benefiting from domestic policy support and active promotion, leading to sustained product volume growth, particularly with the TrueForce® pressure catheter and IceMagic® cryoablation products [3] - The company is expanding its overseas market presence, having covered 36 countries and regions, with significant sales contributions from the TrueForce® pressure catheter [3] - The company has a rich pipeline of products, ensuring robust growth potential, with ongoing developments in PFA and RDN fields [3] Summary by Sections Financial Performance - In H1 2024, the company achieved revenue of 198 million yuan (YoY +39.57%) and a net profit of 17 million yuan (YoY +689.30%), with Q2 revenue at 109 million yuan (YoY +21.36%) and net profit at 13 million yuan (YoY +11.86%) [2][3] - The company expects revenues of 482 million yuan, 653 million yuan, and 858 million yuan for 2024, 2025, and 2026 respectively, with net profits projected at 61 million yuan, 110 million yuan, and 150 million yuan for the same years [5][6] Product Development and Market Expansion - The company has successfully launched new products, with the TrueForce® pressure catheter and IceMagic® cryoablation products seeing a year-on-year growth of 475% [2] - The company has completed national listing for the IceMagic® cryoablation product across nearly 30 provinces and is actively promoting its products in the atrial fibrillation market [3] - The company is enhancing its brand influence internationally by participating in major medical conferences and expanding its product offerings [3] Future Outlook - The company is positioned as a leading domestic player in the electrophysiology field, with a comprehensive product lineup and ongoing efforts in both domestic and international markets [3] - The report anticipates continued rapid growth in performance, supported by product launches and market expansion strategies [3]