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

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase of over 15% compared to the CSI 300 index in the next six months [11]. Core Views - The company achieved a revenue of 198 million yuan in the first half of 2024, representing a year-on-year growth of 39.57%, driven by an expanding business scale and increased product sales [2][3]. - The net profit attributable to shareholders reached 17 million yuan, a significant increase of 689.30% year-on-year, indicating strong profitability improvements [2][3]. - New products such as the TrueForce® pressure catheter and IceMagic® cryoablation products saw a remarkable growth of 475% year-on-year, contributing to the overall revenue increase [3]. Summary by Sections Financial Performance - In Q2 2024, the company reported a revenue of 109 million yuan, up 21.36% year-on-year, with a net profit of 13 million yuan, reflecting an 11.86% increase [2][3]. - The overall gross margin decreased by 8.54 percentage points to 59.10% due to the impact of domestic centralized procurement and early-stage commercialization of new products [7]. - The company expects revenues of 477 million yuan, 671 million yuan, and 903 million yuan for 2024, 2025, and 2026 respectively, with growth rates of 45%, 41%, and 35% [7][8]. Market Expansion - The company is actively pursuing a global marketing strategy, achieving significant market penetration in 36 countries and regions [3]. - The TrueForce® pressure catheter has become the top-selling product, significantly contributing to the company's revenue [3]. Product Development - The company is advancing its product development projects, including the PFA project and the FlashPoint® renal artery RF ablation system, which is currently under special review for registration [4][6]. - Continuous upgrades to the Columbus® 3D cardiac electrophysiology mapping system are enhancing measurement efficiency [4]. Cost Management - The company has effectively controlled its operating expenses, leading to an overall net profit margin increase of 7.06 percentage points to 8.58% [7].