微电生理（688351）：2025年第一季度开局良好，对2025年的上行趋势持乐观态度。

Positive Start for 1Q25,Upbeat on2025 Uptrend Rating (Maintain):BUYTarget price (RMB):27.73 Huatai Research Quarterly Results Review 18 May 2025│China (Mainland) Medical Devices AnalystDAI WenSAC No. S0570516120002SFC No. BFI915daiwen@htsc.com+(86) 21 2897 2078 MicroPort EP MedTech’s1Q25revenue/attributable net profit (NP)wereRMB104/17.87mn(+16.8/328.6% yoy),withrecurringattributableNPofRMB12.56mn(turned positive yoy), reflecting solid growth overall.For the quarter,theGPM/NPMwere60.56/17.17% (+0.02/12.49ppyoy, +1.98/8.71pp qoq). TheGPMrecoveryandrisingeconomies of scale lifted overall profitability.Net operating cash flowimproved further toRMB34.79mnin 1Q25(+455.7% yoy). Given sustained salesvolume ramp-ups for premium products at home and abroad, we expect rapidrevenue growth in 2025. Maintain BUY. AnalystYANG ChangyuanSAC No. S0570523060001SFC No. BTX488yangchangyuan@htsc.com+(86) 21 3847 6751 Key data Expect all three product lines to maintain solid growth in 20251)Catheter products:we estimatesegment revenue growthwas rapidin 1Q25 . Weexpect volume ramp-up ofpremiumproductsandFujian inter-provincial allianceVBP renewals in 2025 toboostthe company’smarket share, andexpectthissegment’s revenue togrow rapidlyfor the year.2) Equipment products:weestimatesegment revenue growthwas rapidin 1Q25.Given sound performance ofdevices andrecoveringindustry demand, we expect segmentperformancetoimprovein 2025.3)Other products(mainly needle/sheath products):weexpectsales volume to growpositivelyin 2025driven by the rising number of 3Delectrophysiologicalprocedures. Rapid overseas revenue growth and rising domestic recognition1) Overseas: We estimate overseas revenue growthwas rapidin 1Q25. As overseas product registration and commercialization efforts continue (productswere available in 37 countries/regions atend-2024), weare upbeat on a rapidgrowthtrajectoryforoverseasrevenuein2025.2)Domestic:Weestimatedomestic revenue growthwas steadyin 1Q25amid risingmarket recognition. Weare optimistic about robust domestic revenue growth in 2025 backed by volumerampingupforhigh-end products. Source:Wind New product R&D lays foundation for long-termdevelopmentThe company continuesadvancingnew productR&Din the followingfields . 1)PFA:the PFA product of its equity-participation company Shangyang Medicalwasapproved domesticallyin April 2025. Its in-house developed PFA product hadentered the final stage of clinical trialsby end-2024, and the company expectsdomestic approval in 2025.2)Magnetic navigation saline-irrigated RF ablationcatheter:the productwasapproveddomesticallyin 2024,bridgingthegap inmagneticnavigationtechnologyandprovidinganewsolutionforcomplexelectrophysiological procedures.3) 3D intracardiac echocardiography:this productsupportsvisualizationof3DICEcatheters,3Dultrasoundmodeling,andcontrollable bendindication,effectivelyreducing X-ray exposure and enhancingproceduresafety.Itisundergoing clinicalstudies andthecompany expectsdomestic approvalby2026.4) RDN: it is already in the clinical trial phase, and thecompany expects domestic approval by 2026. EarningsforecastsandvaluationWemaintainourprofitforecasts andproject2025/2026/2027EPSatRMB0.15/0.24/0.34. Our DCF-derived target price is RMB27.73 (WACC: 7.5%,terminal growth: 1.7%; unchanged). Risks: failures in new product R&D and commercialization; intensified competition. Source:Wind, Huatai Research Source:Wind, Huatai Research Full financials Disclaimers Analyst CertificationI/We, DAI Wen, YANG Changyuan, hereby certify that the views expressed in this report accurately reflect the personal views o fthe analyst(s) about the subject securities orissuers; and no part of the compensation of the analyst(s) was, is, or will be, directlyor indirectly, related to the inclusion of specific recommendations or views in this report. General Disclaimers and DisclosuresThis research report has been prepared by Huatai Financial Holdings (Hong Kong) Limited (hereinafter referred to as “HFHL”).The information herein is strictly confidential to the recipient. This report is intended for HFHL, its clients and associatedcompanies. Any other person shall not be deemed a client of the Company merely from his or her receipt of this report. This report is based on information deemed reliable and publicly available by HFHL, but HFHL and its associated company(ies)(collectively, hereinafter“Huatai”)makes no guarantee as to the accuracy or completeness of such information. The opinions, assessments and projections contained herein only reflect the views and judgments at the issuance date. Huataimay issue research reports that contain inconsistent views, assessments and projections with those set out herein at differenttimes. The prices, values and investment returns of the securities or investment instruments referred to herein may fluctuate.Past performance is not a guide to future performance, future returnsare not guaranteed, and a loss of original capital may occur