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研報掘金丨華西證券:惠泰醫療PFA放量值得期待,維持“增持”評級

華西證券研報指出,波科獲批新適應症,惠泰醫療PFA放量值得期待。2024年12月,惠泰醫療先後獲批PFA產品一次性使用心臟脈衝電場消融導管(Pulpstamper 導管,環形)以及一次性使用磁電定位壓力監測脈衝電場消融導管(AForcePlus導管,線形),兩根導管配合使用,用於治療藥物難治性、複發性、症狀性陣發性房顫。其中Pulpstamper導管用於肺靜脈口和前庭消融,AForcePlus導管用於補充消融。至此,惠泰成爲全球首個同時擁有線形/環形磁電定位脈衝消融導管、心臟脈衝消融儀和配套三維標測系統,實現三維脈衝消融整體解決方案的公司。由於惠泰PFA產品具備三維、壓力貼靠、可局麻、環形線形結合等優勢,我們看好公司2025年全年PFA產品的放量以及潛在適應症拓展可能性。考慮到公司創新驅動新品上市以及高毛利業務板塊佔比提升,盈利能力持續增強,維持“增持”評級。

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