[China Merchants Pharmaceuticals] Continue to Recommend Huatai Medical and MicroPort EP; PFA Expected to Benefit from Volume Procurement and Accelerate Ramp-Up

English summary

With the renewal of volume procurement, new products are expected to rapidly increase market share through procurement. The electrophysiology track has high prosperity, with domestic substitution rate <10%, leaving huge space for domestic substitution. The approval of PFA enhances product competitiveness and is expected to further capture share in the atrial fibrillation and supraventricular tachycardia markets. (Contacts: Liang Guangkai / Xu Feifei, Guo Zixian)