Huafu Securities: PFA high prosperity track major products domestic accelerated layout for listing

According to the Zhitong Finance APP, Huafu Securities has released a research report stating that domestic electrophysiology device companies are accelerating their layout of PFA (Pulsed Field Ablation) technology, which is expected to usher in its commercialization in 2025. It is recommended to pay attention to domestic manufacturers with three-dimensional mapping system synergy capabilities, as their products have already demonstrated international competitiveness in terms of cost control at hospitals (local anesthesia/deep sedation schemes) and clinical data (12-month ablation success rate exceeding 80%).

The main points of Huafu Securities are as follows:

PFA: A high-boom track in electrophysiology, new technologies leading the second round of growth

The patient population is large, and the penetration rate of electrophysiology procedures continues to rise: According to data predicted by Frost & Sullivan cited in the micro-electrophysiology prospectus, the number of atrial fibrillation patients in China is expected to reach 12.602 million by 2024, indicating a large patient scale. Compared to drug treatment, electrophysiology procedures have clear advantages, and the penetration rate continues to increase. According to data predicted by Frost & Sullivan cited in the APT prospectus, the number of electrophysiology surgeries is expected to reach 373,000 cases in 2024, with a compound annual growth rate of 15.7% from 2019 to 2024.

PFA technology has significant advantages and is expected to become the next high-boom product track for devices: Compared to traditional radiofrequency/cooling ablation, PFA has advantages such as high tissue selectivity, shorter operation time (more than 50% reduction), and better safety (avoiding serious complications such as esophageal injury), making it likely to become the mainstream procedure in electrophysiology. According to data from Frost & Sullivan cited in the Jinjiang Electronics prospectus, the market size of PFA in China is expected to grow rapidly from 1.3 billion yuan in 2025 to 16.3 billion yuan in 2032, with a CAGR of 43.73%; the proportion of PFA in the electrophysiology market is expected to increase from 8.18% in 2025 to 38.87% in 2032.

Landscape: Domestic companies are intensively listed, with three major dimensions dissecting core differences

Product design: The catheter shapes have their own merits, but currently, there is no obvious advantage among different catheter shapes, which is more reflected in their applicability in different scenarios;

Clinical data: Products represented by APT, Denovo, and Shangyang have a 12-month ablation success rate of over 80%, on par with Boston Scientific's Farapulse;

Commercialization landing: The core competitive point focuses on hospital costs, which may be a core factor. Products that use local anesthesia/deep sedation and match three-dimensional mapping functions are expected to outperform in the commercialization phase due to cost advantages.

In comparison with overseas benchmarks, Boston Scientific has managed to catch up with leading revenue volumes solely through its PFA flagship product: Boston Scientific's PFA product Farapulse was approved for sale in the U.S. in January 2024, and by the end of 2024, sales had exceeded $1 billion, driving the overall electrophysiology business volume to around $2 billion, accelerating its catch-up with leading companies