证券研究报告 | 年报点评报告 gszqdatemark 2025 05 05 年 月 日 迈瑞医疗（300760.SZ） 政策扰动下 25Q1 短期承压，招标恢复趋势下看好业绩逐季改善 迈瑞医疗发布 2024 年度报告。2024 年公司实现营业收入 367.26 亿元，同比增长 5.14%；归母净利润 116.68 亿元，同比增长 0.74%；扣非后归母净利润 114.42 亿元， 同比增长 0.07%。分季度看，2024Q4 实现营业收入 72.41 亿元，同比下滑 5.08%；归 母净利润 10.31 亿元，同比下滑 40.99%；扣非后归母净利润 10.05 亿元，同比下滑 42.49%。 迈瑞医疗发布 2025 年度一季报。2025Q1 公司实现营业收入 82.37 亿元，同比下滑 12.12%；归母净利润 26.29 亿元，同比下滑 16.81%；扣非后归母净利润 25.31 亿元， 同比下滑 16.68%。 观点：2024 年体外诊断业务稳健增长，高端超声 A20 放量驱动医学影像板块增长， 种子业务蓄势待发，多产品线各放异彩。2025Q1 业绩阶段性承压，主要系国内政策 扰动及海外同期高基数影 ...

Investment Rating - The investment rating for the company is "Buy" [7] Core Views - The company is expected to experience a gradual improvement in performance due to a recovery in bidding trends, despite short-term pressure in Q1 2025 caused by domestic policy disruptions and high base effects from the previous year [2][3] - The in-vitro diagnostics business is showing steady growth, while the high-end ultrasound A20 is driving growth in the medical imaging segment [2] - The company is projected to achieve revenue of CNY 400.23 billion, CNY 456.94 billion, and CNY 521.36 billion for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 9.0%, 14.2%, and 14.1% [5] Summary by Sections Financial Performance - In 2024, the company achieved revenue of CNY 367.26 billion, a year-on-year increase of 5.14%, and a net profit attributable to shareholders of CNY 116.68 billion, a growth of 0.74% [1] - For Q1 2025, the company reported revenue of CNY 82.37 billion, a decline of 12.12% year-on-year, and a net profit of CNY 26.29 billion, down 16.81% [1][2] Business Segments - The life information and support business generated revenue of CNY 135.57 billion, down 11.11% year-on-year, primarily due to domestic industry regulations and delays in bidding procurement [2] - The in-vitro diagnostics segment saw revenue of CNY 137.65 billion, an increase of 10.82%, with overseas growth exceeding 30% [2] - The medical imaging segment achieved revenue of CNY 74.98 billion, a growth of 6.60%, with overseas revenue increasing by over 15% [2] Market Trends - The company is witnessing a continuous increase in overseas revenue, which reached CNY 164.34 billion in 2024, a growth of 21.28%, accounting for approximately 45% of total revenue [4] - The domestic market is expected to recover as medical equipment update projects gradually commence, with monthly bidding data showing a sustained recovery trend [3] Profitability Forecast - The company’s gross margin for Q1 2025 was reported at 62.53%, a decrease of 3.43 percentage points year-on-year, influenced by price pressures on reagents and increased competition in the domestic medical equipment market [3]

Core Viewpoint - The A-share market has shown resilience and improvement in performance for 2024, driven by a series of growth policies and the impact of AI on technological innovation, with over half of listed companies achieving revenue growth and a significant number of new listings reporting both revenue and net profit increases [2][5][6]. Group 1: Market Performance - In 2024, among 5,403 listed companies, 3,035 achieved positive revenue growth, accounting for 56.17% [5] - Over half of the 100 newly listed companies in 2024 reported both revenue and net profit growth, with notable performances from companies like Kema Technology and Pioneer Precision [6][7] - The financial sector has accelerated recovery, with consumer spending and logistics showing significant improvement, contributing to the overall resilience of listed companies [2][3]. Group 2: Regulatory Impact - The introduction of new regulations, including the "National Nine Articles," has led to a significant reduction in the number of terminated IPO reviews, with only 2 terminations in April 2024 compared to 31 in the same month of the previous year [3][8] - The strict IPO review process has resulted in a tripling of terminated projects in 2024, indicating a focus on improving the quality of listed companies [7][8]. - The implementation of the "strictest delisting rules" has led to 22 companies being delisted in 2024, with a focus on financial and trading indicators [9][10]. Group 3: Corporate Quality Improvement - The combination of delisting and rescue measures has led to an overall improvement in the quality of listed companies, with 32 companies expected to withdraw delisting risk warnings by the end of May 2024 [11][12] - Companies like *ST Hengyu have successfully removed delisting risk warnings by improving their financial performance, demonstrating the effectiveness of regulatory measures [12][13]. Group 4: Investor Returns - In 2024, nearly 70% of listed companies announced cash dividend plans, totaling 1.66 trillion yuan, with the overall dividend amount reaching 2.39 trillion yuan, a 7.2% increase year-on-year [15][16] - The number of companies announcing mid-term dividends has significantly increased, with 985 companies declaring plans, marking a 4.3-fold increase in both number and amount compared to 2023 [15][16]. - State-owned enterprises continue to be the main contributors to dividends, with nearly 1,000 state-owned companies distributing a total of 1.5 trillion yuan in dividends in 2024 [16].

Core Viewpoint - The company reported mixed financial results for 2024 and Q1 2025, with a slight increase in annual revenue but significant declines in quarterly performance, indicating challenges in domestic operations while showing growth in international markets [1][2]. Group 1: Financial Performance - In 2024, the company achieved revenue of 36.726 billion yuan (+5.14%) and a net profit of 11.668 billion yuan (+0.74%), with a decline in Q4 2024 revenue to 7.241 billion yuan (-5.08%) and net profit to 1.031 billion yuan (-40.99%) [1]. - For Q1 2025, revenue was 8.237 billion yuan (-12.12%) and net profit was 2.629 billion yuan (-16.81%), indicating ongoing pressure in domestic operations [1]. Group 2: Domestic and International Market Dynamics - Domestic revenue for 2024 was 20.29 billion yuan (-5.1%), impacted by tight local finances and delays in regular bidding, but is expected to recover by Q3 2025 as fiscal support increases [2]. - International revenue for 2024 reached 16.434 billion yuan (+21.3%), with significant growth in the Asia-Pacific region (nearly 40%) and over 30% rebound in Europe, contributing to an increase in international revenue share to approximately 47% in Q1 2025 [2]. Group 3: Product Segments and Growth Drivers - The IVD segment generated revenue of 13.76 billion yuan (+10.8%), benefiting from domestic market shifts and overseas collaboration, achieving over 30% growth [3]. - Medical imaging revenue was 7.5 billion yuan (+6.6%), with a market share exceeding 30% due to the launch of high-end products [3]. - The life information and support segment saw revenue of 13.56 billion yuan (-11.1%), with micro-invasive surgery maintaining over 30% growth despite domestic procurement delays [3]. Group 4: Research and Development Initiatives - The company invested 4 billion yuan in R&D (10.9% of revenue) in 2024, launching several advanced products and AI solutions to enhance product offerings and market penetration [4]. - The company aims for significant revenue growth in the coming years, projecting total revenues of 39.881 billion yuan, 45.542 billion yuan, and 52.536 billion yuan for 2025-2027, with corresponding net profits of 12.542 billion yuan, 14.585 billion yuan, and 17.081 billion yuan [4].

Core Viewpoint - The article discusses the impact of the U.S. tariff policies on global trade and the subsequent response from China, highlighting the opportunities for domestic industries to replace imports in various sectors due to increased tariffs on U.S. goods [1] Group 1: Import Substitution Opportunities - The sectors with significant import substitution potential in A-shares include chips, photoresists, scientific instruments, medical devices, and aerospace equipment [1] - A total of 50 stocks have been identified as having strong potential for import substitution based on performance and institutional interest [1][6] Group 2: High Import Dependency Categories - Key categories with high import dependency in China include electronics (semiconductor components/devices, optical components), medical devices, machinery (measuring instruments, machine tools, cutting tools), aerospace equipment, and chemical products [4] - In 2022, China's imports from the U.S. in electronic machinery, agricultural products, chemicals, and energy exceeded 150 billion yuan, indicating a significant reliance on U.S. imports [5] Group 3: Market Size and Growth Potential - The global market for analog chips is valued at $79.4 billion, with China's demand accounting for 30% to 40%, translating to a market space of approximately 240 billion yuan [6] - The medical device market in China has a high dependency on imports, with 70% of high-end equipment (e.g., MRI, CT machines) sourced from companies like GE and Siemens, representing a market space worth several hundred billion yuan [6] Group 4: R&D Investment and Innovation - The average R&D investment ratio for the top 50 import substitution stocks exceeds 21%, significantly higher than the A-share average [9] - Notable companies include Longxin Technology with an R&D investment ratio of 105.34%, and BeiGene with over 14.1 billion yuan invested in R&D, focusing on innovative cancer treatments [9][10] Group 5: Stock Performance and Growth Projections - Among the top 50 stocks, companies like SMIC, Haiguang Information, and Heng Rui Medicine have market capitalizations exceeding 100 billion yuan, primarily in semiconductor equipment, AI chips, and innovative pharmaceuticals [7] - The average projected net profit growth for these companies is close to 69%, with several stocks expected to double their profits this year [12]

Core Viewpoint - Mindray Medical's 2024 annual report and 2025 Q1 report indicate a significant slowdown in growth, with revenue and net profit showing only single-digit increases, marking the end of eight consecutive years of double-digit growth [1] Group 1: Financial Performance - In 2024, Mindray Medical's revenue was approximately 36.726 billion yuan, a year-on-year increase of 5.14%, while net profit was about 11.668 billion yuan, up 0.74% [1] - For Q1 2025, revenue was around 8.237 billion yuan, a year-on-year decrease of 12.12%, and net profit was approximately 2.629 billion yuan, down 16.81% [1] - The company's cash flow from operating activities fell by 47.83% year-on-year to 1.494 billion yuan [1] Group 2: Business Segments - International business grew by less than 5% year-on-year, while domestic business saw a decline of over 20% [1] - In 2024, the revenue from the in-vitro diagnostics segment exceeded that of life information and support for the first time, reaching 13.765 billion yuan, a growth of 10.82%, accounting for about 37.5% of total revenue [2] Group 3: Market Trends and Future Outlook - The decline in domestic business revenue by 5.1% over the past year was attributed to weak hospital equipment procurement, which is expected to improve starting from Q3 2025 [1][2] - Mindray Medical anticipates a significant turning point in domestic business due to the gradual initiation of medical equipment update projects and improving monthly tender data [2] - The company expects revenue distribution to return to a "lower first half, higher second half" pattern in 2025, with a trend of quarterly improvement [4] Group 4: Organizational and Strategic Developments - Mindray Medical has maintained a stable workforce, with a total of 19,172 employees in 2024, a year-on-year increase of 6.25%, and no major layoffs in the past three years [4] - The company emphasizes three key transformation directions for the next five years: digitalization, streamlining, and internationalization, which are crucial for future growth [4]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [5]. Core Views - The company experienced a slight revenue increase in 2024, with total revenue reaching 36.726 billion yuan, a year-on-year growth of 5.14%. However, the first quarter of 2025 saw a revenue decline of 12.12% compared to the same period last year [1][2]. - The company has made significant advancements in research and development, with R&D expenditures amounting to 4.008 billion yuan in 2024, representing 10.91% of total revenue. Notable innovations include the launch of a clinical decision-making model in critical care and new products in the in-vitro diagnostics and medical imaging sectors [2][3]. - The company has achieved substantial growth in overseas markets, with revenue from international operations reaching 16.434 billion yuan in 2024, a year-on-year increase of 21.28%. The company’s products are now distributed in over 190 countries and regions [3]. Summary by Sections Financial Performance - In 2024, the company reported total revenue of 36.726 billion yuan, with a net profit attributable to shareholders of 11.668 billion yuan, reflecting a growth of 0.74%. The first quarter of 2025 showed a revenue of 8.237 billion yuan, down 12.12% year-on-year, and a net profit of 2.629 billion yuan, down 16.81% [1][4]. - The revenue breakdown for 2024 shows that the in-vitro diagnostics segment generated 13.765 billion yuan, up 10.82%, while the life information and support segment saw a decline of 11.11% to 13.557 billion yuan [2]. Research and Development - The company continues to prioritize R&D, with a focus on innovation across various medical fields. The introduction of new products and technologies is expected to enhance its competitive edge in the medical device industry [2]. Market Position and Global Expansion - The company has successfully penetrated high-end hospitals and tertiary medical institutions in China, with its products now covering nearly 110,000 medical facilities and over 99% of top-tier hospitals. The strong performance in overseas markets highlights the effectiveness of its global expansion strategy [3]. Profitability and Valuation - The report adjusts the profit forecasts for 2025 and 2026, projecting net profits of 12.878 billion yuan and 15.085 billion yuan, respectively. The current price corresponds to a price-to-earnings ratio of 20 for 2025, 17 for 2026, and 15 for 2027 [3][4].

Group 1: Investment Rating - The report maintains a "Recommended" rating for the companies analyzed, indicating a positive outlook for their future performance [10][19][33]. Group 2: Core Insights - The active bond fund market shows a slight increase in the number of funds and total assets, with 3,263 funds and a total scale of 7.90 trillion yuan, reflecting a 0.8% and 1.0% increase respectively [7][8]. - The performance of active bond funds in Q1 was influenced by rising government bond yields, with short-term pure bond funds performing particularly well [7][8]. - The report highlights a shift in asset allocation within mixed secondary bond funds, with increased holdings in sectors such as non-ferrous metals, pharmaceuticals, and steel [8][9]. - The medical device company Mindray achieved a revenue of 36.73 billion yuan in 2024, with a year-on-year growth of 5.14%, while its international business grew by 21.28% [10][11]. - Haibo Technology reported a revenue of 8.27 billion yuan in 2024, marking an 18.44% increase, with a significant focus on energy storage systems [15][18]. - The refrigerant manufacturer Sanmei achieved a revenue of 4.04 billion yuan in Q1 2025, reflecting a 26.42% increase, driven by strong demand in the home appliance and automotive sectors [26][27]. Group 3: Summary by Sections Active Bond Funds - As of Q1 2025, the number of active bond funds reached 3,263, with a total scale of 7.90 trillion yuan, and 43 new funds were issued, totaling 783.7 billion yuan [7][8]. - The performance of short-term pure bond funds was notably strong due to rising yields, while mixed bond funds showed volatility [7][8]. Mindray Medical - Mindray's revenue for 2024 was 36.73 billion yuan, with a net profit of 11.67 billion yuan, and a proposed cash dividend of 5.6 yuan per 10 shares [10][11]. - The company anticipates a recovery in domestic business in 2025, with international revenue expected to continue growing [11][12]. Haibo Technology - Haibo's revenue for 2024 was 8.27 billion yuan, with a focus on energy storage systems, which accounted for a significant portion of its revenue [15][18]. - The company has established partnerships with international firms to explore new market opportunities [18]. Sanmei - Sanmei's revenue for 2024 was 4.04 billion yuan, with a significant increase in refrigerant prices due to supply constraints [26][27]. - The company is well-positioned in the market with a leading share in the production of third-generation refrigerants [29]. Huayu Automotive - Huayu reported a revenue of 168.85 billion yuan in 2024, with a slight decline in net profit due to cost pressures [31][32]. - The company is adjusting its customer structure to mitigate risks associated with its largest client, SAIC [32][33].

Core Viewpoint - The recent financial performance of Mindray Medical shows a significant decline in revenue and net profit, raising concerns about its growth trajectory after years of strong performance [1][3]. Financial Performance - In 2024, Mindray Medical achieved revenue of 36.725 billion yuan, a year-on-year increase of 5.14%, and a net profit of 11.668 billion yuan, up 0.74% [1]. - In Q1 2025, the company reported its first quarterly revenue and net profit decline since 2018, with revenue of 8.237 billion yuan, down 12.12%, and net profit of 2.629 billion yuan, down 16.81% [2][3]. - The company's operating cash flow also decreased significantly, from 2.865 billion yuan to 1.494 billion yuan [2]. Market Segmentation - Domestic revenue in 2024 decreased by 5.10%, accounting for 55.25% of total revenue, while international revenue increased by 21.28%, making up 44.75% [5][6]. - The breakdown of revenue by business segment shows that in 2024, the in-vitro diagnostics segment generated 13.765 billion yuan (up 10.82%), while the life information and support segment saw a decline of 11.11% to 13.557 billion yuan [3][5]. Challenges Faced - The decline in domestic revenue is attributed to a tightening budget in hospitals, leading to reduced procurement of medical devices [6][7]. - The overall medical spending has been contracting, with hospitals adopting a "tighten the belt" approach due to rising operational costs and decreasing fiscal support [6][8]. - The medical device industry faced a significant drop in bidding scale, down approximately 35% year-on-year in the first half of 2024 [6]. Future Outlook - Mindray Medical expresses confidence in a recovery starting from Q3 2025, supported by improving financial conditions in hospitals and an increase in medical insurance expenditures [8][9]. - The company aims to reach the top 20 global medical device companies by continuing to expand its international market presence, particularly in developing countries [9][10]. - The company is focusing on digital transformation and global expansion, leveraging AI technology to enhance its product offerings [12][13].

Group 1 - The core viewpoint of the news is the performance and holdings of the Industrial and Commercial Bank of China Medical Healthcare Stock Fund, which has shown positive growth in recent months and has a diversified portfolio in the healthcare sector [1][3]. - As of April 30, 2025, the latest net value of the fund is 2.5180 yuan, reflecting a growth of 1.82%. The fund's return over the past month is 2.07%, ranking 41 out of 469 in its category. Over the past three months, the return is 11.71%, ranking 45 out of 467, and since the beginning of the year, the return is 10.49%, ranking 44 out of 465 [1]. - The fund's total assets amount to 2.724 billion yuan as of March 31, 2025, and it was established on November 18, 2014. The fund managers are Zhao Bei and Ding Yang [1]. Group 2 - The top ten holdings of the fund account for a total of 39.79%, with significant investments in companies such as Heng Rui Pharmaceutical (8.90%), WuXi AppTec (5.12%), and Aier Eye Hospital (4.94%) [1]. - Zhao Bei, the fund manager, has extensive experience in the healthcare sector, having been with ICBC Credit Suisse Asset Management since 2010 and managing the healthcare fund since its inception in 2014. Ding Yang, the co-manager, has a strong academic background and joined the firm in 2017 [2].