Investment Rating - The report maintains a "Recommended" rating for Mindray Medical (300760.SZ) [1][3] Core Views - The company experienced short-term pressure on performance but is expected to see a recovery trend in the future, driven by improved domestic policies and demand recovery [1] - For the first three quarters of 2024, the company achieved operating revenue of 29.485 billion yuan, a year-on-year increase of 7.99%, and a net profit attributable to the parent company of 10.637 billion yuan, up 8.16% year-on-year [1] - The international market showed strong growth, with over 18% increase in revenue, while the domestic market faced challenges, growing less than 2% due to various factors [1] Summary by Sections Financial Performance - In Q3 2024, the company reported revenue of 8.954 billion yuan, a year-on-year increase of 1.43%, but net profit decreased by 9.31% [1] - The company’s R&D investment for the first three quarters of 2024 was 2.843 billion yuan, accounting for 9.64% of operating revenue [1] Market Analysis - The international market growth was driven by high-end strategic customers and breakthroughs in large sample laboratories, with Europe and Asia-Pacific markets growing over 30% [1] - Domestic market growth was hindered by delays in hospital procurement and tight funding for hospital construction [1] Product Development - The company continues to innovate with new product launches in various fields, including in vitro diagnostics and medical imaging [1] - The market share in the domestic in vitro diagnostics sector is expected to increase, with the company aiming to surpass a major imported brand in the chemical luminescence segment [1] Future Projections - Revenue projections for 2024-2026 are 39.7 billion yuan, 46.732 billion yuan, and 55.155 billion yuan, with expected year-on-year growth rates of 13.6%, 17.7%, and 18.0% respectively [2][4] - Net profit projections for the same period are 13.435 billion yuan, 15.641 billion yuan, and 18.317 billion yuan, with corresponding PE ratios of 24, 21, and 18 [2][4]

Investment Rating - Maintains a "Buy" rating with a target price of RMB 350 [1][3] Core Views - Domestic revenue is expected to remain under pressure in 4Q24, with a potential recovery in 2025 [1] - Overseas business continues to grow steadily, while domestic growth is sluggish due to anti-corruption measures and delayed equipment renewal tenders [1] - 3Q24 revenue growth was modest, with domestic revenue declining by 10% YoY, while overseas revenue grew by 19% YoY [1] - Life Information & Support segment revenue fell by over 20% YoY in 3Q24, while IVD and Medical Imaging grew by less than 10% and 3% respectively [1] - Gross margin in 3Q24 declined by 5.5 ppts YoY, mainly due to accounting adjustments, but remained stable on a like-for-like basis [1] - Medical special bonds and local special bonds issuance accelerated in September 2024, but the impact on 4Q24 performance is expected to be limited [1] - The company plans to reduce inventory levels from 4 months to 2 months by the end of 2024, which may pressure 4Q24 revenue growth [1] - Full-year 2024 revenue growth is expected to slow to 7% YoY, with a significant recovery anticipated in 2025 as equipment renewal projects materialize [1] Financial Performance and Forecasts - 2024E revenue is projected at RMB 37.4 billion, with a 7.1% YoY growth, while 2025E revenue is expected to grow by 21% YoY to RMB 45.3 billion [2] - 2024E net profit attributable to shareholders is forecasted at RMB 12.5 billion, with a 7.6% YoY increase, and 2025E net profit is expected to grow by 21% YoY to RMB 15.1 billion [2] - Gross margin for 2024E is projected at 64.2%, slightly lower than 2023A's 66.2% [4] - Operating cash flow for 2024E is expected to be RMB 15.6 billion, with capital expenditures of RMB 6.8 billion [5] Dividend Policy - The company announced a second dividend of RMB 1.65 per share for 2024, maintaining a payout ratio of 65% [1] - The single dividend yield is 0.6% based on the closing price on the announcement date [1] Valuation Metrics - The target price of RMB 350 implies a 28x 2025E PE, in line with the 3-year historical average [1] - 2024E PE is projected at 26.4x, declining to 21.8x in 2025E [2] - The dividend yield for 2024E is expected to be 2.5%, increasing to 3.0% in 2025E [5]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights that external policy impacts have affected short-term performance, but there is optimism regarding domestic equipment upgrades and continuous breakthroughs in overseas markets [1] - The company has shown resilience in its domestic business despite policy disruptions, with strong performance in overseas markets, particularly in high-end strategic clients and large sample laboratories [1][2] - The report anticipates rapid growth in the domestic market driven by new medical infrastructure and recovery in hospital diagnostics, while overseas high-end clients are expected to continue to expand [1][6] Financial Performance Summary - **Revenue Forecasts**: - 2022A: 30,366 million - 2023A: 34,932 million - 2024E: 38,391 million - 2025E: 44,759 million - 2026E: 52,249 million - Year-on-Year Growth Rates: 20% (2022), 15% (2023), 10% (2024), 17% (2025), 17% (2026) [1] - **Net Profit Forecasts**: - 2022A: 9,607 million - 2023A: 11,582 million - 2024E: 13,375 million - 2025E: 15,677 million - 2026E: 18,301 million - Year-on-Year Growth Rates: 20% (2022), 21% (2023), 15% (2024), 17% (2025), 17% (2026) [1] - **Earnings Per Share (EPS)**: - 2022A: 7.92 - 2023A: 9.55 - 2024E: 11.03 - 2025E: 12.93 - 2026E: 15.09 [1] - **Profitability Ratios**: - Return on Equity (ROE): 30% (2022), 35% (2023), 29% (2024), 25% (2025), 23% (2026) [1] - Price-to-Earnings (P/E) Ratio: 34.2 (2022), 28.4 (2023), 24.6 (2024), 21.0 (2025), 18.0 (2026) [1] Market and Business Insights - The company has experienced a slight slowdown in growth due to domestic medical regulations, but its overseas business remains robust, with significant revenue contributions from high-end products and new business lines such as minimally invasive surgery and animal healthcare [1][2] - The report notes that the company's market share in the domestic market is expected to increase, with the in vitro diagnostics segment becoming the largest revenue contributor [1][2] - The company is well-positioned to benefit from the acceleration of special bond issuance and the gradual recovery of its monitoring business [1][6]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company is expected to benefit from domestic equipment upgrades and sustained growth in overseas markets despite short-term performance impacts from external policies [1] - The company reported a revenue of 29.485 billion yuan for the first three quarters of 2024, a year-on-year increase of 7.99%, and a net profit attributable to shareholders of 10.637 billion yuan, up 8.16% year-on-year [1] - The report anticipates revenue growth of 10% in 2024, followed by 17% in 2025 and 2026, with net profit growth of 15% in 2024 and 17% in the subsequent years [1] Financial Performance Summary - Revenue (in million yuan): - 2022A: 30,366 - 2023A: 34,932 - 2024E: 38,391 - 2025E: 44,759 - 2026E: 52,249 - Year-on-year growth rates: - 2022: 20% - 2023: 15% - 2024: 10% - 2025: 17% - 2026: 17% [1] - Net profit (in million yuan): - 2022A: 9,607 - 2023A: 11,582 - 2024E: 13,375 - 2025E: 15,677 - 2026E: 18,301 - Year-on-year growth rates: - 2022: 20% - 2023: 21% - 2024: 15% - 2025: 17% - 2026: 17% [1] - Earnings per share (in yuan): - 2022A: 7.92 - 2023A: 9.55 - 2024E: 11.03 - 2025E: 12.93 - 2026E: 15.09 [1] Market and Business Insights - The company’s overseas business revenue reached 12.02 billion yuan, a year-on-year increase of 18.3%, driven by high-end strategic clients and breakthroughs in various sectors [1] - Domestic revenue for the first three quarters was 17.47 billion yuan, a year-on-year increase of 1.9%, impacted by policy changes and delays in hospital procurement [1] - The in vitro diagnostics (IVD) segment became the largest revenue contributor, with a revenue of 11.4 billion yuan, up 20.9% year-on-year [1]

Investment Rating - The report maintains a "BUY" rating for Mindray, indicating a potential return of over 15% over the next 12 months [9][21]. Core Insights - Mindray reported a revenue of RMB 29.5 billion for the first nine months of 2024, reflecting an 8.0% year-on-year growth, while the attributable net profit increased by 8.2% year-on-year to RMB 10.6 billion [2][5]. - The domestic market is under pressure, with a notable decline in revenue from public hospitals and IVD testing, particularly in lower-tier hospitals, leading to a 9.7% year-on-year drop in domestic revenue in Q3 2024 [2][5]. - The overseas business showed healthy growth, with a 18.6% year-on-year increase in overseas revenue in Q3 2024, driven by strong performances in Europe, APAC, and Latin America [5][9]. Financial Summary - Revenue projections for FY24E, FY25E, and FY26E are RMB 37.4 billion, RMB 43.6 billion, and RMB 49.7 billion respectively, with year-on-year growth rates of 7.1%, 16.5%, and 14.0% [3][17]. - Attributable net profit estimates for FY24E, FY25E, and FY26E are RMB 12.8 billion, RMB 14.7 billion, and RMB 16.8 billion, with corresponding growth rates of 10.7%, 14.8%, and 14.3% [3][17]. - The adjusted net profit for FY24E is projected at RMB 12.7 billion, with an adjusted EPS of RMB 10.58 [3][17]. Market Performance - The current market capitalization of Mindray is approximately RMB 336.7 billion, with a target price adjusted to RMB 328.81, indicating a 21.6% upside from the current price of RMB 270.50 [6][7]. - The stock has experienced a relative performance decline of 5.5% over the past month and 18.4% over the past six months [6]. Business Segments - The IVD segment saw domestic revenue growth of 17% year-on-year in 9M24, although the overall demand in lower-tier hospitals was negatively impacted by nationwide DRG implementation [5]. - The MIS segment reported over 10% year-on-year growth in domestic revenue in 9M24, driven by the strong uptake of the Resona A20 ultrasound system [5]. - Emerging businesses such as minimally invasive surgery and animal medical have shown significant growth, contributing over 10% to overseas revenue [5].

Investment Rating - The investment rating for Mindray Medical (300760) is not explicitly stated in the provided content, but the report indicates a positive outlook based on growth projections and market performance. Core Views - The report highlights that Mindray Medical achieved a revenue of 29.485 billion yuan in the first three quarters of 2024, representing a year-over-year increase of 7.99%. However, the revenue growth in Q3 was slower at 1.43% year-over-year, primarily due to domestic market pressures from procurement delays and funding constraints in hospitals [1]. - The international market showed robust growth, with an 18.6% increase in Q3 2024, driven by high-end strategic clients and breakthroughs in large sample laboratories [1]. - The IVD product line has become the largest revenue contributor, with a 20.9% year-over-year increase, benefiting from local production and market share gains in domestic diagnostics [1]. Summary by Sections Financial Performance - For the first three quarters of 2024, Mindray Medical reported total revenue of 29.485 billion yuan, with a net profit of 10.637 billion yuan, reflecting an 8.16% year-over-year increase. The Q3 revenue was 8.954 billion yuan, with a net profit of 3.076 billion yuan, showing a decline of 9.31% year-over-year [1]. - The report projects revenues for 2024-2026 to be 40.023 billion, 47.647 billion, and 55.951 billion yuan, with year-over-year growth rates of 14.6%, 19.0%, and 17.4% respectively [2]. Market Dynamics - The domestic market is currently facing challenges due to regulatory adjustments and procurement delays, while the international market is thriving, particularly in Europe, Asia-Pacific, and Latin America, with growth rates of approximately 30%, 30%, and 25% respectively [1]. - The report emphasizes that as domestic procurement activities gradually recover, the demand for medical equipment is expected to rebound, leading to a faster growth trajectory for the company [1]. Profitability and Margins - The gross profit margin for Q3 2024 was reported at 61.69%, with expectations for improvement as the IVD consumables business grows and high-end customer segments expand [1]. - The report indicates that the company’s operating expenses are being optimized, with a sales expense ratio of 8.15% and a management expense ratio of 3.31% [1]. Valuation Metrics - The projected earnings per share (EPS) for 2024-2026 are 11.01 yuan, 13.23 yuan, and 15.70 yuan, with corresponding price-to-earnings (P/E) ratios of 24.57, 20.45, and 17.23 [3].

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Investment Rating - The report maintains a "Recommendation" rating for the company [2][7] Core Views - The company faces pressure in domestic growth but shows strong performance overseas, with a total revenue of 29.48 billion yuan in the first three quarters, reflecting an 8.0% year-on-year increase, while net profit attributable to shareholders reached 10.64 billion yuan, up 8.2% year-on-year [3][4] - Domestic revenue for the first three quarters was 17.47 billion yuan, growing by 1.9% year-on-year, while international revenue reached 12.02 billion yuan, increasing by 18.3% year-on-year, driven by high-end strategic clients and significant growth in animal healthcare and minimally invasive surgery [4][5] Financial Performance Summary - The company achieved a gross margin of 64.87% in the first three quarters, with a net profit margin of 34.92% in Q3, indicating robust operational quality despite a decline due to accounting adjustments [7] - Revenue projections for 2024-2026 have been adjusted to 11.03 yuan, 13.09 yuan, and 15.25 yuan per share, respectively, reflecting a stable growth outlook despite domestic challenges [7][12] - The company’s revenue is expected to grow from 34.93 billion yuan in 2023 to 53.69 billion yuan by 2026, with a net profit forecasted to increase from 11.58 billion yuan to 18.49 billion yuan over the same period [10][12] Market Position and Strategy - The IVD segment has become the largest revenue contributor, achieving 11.4 billion yuan in revenue, a 20.9% increase year-on-year, while the medical imaging segment also showed growth, albeit at a slower pace due to a decline in domestic market size [5][6] - The company is positioned as a global leader in medical devices and solutions, with products sold in over 190 countries, indicating a broad demand potential both domestically and internationally [7][12]

证券代码：300760 证券简称：迈瑞医疗 公告编号：2024-049 深圳迈瑞生物医疗电子股份有限公司 2024年第二次中期权益分派实施公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误 导性陈述或重大遗漏。 深圳迈瑞生物医疗电子股份有限公司（下称"本公司"或"公司"）2024年第二次中 期权益分派方案已获2024年10月29日召开的第八届董事会第十次会议和第八届监事会第八 次会议审议通过，在公司2023年年度股东大会决议授权范围内，无需再次提交股东大会审 议。现将权益分派事宜公告如下： 一、股东大会授权及董事会审议通过利润分配方案等情况 1、公司于2024年5月17日召开2023年年度股东大会，审议通过了《关于授权董事会制 定中期分红方案的议案》，同意授权董事会根据股东大会决议在符合利润分配的条件下制定 具体的2024年中期分红方案。公司于2024年10月29日召开第八届董事会第十次会议和第八 届监事会第八次会议，审议通过了《关于2024年第二次中期利润分配方案的议案》，2024年 第二次中期利润分配方案为：以公司2024年9月30日的总股本1,212,441,394股为基数 ...

Investment Rating - The report maintains a "Buy" rating for Mindray Medical (300760.SZ) [1][7] Core Views - The company achieved a revenue of 29.485 billion RMB in the first three quarters of 2024, representing an 8% year-on-year increase. The net profit attributable to shareholders was 10.637 billion RMB, also up by 8% year-on-year [1] - International market growth is strong, particularly in the in vitro diagnostics sector, which has become a key growth driver. The international market grew over 18% in the first three quarters, with Europe and Asia-Pacific markets exceeding 30% growth [1] - The company continues to invest heavily in R&D, with R&D expenses reaching 2.843 billion RMB, accounting for 9.64% of revenue. New product launches in various fields have maintained high product competitiveness [1] - A dividend distribution plan has been announced, with a total cash dividend of 2.001 billion RMB planned for distribution, increasing the total dividend amount to 31.723 billion RMB [1] Summary by Sections Performance Overview - In Q3 2024, the company reported revenue of 8.954 billion RMB, a 1% increase year-on-year, while net profit decreased by 9% to 3.076 billion RMB [1] Business Analysis - The international market's growth is driven by high-end strategic clients and large sample laboratories, while domestic market growth is hindered by delayed bidding demands [1] - The in vitro diagnostics segment saw over 20% growth, with international lines growing over 30% [1] R&D Investment - R&D investment for the first three quarters reached 2.843 billion RMB, with significant new product launches across various medical fields [1] Dividend Policy - The company plans to distribute a cash dividend of 16.50 RMB per 10 shares, totaling 2.001 billion RMB, further enhancing shareholder returns [1] Profit Forecast and Valuation - The forecasted net profits for 2024-2026 are 13.849 billion RMB, 16.673 billion RMB, and 20.215 billion RMB, with corresponding PE ratios of 24, 20, and 16 [1]