Market Performance and Growth - North America revenue CAGR from 2020-2023 was 16%, significantly higher than the low single-digit industry growth rate [2] - North America accounted for 6% of the company's H1 2024 revenue, with expectations for this proportion to continue declining [3] - Domestic equipment business contributed 27% of total revenue in H2 2023, with performance dependent on equipment renewal implementation [3] - Overseas revenue accounted for 41% of total revenue in H2 2023, expected to maintain rapid growth, especially in developing countries and Europe [3] Product and Market Strategy - The company has secured a three-year exclusive anesthesia machine supply agreement with the 10th largest IDN in the US [2] - Currently offering 3 product categories in the US market, with plans to expand from the existing 30 sub-product categories [3] - Achieved top 3 market share for key products in the US, including patient monitors, anesthesia machines, and POC ultrasound [2] - The company aims to enter the global top 20 medical device companies by 2025 [3] International Expansion - European market showing recovery, with breakthrough contracts at top hospitals including St Thomas' Hospital (UK), Charité - Universitätsmedizin Berlin (Germany), and Hôpital de la Pitié-Salpêtrière (France) [5] - Developing countries emerging as a major growth driver, with over one-third of revenue coming from IVD business [6] - Established localized production in 12 countries across major markets, with 9 facilities related to IVD production [6] AI and Technological Innovation - AI-powered blood cell morphology analyzer reduced average slide review time from 25-30 minutes to 30 seconds [6] - The MC series AI-powered blood cell analyzer has been installed in over 400 hospitals globally, surpassing competitor's decade-long sales within one year [7] - Collaborated with Tencent to develop a critical care domain model, currently being tested in top-tier Chinese hospitals [7] Policy and Market Environment - The Chinese government has allocated 300 billion RMB in ultra-long-term special treasury bonds to support medical equipment renewal [4] - Domestic equipment renewal projects have been approved, with hospital tendering processes expected to commence upon fund allocation [4] - The company has observed accelerated issuance of local government special bonds, supporting medical equipment procurement [3] M&A Strategy - The company has accelerated M&A activities since 2008, focusing on core technology enhancement, new business exploration, and overseas market expansion [4] - Recent M&A activities emphasize strengthening existing businesses and exploring new areas rather than merely expanding revenue [4] - Future M&A will focus on acquiring cutting-edge technologies and enhancing global R&D, marketing, and supply chain platforms [4]

证 券 研 究 报 告 迈瑞医疗（300760）2024 年中报点评 推荐（维持） 业绩增长稳健，IVD 业务表现突出 目标价：335 元 当前价：231.67 元 | --- | --- | --- | --- | --- | --- | |-------|----------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------- ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [2]. Core Views - The company has established a comprehensive product line in the medical device industry, leveraging a dual strategy of self-research and external acquisitions to drive growth. The aging population and supportive policies are expected to expand market demand, allowing the company to maintain high growth rates even with a revenue scale of 30 billion RMB [2]. - The company leads in the life information and support sector, with significant market shares in various products, including monitoring devices and anesthesia machines, achieving global top-three positions in certain categories [2]. - The in vitro diagnostics (IVD) business is rapidly increasing its market share due to domestic procurement policies and integrated supply chain strategies, with expectations for further expansion in both domestic and international markets [2]. - The medical imaging segment is transitioning from low-end to high-end products, with a projected CAGR of 5.0% for the ultrasound market in China, indicating strong growth potential [2]. - Emerging sectors, including minimally invasive surgery and animal healthcare, are being cultivated, contributing to new revenue streams for the company [2]. - Valuation analysis indicates that the company is currently undervalued compared to historical levels and peers, suggesting potential for price appreciation [2]. Summary by Sections Company Overview - Founded in 1991, the company has developed a full product line in the medical device sector, focusing on safety, efficiency, and ease of use to meet clinical needs [7]. Core Business Segments - **Life Information and Support**: The company has achieved leading positions in various product categories, with significant breakthroughs in high-end customer penetration [36]. - **In Vitro Diagnostics**: The company is expanding its market share through domestic procurement policies and has integrated its supply chain to enhance competitiveness [45]. - **Medical Imaging**: The company is focusing on high-end ultrasound products, with a current market share of approximately 24% in China and 8% globally [2][36]. Emerging Sectors - The company has been developing new business areas since 2012, including minimally invasive surgery and animal healthcare, which are expected to contribute to future growth [2]. Financial Projections - Revenue forecasts for 2024-2026 are 41.17 billion, 49.17 billion, and 58.60 billion RMB, with corresponding growth rates of 17.8%, 19.4%, and 19.2% [3]. - Net profit forecasts for the same period are 13.63 billion, 16.38 billion, and 19.75 billion RMB, with growth rates of 17.7%, 20.2%, and 20.6% [3]. Valuation Analysis - The company's current PE ratio is at historical lows, indicating a favorable investment opportunity compared to its market position and growth prospects [2].

Investment Rating - Buy (Maintained) [1] Core Views - The company's 24H1 performance met expectations, with significant growth in the IVD (In Vitro Diagnostics) business [2] - Revenue for 24H1 reached 20.53 billion yuan (+11.1%), with net profit attributable to the parent company at 7.56 billion yuan (+17.4%) [2] - The IVD business grew by 28.2% in 24H1, driven by strong demand in both domestic and international markets [2] - The company continues to invest heavily in R&D, with 1.78 billion yuan spent in 24H1, focusing on high-end product innovation and expanding the "Ruizhilien" ecosystem [2] Business Performance Life Information & Support - Revenue for 24H1 was 8.01 billion yuan (-7.6%), with significant growth in minimally invasive surgery and high-value consumables [2] - Domestic market faced delays due to healthcare industry reforms, but international demand has recovered, leading to double-digit growth [2] In Vitro Diagnostics (IVD) - Revenue for 24H1 was 7.65 billion yuan (+28.2%), with chemical发光业务增长超过30% [2] - Domestic IVD business grew over 25%, with blood cell business growing over 30% [2] - International IVD business grew over 30%, with successful penetration into over 60 overseas third-party laboratories [2] Medical Imaging - Revenue for 24H1 was 4.27 billion yuan (+15.5%), with high-end ultrasound models growing over 40% [2] - Domestic market faced challenges due to industry reforms, but the company increased investment in high-end international markets [2] Financial Projections - Expected net profit attributable to the parent company for 2024-2026 is 13.75 billion, 16.65 billion, and 19.95 billion yuan, respectively [2] - EPS for 2024-2026 is projected to be 11.34, 13.73, and 16.45 yuan, with PE ratios of 22, 18, and 15 times, respectively [2] Market Performance - The stock's relative performance compared to the CSI 300 index shows a decline of 16% over the past year [4] - The company's total market capitalization is 300.07 billion yuan, with a total asset value of 60.63 billion yuan [5]

Investment Rating - The investment rating for the company is "Outperform the Market" [3][12][13] Core Views - The company achieved a revenue of 20.53 billion yuan (+11.1%) and a net profit attributable to shareholders of 7.56 billion yuan (+17.4%) in the first half of 2024, with a growth rate of 22.1% after excluding foreign exchange gains and losses [5][10] - The in-vitro diagnostics business showed strong performance with a revenue increase of 28.16%, while the minimally invasive surgery segment grew over 90% [7][12] - The company is benefiting from domestic medical infrastructure development and product upgrades, while also accelerating the expansion of high-end customers overseas [12][14] Summary by Sections Financial Performance - In H1 2024, the company reported a revenue of 20.53 billion yuan and a net profit of 7.56 billion yuan, with a net profit growth of 17.4% [5][10] - The second quarter alone saw a revenue of 11.16 billion yuan (+10.4%) and a net profit of 4 billion yuan (+13.7%) [5][10] - The gross profit margin improved to 66.25% (+0.66 percentage points), and the net profit margin increased to 36.90% (+2.03 percentage points) [10][12] Business Segments - The life information and support business generated 8.01 billion yuan in revenue, a decrease of 7.59% due to delays in procurement activities [6][10] - The in-vitro diagnostics segment achieved a revenue of 7.66 billion yuan (+28.16%), with the chemical luminescence business growing over 30% [7][10] - The medical imaging business reported a revenue of 4.27 billion yuan (+15.49%), with high-end ultrasound models growing over 40% [7][10] Market Outlook - The company anticipates a market space of 24 billion yuan in domestic medical infrastructure waiting to be released [6][10] - The revenue forecast for 2024-2026 has been slightly adjusted to 40.67 billion yuan, 48.80 billion yuan, and 56.86 billion yuan respectively, with expected growth rates of 16.4%, 20.0%, and 16.5% [12][14] - The net profit forecast for the same period is adjusted to 13.80 billion yuan, 16.57 billion yuan, and 19.64 billion yuan, with growth rates of 19.2%, 20.1%, and 18.5% [12][14]

证券研究报告 2024 年 09 月 04 日 湘财证券研究所 公司研究 迈瑞医疗（300760.SZ）点评报告 H1 业绩增长稳健，内生外延筑牢龙头地位 核心要点： 2024H1 业绩稳健增长，费用率保持稳定盈利能力持续提升 公司评级：增持（维持） 近十二个月公司表现 | --- | --- | --- | --- | |----------|--------------------|----------|------------| | | | | | | % | 1 个月 | 3 个月 | 12 个月 | | 相对收益 | -2 | -8 | 7 | | 绝对收益 | -5 | -17 | -6 | | | 注：相对收益与沪深 | | 300 相比 | 分析师：蒋栋 证书编号：S0500521050001 Tel：(8621) 50295368 Email：jiangdong@xcsc.com 地址：上海市浦东新区银城路88号 中国人寿金融中心10楼 近期公司发布 2024 年半年报，H1 公司实现营业收入 205.31 亿元，同比增 长 11.12%，实现归母净利润 75.61 亿元，同比增长 17.3 ...

证券研究报告 非金融公司|公司点评|迈瑞医疗（300760） IVD 业务实现快速发展，海外增长强劲 请务必阅读报告末页的重要声明 glzqdatemark1 2024年09月04日 证券研究报告 |报告要点 公司发布 2024 年半年报，2024 年上半年实现收入 205.31 亿元，同比增长 11%；实现归母净 利润 75.61 亿元，同比增长 17%；实现扣非归母净利润 73.80 亿元，同比增长 16%。 |分析师及联系人 郑薇 SAC：S0590521070002 请务必阅读报告末页的重要声明 1 / 5 2023/9 2024/1 2024/5 2024/9 非金融公司|公司点评 glzqdatemark2 2024年09月04日 迈瑞医疗(300760) IVD 业务实现快速发展，海外增长强劲 | --- | --- | --- | |----------------------------|----------|--------------------| | | | | | 行 业： | | 医药生物/医疗器械 | | 投资评级： | | 买入（维持） | | 当前价格： | | 247.82 ...

2024 年 09 月 03 日 公司点评 买入/维持 迈瑞医疗(300760) 收盘:247.49 迈瑞医疗点评报告：IVD 和国际业务增长强劲，"三瑞"数智化 建设稳步推进 ◼ 走势比较 (20%) (12%) (4%) 4% 12% 20% 23/9/4 23/11/1624/1/2824/4/1024/6/2224/9/3 迈瑞医疗 沪深300 ◼ 股票数据 总股本/流通(亿股) 12.12/12.12 总市值/流通(亿元) 3,000.67/3,00 0.67 12 个月内最高/最低价 (元) 316.1/224.71 相关研究报告 <<迈瑞医疗点评报告：业绩符合预 期，各产线均实现重大突破>>-- 2024-04-28 <<迈瑞医疗点评报告："质量回报双 提升"，迈瑞医疗在行动>>--2024- 02-18 <<迈瑞医疗点评报告：收购惠泰控制 权，巨头开启心血管业务新篇章>>-- 2024-01-30 证券分析师：谭紫媚 电话：0755-83688830 E-MAIL：tanzm@tpyzq.com 分析师登记编号：S1190520090001 事件：8 月 30 日，公司发布 2024 半年度报 ...

Investment Rating - The report maintains a "BUY" rating for Mindray, indicating a potential return of over 15% over the next 12 months [2][13]. Core Insights - Mindray achieved a revenue of RMB20.5 billion in 1H24, reflecting an 11.1% year-over-year increase, and reported an attributable net profit of RMB7.6 billion, up 17.4% YoY [2]. - Despite challenges in the healthcare industry, including regulatory adjustments and delays in medical equipment renewals, the company demonstrated resilience through growth in its IVD business and high-end ultrasound products [2]. - The gross margin increased by 0.7 percentage points YoY to 66.3% in 1H24, driven by the rising revenue share from IVD reagents and high-end ultrasound sales [2]. - A mid-term dividend plan was announced, with a total cash dividend of approximately RMB4.9 billion, representing a payout ratio of over 65% [2]. Revenue Performance - The domestic equipment business faced a 12% YoY revenue decline in 1H24 due to cautious bidding and procurement activities in public hospitals [2]. - The Patient Monitoring and Life Support (PMLS) segment saw a 7.6% YoY revenue decrease, with domestic revenue dropping by about 20% [2]. - The Medical Imaging segment experienced a 15.5% YoY revenue growth, attributed to increased sales of high-end ultrasound products, which grew by over 40% [2]. Business Shift - The IVD reagent business grew by 28% YoY to RMB7.7 billion, accounting for over 37% of total revenue, with domestic IVD revenue increasing by over 25% [2]. - The minimally invasive surgery business grew by 90% YoY in 1H24, and the acquisition of APT Medical enhanced Mindray's cardiovascular consumables offerings [2]. - Consumables-related businesses, led by IVD, now account for over 50% of the company's domestic revenue [2]. Financial Projections - Revenue projections for FY24E, FY25E, and FY26E are RMB40.6 billion, RMB48.8 billion, and RMB57.4 billion, respectively, with expected YoY growth rates of 16.3%, 20.2%, and 17.7% [3][10]. - Adjusted net profit estimates for FY24E, FY25E, and FY26E are RMB13.6 billion, RMB16.2 billion, and RMB19.1 billion, with YoY growth rates of 19.3%, 19.0%, and 17.4% [3][10]. - The target price is adjusted to RMB352.84, reflecting a 40.7% upside from the current price of RMB250.80 [2][3].

[Table_Main] 证券研究报告 | 公司点评 迈瑞医疗(300760.SZ) 2024 年 09 月 03 日 | --- | --- | |---------------------------------------------------------|------------------------------| | 买入（维持） 迈瑞医疗 | 中报点评： IVD 表 | | 所属行业：医药生物 / 医疗器械 当前价格 ( 元 ) ： 247.49 | 现亮眼，影像高端市场不断突破 | | | | 证券分析师 周新明 资格编号：S0120524060001 邮箱：zhouxm＠tebon.com.cn 市场表现 迈瑞医疗 沪深300 -26% -17% -9% 0% 9% 17% 26% 2023-09 2024-01 2024-05 | --- | --- | --- | --- | |--------------------------------|-------|--------|--------| | 沪深 300 对比 | 1M | 2M | 3M | | 绝对涨幅 (%) | -4. ...