证券研究报告 2024 年 09 月 02 日 评级 买入 | --- | --- | |-----------------------|---------------| | 当前价格（元） | 250.80 | | 52 周价格区间（元） | 226.52-313.16 | | 总市值（百万） | 304080.40 | | 流通市值（百万） | 304080.10 | | 总股本（万股） | 121244.20 | | 流通股（万股） | 121244.10 | 涨跌幅比较 迈瑞医疗 医疗器械 -19% -9% 1% 11% 21% 2023-09 2023-12 2024-03 2024-06 2024-09 % 1M 3M 12M 龙靖宁 分析师 执业证书编号:S0530523120001 longjingning@hnchasing.com 相关报告 迈瑞医疗 -2.49 -16.22 -5.64 医疗器械 -0.63 -13.41 -15.32 1 迈瑞医疗（300760.SZ）深度报告：三问三答， 从出海角度看迈瑞医疗 2024-07-11 2 迈瑞医疗（300760.SZ）2023 年报及 2 ...

Investment Rating - The report maintains a "Buy-A" investment rating with a 6-month target price of 344.84 CNY [4][12] Core Views - The company achieved steady revenue growth in H1 2024, with total revenue reaching 20.53 billion CNY, a year-on-year increase of 11.12%, and net profit of 7.56 billion CNY, up 17.37% [1] - The company’s cash flow from operating activities saw a significant increase of 89.51%, amounting to 8.49 billion CNY [1] - The report highlights the strong growth potential in the company's various business segments, particularly in consumables and international markets [2][3][9] Summary by Sections Financial Performance - In H1 2024, the company reported a gross margin of 66.25%, an increase of 0.65 percentage points year-on-year, and a net profit margin of 36.9%, up 2.03 percentage points [1] - For Q2 2024, the company achieved a revenue of 11.16 billion CNY, a 10.35% increase year-on-year, and a net profit of 4.4 billion CNY, reflecting a 13.69% growth [1] Business Segments - **Life Information and Support**: Revenue decreased by 7.59% to 8.01 billion CNY due to delayed procurement activities, but future demand remains strong with a market potential of over 24 billion CNY [2] - **In Vitro Diagnostics**: This segment saw a revenue increase of 28.16% to 7.658 billion CNY, driven by a growth of over 30% in chemiluminescence business [3] - **Medical Imaging**: Revenue grew by 15.49% to 4.27 billion CNY, with high-end ultrasound products showing over 40% growth [9] Market Outlook - The report indicates that the domestic market for medical infrastructure is expected to release pent-up demand, with a total market space of over 24 billion CNY [2] - The international market is recovering, with the company expanding its presence in high-end hospitals across various countries, leading to double-digit growth in international sales [2] Strategic Initiatives - The company is advancing its digital transformation by integrating AI with its medical solutions, which has generated approximately 4.5 billion CNY in sales over the past three years [10] - The acquisition of Huatai Medical is expected to enhance the company's capabilities in the cardiovascular field, tapping into a market projected to reach 56 billion USD globally [11]

Investment Rating - The report maintains a "Buy" rating for Mindray Medical (300760.SZ) [2] Core Views - Mindray Medical's overseas high-end customer base continues to expand, establishing a foundation for sustained growth, with a focus on high dividends to reward shareholders [1] - The IVD segment leads growth, with overall revenue growth exceeding 30%, and significant penetration into overseas mid-to-large sample customers [1] - The company has achieved double-digit growth in overseas revenue, with a notable increase in high-end ultrasound products [1] Financial Performance Summary - For H1 2024, Mindray Medical achieved revenue of 20.531 billion yuan, a year-on-year increase of 11.12%, and a net profit attributable to shareholders of 7.561 billion yuan, up 17.37% [1] - In Q2 2024, revenue reached 11.158 billion yuan, growing 10.35% year-on-year, while net profit was 4.401 billion yuan, an increase of 13.69% [1] - The company expects revenues of 40.885 billion yuan, 48.994 billion yuan, and 58.900 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 13.735 billion yuan, 16.481 billion yuan, and 20.029 billion yuan [4] Business Segment Performance - The IVD segment reported revenue of 7.658 billion yuan, a year-on-year increase of 28.16%, with both chemiluminescence and domestic hematology revenues growing over 30% [1] - The medical imaging segment generated revenue of 4.274 billion yuan, up 15.49%, driven by the rapid growth of the high-end ultrasound Resona A20 [1] - The life information and support business saw a revenue decline of 7.59% to 8.009 billion yuan, primarily due to domestic industry regulations and delays in procurement [1] International Expansion - In H1 2024, overseas revenue reached 7.906 billion yuan, a year-on-year increase of 18.10%, accounting for 38.51% of total revenue [1] - The company has successfully penetrated new high-end customer segments across its three main business areas, with significant growth in international strategic customer revenue [1] Dividend Policy - Mindray Medical distributed a cash dividend of 40.60 yuan per 10 shares, totaling 4.923 billion yuan, with a dividend payout ratio of 65.11% [1] Profitability Forecast - The report forecasts a net profit growth of 18.6%, 20.0%, and 21.5% for the years 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 22X, 19X, and 15X [1][4]

证券研究报告：医药生物 | 公司点评报告 2024 年 9 月 1 日 股票投资评级 买入|维持 个股表现 迈瑞医疗 医药生物 -22% -18% -14% -10% -6% -2% 2% 6% 10% 14% 资料来源：聚源，中邮证券研究所 | --- | --- | |---------------------------|-----------------------------| | | | | 最新收盘价（元） | 250.80 | | 总股本 / 流通股本（亿股） | | | 总市值 / 流通市值（亿元） | 12.12 / 12.12 3,041 / 3,041 | | | | | 52 周内最高 / 最低价 | 313.16 / 226.52 | | 资产负债率 (%) | 30.4% | | 市盈率 | 26.24 | | | Smartco Development | | 第一大股东 | Limited | 研究所 分析师:蔡明子 SAC 登记编号:S1340523110001 Email:caimingzi@cnpsec.com 迈瑞医疗(300760) 业绩保持稳健增长，数智化赋能效果 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price adjusted to RMB 350 [1][2][16]. Core Views - The company's revenue growth in 1H24 is slightly weak, primarily due to domestic business being impacted by industry restructuring, while overseas business continues to grow steadily [1]. - The company announced an interim dividend of RMB 4.06 per share, with a dividend payout ratio of 65%, indicating an intention to gradually increase the cash dividend ratio [1][2]. - The performance in 2H24 is expected to depend significantly on the progress of policy implementation regarding equipment updates, with a forecasted revenue growth of 17% for 2024 [1][2]. Summary by Sections Financial Performance - 1H24 revenue increased by 11% year-on-year, with domestic revenue growing by 7% and overseas revenue by 18% [1]. - The gross profit margin for 1H24 improved by 0.7 percentage points year-on-year, while net profit attributable to shareholders increased by 17% year-on-year [1][6]. - The company expects a revenue increase in 2H24 due to a low base from the previous year, despite the ongoing impact of industry restructuring [1][2]. Business Segments - In 1H24, revenue from life information and support decreased by 8%, while in vitro diagnostics and medical imaging revenues increased by 28% and 16%, respectively [1][6]. - The trend observed in 2Q24 continued from 1Q24, with overseas performance outpacing domestic results, and consumables performing better than equipment sales [1][6]. Dividend and Shareholder Commitment - The company has committed to not reducing shareholdings by major shareholders for the next six months, reinforcing confidence in its dividend policy [1][2]. - The interim dividend reflects a commitment to returning value to shareholders, with a current dividend yield of 1.8% based on the announcement date's closing price [1][2]. Future Outlook - The revenue growth for the full year is expected to be heavily influenced by the approval process for equipment update projects, with a more significant impact anticipated in 2025 [1][2]. - The company is projected to achieve a revenue of RMB 40.77 billion in 2024, with a year-on-year growth rate of 16.7% [6][7].

Investment Rating - The investment rating for the company is "Buy" (maintained) with a market price of 250.80 CNY [1]. Core Insights - The company reported a revenue of 20.531 billion CNY in the first half of 2024, representing a year-on-year growth of 11.12%. The net profit attributable to shareholders was 7.561 billion CNY, up 17.37% year-on-year, and a 22.13% increase when excluding foreign exchange losses [5]. - The company is experiencing robust growth in its overseas business while domestic operations are recovering quickly. The demand for in vitro diagnostics (IVD) is rapidly rebounding, and high-end equipment installations are accelerating [5]. - The company has successfully acquired a leading domestic supplier in the microelectrophysiology sector, enhancing its competitive edge in the cardiovascular market [5]. Financial Performance Summary - **Revenue Forecasts**: The company is projected to achieve revenues of 40.162 billion CNY in 2024, 48.202 billion CNY in 2025, and 57.857 billion CNY in 2026, with growth rates of 15%, 20%, and 20% respectively [5]. - **Net Profit Forecasts**: Expected net profits are 13.914 billion CNY for 2024, 16.758 billion CNY for 2025, and 20.100 billion CNY for 2026, all reflecting a 20% growth rate [5]. - **Earnings Per Share (EPS)**: The projected EPS for 2024, 2025, and 2026 are 9.55 CNY, 11.48 CNY, and 13.82 CNY respectively [5]. Business Segment Performance - **Life Information and Support**: Revenue in this segment was 8.009 billion CNY, down 7.59% year-on-year, but minimally impacted by external factors. The minimally invasive surgery segment grew over 90% [5]. - **IVD Business**: The IVD segment achieved revenue of 7.658 billion CNY, with a year-on-year growth of 28.16%, driven by a strong demand for diagnostic reagents [5]. - **Medical Imaging**: Revenue from medical imaging reached 4.274 billion CNY, growing 15.49% year-on-year, with high-end ultrasound models seeing over 40% growth [5]. Market Position and Strategy - The company is positioned as a leader in the domestic medical device market, with a strong foothold in high-end product segments. The strategy includes expanding overseas market penetration and enhancing product offerings through acquisitions [5]. - The company is expected to maintain a strong growth trajectory in both domestic and international markets, supported by ongoing demand recovery and strategic acquisitions [5].

Investment Rating - Buy (Maintained) [1] Core Views - 24H1 revenue reached 205 31 billion yuan (+11 12% YoY), net profit attributable to parent company was 75 61 billion yuan (+17 37% YoY), and non-GAAP net profit was 73 80 billion yuan (+16 39% YoY) [2] - 24Q2 revenue was 111 58 billion yuan (+10 35% YoY), net profit attributable to parent company was 44 01 billion yuan (+13 69% YoY), and non-GAAP net profit was 43 43 billion yuan (+13 94% YoY) [2] - 24H1 performance met expectations [2] Business Performance - Life Information & Support products revenue was 80 09 billion yuan (-7 59% YoY), accounting for 39 01% of total revenue, with a gross margin of 66 25% (-1 04pct YoY) [3] - IVD (In Vitro Diagnostics) revenue was 76 58 billion yuan (+28 16% YoY), accounting for 37 30% of total revenue, with a gross margin of 64 98% (+2 35pct YoY) [3] - Medical Imaging revenue was 42 74 billion yuan (+15 49% YoY), accounting for 20 82% of total revenue, with a gross margin of 69 59% (+1 83pct YoY) [3] Profitability - 24H1 gross margin was 66 25% (+0 65pct YoY), net margin was 36 90% (+2 03pct YoY) [3] - 24Q2 gross margin was 66 50% (+1 56pct YoY), net margin was 39 56% (+1 28pct YoY) [3] Overseas Market Performance - Overseas revenue in 24H1 was 79 06 billion yuan (+18 10% YoY) [3] - IVD revenue in international markets grew over 30% in 24H1 [3] - Successfully penetrated over 60 overseas third-party chain laboratories and completed the installation of the first MT8000 production line, driving international IVD revenue growth [3] Financial Forecasts - 2024-2026 net profit attributable to parent company adjusted to 138 21/167 38/199 84 billion yuan, with corresponding PE valuations of 22/18/15 times [3] - 2024-2026 revenue forecasted to be 400 75/474 41/565 49 billion yuan, with YoY growth of 14 72%/18 38%/19 20% [2] - 2024-2026 EPS forecasted to be 11 40/13 81/16 48 yuan per share [2] Market Data - Closing price: 250 80 yuan [5] - 52-week low/high: 224 71/316 10 yuan [5] - P/B ratio: 7 83x [5] - Market cap: 304 080 30 million yuan [5] Financial Data - Net asset per share: 32 04 yuan [6] - Asset-liability ratio: 28 00% [6] - Total shares outstanding: 1 212 44 million [6]

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company has shown steady profit growth, with a revenue of 20.53 billion yuan in H1 2024, representing a year-over-year increase of 11.1%, and a net profit attributable to shareholders of 7.56 billion yuan, up 17.4% year-over-year [1] - The company is expected to benefit from favorable domestic policies and continued expansion in overseas markets, leading to a potential fifth growth phase characterized by sustained high growth in performance and valuation [2] Performance Summary - **Revenue and Profit**: In H1 2024, the company reported a revenue of 205.3 billion yuan, with a net profit of 75.6 billion yuan, and a non-GAAP net profit of 73.8 billion yuan [1] - **Quarterly Performance**: In Q2 2024, revenue was 111.6 billion yuan, with a net profit of 44.0 billion yuan, and a non-GAAP net profit of 43.4 billion yuan [1] - **Segment Performance**: Domestic revenue was 126.2 billion yuan (up 7.2% YoY), while international revenue reached 79.1 billion yuan (up 18.1% YoY) [2] Growth Analysis - **Business Segmentation**: The in-vitro diagnostics segment grew over 25% in the domestic market and over 30% in the international market, with European revenue increasing by 37.9% [2] - **Client Acquisition**: The company has successfully acquired nearly 40 new high-end clients in the life information and support business and around 140 new high-end clients in the in-vitro diagnostics segment [2] - **Installation Growth**: The "Smart Link" system has been installed in over 900 hospitals, with significant growth in installations in top-tier hospitals [2] Profitability Analysis - **Margins**: The gross margin for H1 2024 was 66.25%, an increase of 0.66 percentage points year-over-year, while the net profit margin was 36.9%, up 2.03 percentage points [3] - **Cash Flow**: The operating cash flow for H1 2024 was 85.0 billion yuan, a year-over-year increase of 89.5% [3] - **Future Outlook**: The company is expected to maintain stable growth in profitability due to an increasing share of high-end products and markets [3] Earnings Forecast and Valuation - **Earnings Projections**: EPS is projected to be 11.53 yuan in 2024, 13.95 yuan in 2025, and 16.95 yuan in 2026, with a current PE ratio of 21.7 times for 2024 [8] - **Market Position**: The company is considered undervalued compared to both domestic and international peers, presenting a favorable investment opportunity [2]

Investment Rating - The report maintains a "Recommended" rating for the company [3]. Core Views - The company demonstrated resilient growth in the first half of 2024, achieving a revenue of 20.531 billion yuan (+11.12%) and a net profit of 7.561 billion yuan (+17.37%) despite challenges in the medical industry [1]. - The company is expected to see an upward shift in performance growth in the second half of 2024, driven by the normalization of procurement activities and the recovery of overseas purchasing power [1]. - The company's life information and support business faced short-term pressure due to delayed procurement activities but is anticipated to benefit from demand release in the latter half of the year [2]. - The in-vitro diagnostics segment showed strong performance with a revenue increase of 28.16% in the first half of 2024, supported by recovery in domestic diagnostic demand and successful overseas expansion [2]. - The medical imaging business also reported a revenue increase of 15.49%, with high-end ultrasound products seeing significant growth [2]. Summary by Sections Financial Performance - For the first half of 2024, the company reported a revenue of 20.531 billion yuan, a year-on-year increase of 11.12%, and a net profit of 7.561 billion yuan, up 17.37% [1]. - The operating cash flow reached 8.496 billion yuan, reflecting a substantial increase of 89.51% [1]. Business Segments - **Life Information and Support**: Revenue was 8.010 billion yuan, down 7.59%, but expected to recover as delayed procurement is released [1][2]. - **In-Vitro Diagnostics**: Revenue reached 7.658 billion yuan, up 28.16%, with strong growth in the chemical luminescence business [2]. - **Medical Imaging**: Revenue was 4.274 billion yuan, an increase of 15.49%, with high-end ultrasound products performing particularly well [2]. Future Outlook - The company is projected to achieve net profits of 13.953 billion yuan, 16.844 billion yuan, and 20.253 billion yuan for 2024, 2025, and 2026 respectively, with expected growth rates of 20.47%, 20.72%, and 20.24% [6][7]. - The current stock price corresponds to a PE ratio of 20 for 2024, 16 for 2025, and 14 for 2026, indicating a favorable valuation [6].

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年中期权益 分派方案已获2024年8月28日召开的第八届董事会第九次会议和第八届监事会第七次会议 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8月28日召开第八届董事会第九次会议和第八届 监事会第七次会议，审议通过了《关于2024年中期利润分配方案的议案》，2024年中期利润 分配方案为：以公司2024年6月30日的总股本1,212,441,394股为基数，向全体股东每10股派 发现金股利人民币40.60元（含税），共计派发现金股利人民币4,922,512,059.64元（含税）。 若公司股本总额在权益分派实施前发生变 ...