Investment Rating - The report maintains a "Buy" rating for the company with a target price of 361.40 CNY, based on a 33x PE valuation for 2024 [5][3]. Core Insights - The company reported 2023 annual revenue of 34.93 billion CNY, a year-on-year increase of 15%, and a net profit attributable to shareholders of 11.58 billion CNY, up 20.6% year-on-year. For Q1 2024, revenue was 9.37 billion CNY, a 12.1% increase year-on-year, with a net profit of 3.16 billion CNY, up 22.9% year-on-year [2]. - Both domestic and international markets contributed to growth, with domestic revenue reaching 21.38 billion CNY in 2023, a 14.5% increase, and international revenue at 13.55 billion CNY, up 15.8%. The company has seen significant growth in developing countries, exceeding 20% [2]. - The company’s three main business lines continue to show strong growth, with in vitro diagnostics revenue at 12.42 billion CNY, up 21.1%, life information and support revenue at 15.25 billion CNY, up 13.8%, and medical imaging revenue at 7.03 billion CNY, up 8.8% [2]. - The company has established itself as a leading global supplier of medical devices and solutions, with products covering nearly 110,000 medical institutions in China and over 190 countries internationally. The demand for medical equipment is expected to recover gradually, with public hospital procurement activities anticipated to improve [2]. Financial Summary - The company’s revenue is projected to grow from 41.91 billion CNY in 2024 to 60.33 billion CNY in 2026, with a compound annual growth rate of approximately 20% [4]. - The net profit attributable to shareholders is expected to increase from 13.92 billion CNY in 2024 to 20.20 billion CNY in 2026, maintaining a growth rate of around 20% [4]. - The earnings per share are forecasted to rise from 11.48 CNY in 2024 to 16.66 CNY in 2026 [4].

Investment Rating - The report maintains a "Buy" rating for Mindray Medical (300760.CH) with a target price of RMB 390, indicating a potential upside of 29% from the current price of RMB 302.11 [2][3]. Core Views - Mindray Medical's 2023 performance met expectations, while the revenue growth for Q1 2024 was slightly below forecasts. However, the company achieved steady growth in net profit due to cost optimization. A recovery in revenue growth is anticipated in the second half of 2024, driven by medical equipment procurement and a low revenue base in the second half of 2023 [2][3]. - The report highlights that the EU investigation into Chinese medical device procurement is expected to have limited impact on Mindray, as the company’s contracts in the EU are below the thresholds set by the investigation [2][3]. Summary by Sections Financial Performance - In 2023, Mindray's revenue grew by 15% year-on-year, with Q1 2024 showing a 12% increase. Domestic revenue increased by 15% in 2023 but only 3% in Q1 2024, while international revenue rose by 16% in 2023 and 30% in Q1 2024 [2][3]. - The breakdown of revenue growth by segment shows: Life Information and Support revenue grew by 14% in 2023 but declined by 20% in Q1 2024; In Vitro Diagnostics revenue increased by 21% in 2023 and surged by 63% in Q1 2024; Medical Imaging revenue rose by 9% in 2023 and 45% in Q1 2024 [2][3]. Future Outlook - The report anticipates that procurement for medical equipment will commence in the second half of 2024, following the completion of demand assessments across provinces. This is expected to boost revenue growth for Mindray [2][3]. - The government’s action plan to promote large-scale equipment updates and the normalization of procurement demand due to anti-corruption measures are expected to further support revenue recovery [2][3]. Financial Projections - Revenue projections for Mindray are as follows: RMB 41.28 billion in 2024, RMB 50.09 billion in 2025, and RMB 60.19 billion in 2026, with year-on-year growth rates of 18.2%, 21.3%, and 20.2% respectively [3][7]. - Net profit projections are RMB 13.91 billion in 2024, RMB 16.73 billion in 2025, and RMB 20.16 billion in 2026, with consistent growth rates around 20% [3][7].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a total revenue of 34.93 billion yuan in 2023, representing a year-on-year growth of 15.04%, and a net profit attributable to the parent company of 11.58 billion yuan, up 20.56% year-on-year. In Q1 2024, the company reported a revenue of 9.37 billion yuan, a growth of 12.06%, and a net profit of 3.16 billion yuan, increasing by 22.90% year-on-year, which aligns with expectations [6][7] - The overseas market accelerated in 2023, with significant performance in developing countries. The domestic market generated revenue of 21.38 billion yuan, growing by 14.5%. The international market revenue reached 13.55 billion yuan, with a growth of 15.8%, and developing countries showed an impressive growth rate exceeding 20% [7] - The IVD business line outperformed other product lines in 2023, achieving a revenue of 12.42 billion yuan, up 21.12%. The international IVD segment saw a compound growth rate exceeding 30% over two years [7] - In Q1 2024, despite high base pressure, the domestic market showed single-digit growth, while IVD and MIS segments experienced significant recovery growth. The international market grew nearly 30%, with developing countries exceeding 30% growth [7] - The profit forecast for 2024-2025 has been adjusted slightly, with expected net profits of 13.96 billion yuan and 16.81 billion yuan respectively. The current market capitalization corresponds to P/E ratios of 26, 22, and 18 for the next three years [7][8] Financial Summary - Total revenue projections for 2024 and 2025 are 41.16 billion yuan and 48.69 billion yuan respectively, with net profits expected to be 13.96 billion yuan and 16.81 billion yuan [8] - The company’s gross margin is projected to be around 66% for the coming years, with a net profit margin of approximately 34% [8] - The company’s total assets are expected to grow from 47.94 billion yuan in 2023 to 108.75 billion yuan by 2026, indicating strong growth potential [8]

Investment Rating - The report maintains a "Recommended" investment rating for the company [2]. Core Insights - The company reported a revenue of 34.932 billion yuan in 2023, representing a growth of 15.04%, and a net profit of 11.582 billion yuan, up by 20.56% [1][6]. - The company's life information and support segment has entered a leading position globally, with a revenue of 15.252 billion yuan in 2023, growing by 13.81% [1]. - The in-vitro diagnostics segment achieved a revenue of 12.421 billion yuan in 2023, reflecting a growth of 21.12% [1]. - The medical imaging segment reported a revenue of 7.034 billion yuan in 2023, with an increase of 8.82% [1]. Summary by Relevant Sections Financial Performance - In 2023, the company achieved an operating income of 34.932 billion yuan, with a net profit of 11.582 billion yuan and a cash flow from operations of 11.062 billion yuan [1][7]. - For Q1 2024, the company reported an operating income of 9.373 billion yuan, a net profit of 3.160 billion yuan, and a significant increase in cash flow from operations by 114.85% [1]. Life Information and Support - The segment's revenue reached 15.252 billion yuan in 2023, with micro-invasive surgery growth exceeding 30% [1]. - Domestic growth slowed in the second half of 2023 due to procurement delays, while international revenue grew over 20% in the latter half [1]. In-Vitro Diagnostics - The segment's revenue was 12.421 billion yuan in 2023, with significant domestic growth driven by the recovery of routine medical treatments [1]. - The company successfully penetrated over 100 third-party laboratory clients in 2023, becoming the exclusive supplier for DASA in Latin America [1]. Medical Imaging - The segment generated 7.034 billion yuan in revenue in 2023, with over 20% growth in high-end models [1]. - The company became the leading player in the domestic ultrasound market and achieved a global ranking of third in ultrasound business [1]. Strategic Outlook - The company is expected to maintain a revenue growth rate of over 20% in the coming years, with net profits projected at 14.020 billion yuan for 2024, reflecting a growth of 21.04% [6][7]. - The acquisition of Shenzhen Huitai Medical will enhance the company's position in the cardiovascular device market, furthering its global leadership ambitions [6].

M N 2024 年 4 月 30 日 招银国际环球市场 | 睿智投资 | 公司更新 迈瑞医疗 (300760 CH) 海内外持续高端突破，业绩增长稳健 海内 2023年公司实现营收349.3亿元，同比增长15.0%；归母净利润115.8亿元， 目标价 383.49人民币 同比增长20.6%，归母净利率提升至33.2%（+1.5ppts）。2024年一季度，公 (此前目标价 383.43人民币) 司保持稳健增长，实现营业收入93.7亿元，同比增长12.1%；归母净利润31.6 潜在升幅 26.9% 当前股价 302.11人民币 亿元，同比增长22.9%，归母净利率同比提升3.0个百分点至33.7%。  IVD 延续快速增长，生命信息与支持和影像产线有望复苏。2023 年，公司 中国医药 IVD 产线收入同比增长 21.1%。国内市场受益于常规诊疗活动的迅速恢复 武 煜, CFA 和大样本量客户的加速突破， IVD收入同比增长20%，其中试剂收入同比 (852) 3900 0842 增长超25%，带动板块毛利率提升至64.3%（+3.9ppts）。此外，借助21 jillwu@cmbi.com.hk 年开展的 ...

导致医学影像产线下半年的增长放缓值得一提的是凭借强大的产品竞争力和高标准的合规体系公司抓住了当前环境下市场份额提升的机会首次超越原市场第一的进口品牌成为国内市场超商行业第一输家 更重要的是公司于2023年底在国内市场发布国产首款超高端超声平台Rezona A20标志着公司超声技术已经正式迈入国际一流水平目前进口品牌占国内超声市场的比重合计仍达到近六成未来通过在超高端领域的发力公司将继续巩固国内市场第一的地位加速超声国产化力的提升 在国际市场虽然中低端超生采购需求的景气度持续受到整体宏光环境逼迷的冲击但公司迅速对营销策略做了针对性调整加大了海外高端市场的覆盖投入力度包括积极举办国际学术研讨会组织国内外知名医院联动交流等推动海外超生高端型号增长超过25%加速了高端客户突破的进程 并助力超生业务首次实现全球第三的行业地位从盈利情况来看2023年规模净利润115.8亿元同比增长20.6%扣非规模净利润114.3亿元同比增长20%公司已向全体股东每10股派发现金红利15元分红金额约18.2亿元加上去年三季度已派发的现金分红 2023年度总分红金额约为70.3亿元同比增长28.9%年度分红比例进一步提升至60.7%从现金 ...

Summary of Conference Call Transcript Company and Industry - The discussion revolves around the medical equipment industry, specifically focusing on a leading domestic medical device company in China [1]. Core Points and Arguments - The company is undergoing a strategic upgrade from hardware to policy-oriented approaches, which is expected to enhance its sales performance [1]. - The sales layout of the company is expanding from domestic to global markets, which is beneficial for its long-term and stable development as a leader in the medical equipment sector [1]. Other Important Content - The annual report and first-level report performance will be introduced by the company's representative, indicating a focus on financial results and operational performance [1].

关于取得深圳惠泰医疗器械股份有限公司控制权的公告 证券代码：300760 证券简称：迈瑞医疗 公告编号：2024-020 深圳迈瑞生物医疗电子股份有限公司 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。 一、交易概述 深圳迈瑞生物医疗电子股份有限公司（以下简称"公司"）于 2024 年 1 月 28 日召开第八届董事会第五次会议，审议通过了《关于收购深圳惠泰医疗器械 股份有限公司的议案》。具体内容详见公司于 2024 年 1 月 29 日在巨潮资讯网披 露的《关于收购深圳惠泰医疗器械股份有限公司控制权的公告》（公告编号：2024- 003）。 2024 年 4 月 15 日，公司收到中国证券登记结算有限责任公司出具的《证券 过户登记确认书》，深圳惠泰医疗器械股份有限公司（以下简称"惠泰医疗"） 21.12%的股份已过户登记至公司全资子公司深圳迈瑞科技控股有限公司（以下简 称"深迈控"）名下。公司通过深迈控及其一致行动人珠海彤昇投资合伙企业（有 限合伙）（以下简称"珠海彤昇"），合计持有 16,455,606 股惠泰医疗股份，占 惠泰医疗总股本的 24.61%。 ...

本报告仅供 Choice 东方财富 使用，请勿传阅。 公司快报 2024 年 04 月 28 日 迈 瑞医疗(300760.SZ) 证券研究报告 业绩高质量稳健增长，数智化、高端化、 医疗器械 投资评级 买入-A 国际化驱动长期成长 维持评级 6 个月目标价 346.92元 事件：公司发布 2023 年报和2024 年一季报。 股价 (2024-04-26) 288.80元 （1）2023 年全年：公司实现营业收入349.3 亿元，同比增长15%； 归母净利润115.82 亿元，同比增长 20.56%；扣非归母净利润 114.34 交易数据 亿元，同比增长 20%。23Q4，公司实现营业收入76.28 亿元，同比增 总市值(百万元) 350,153.07 长 7.9%；归母净利润17.48 亿元，同比增长16.15%；扣非归母净利 流通市值(百万元) 350,152.79 润 17.47 亿元，同比增长 14.88%；毛利率 66.3%，同比提升 2.65pct； 总股本(百万股) 1,212.44 净利率 22.85%，同比提升1.56pct。 流通股本(百万股) 1,212.44 （2）24Q1：公司实现 ...

[Table_Title] 证券研究报告 体外诊断引领增长, 海外高端突破成效显著 公司研究 [Table_ReportDate] 2024年04月28日 [ 公Ta 司ble 点_Re 评po 报rtT 告ype] [迈Ta瑞bl医e_疗Sto(c3k0A0n7d6R0an)k ] [T事ab件le：_公Su司mm发ar布y] 2 023年年报及2024年一季报，2023年实现营业收入349.3 亿元（yoy+15.0%），实现归母净利润115.8亿元（yoy+20.6%），扣非归母 投资评级 净利润 114.3 亿元（yoy+20.0%），经营活动产生的现金流量净额 110.6 亿 元（yoy-8.9%）。2024年一季度实现营业收入93.7亿元（yoy+12.1%），归 上次评级 母净利润31.6亿元（yoy+22.9%），扣非归母净利润30.4亿元（yoy+20.0%）。 [唐Ta爱b金le _ A u t h o医r]药 行业首席分析师 点评： 执业编号：S1500523080002 ➢ 体外诊断产线引领增长，生命信息与支持业务表现突出。2023 年公司 邮 箱：tangaijin@cindasc. ...