Investment Rating - The report maintains a "Recommended" rating for the company with a target price of 400 CNY, while the current price is 288.80 CNY [2]. Core Insights - The company achieved a revenue of 34.932 billion CNY in 2023, representing a year-on-year growth of 15.04%, and a net profit attributable to shareholders of 11.582 billion CNY, up 20.56% [3]. - In Q1 2024, the company reported a revenue of 9.372 billion CNY, a 12.06% increase year-on-year, and a net profit of 3.160 billion CNY, reflecting a growth of 22.90% [3]. - The company's life information and support business saw a revenue of 15.252 billion CNY in 2023, growing by 13.81%, with minimally invasive surgery revenue exceeding 30% growth [4]. - The in-vitro diagnostics segment generated 12.421 billion CNY in revenue, marking a 21.12% increase, with significant progress in domestic installations and continued expansion in overseas markets [4]. - The medical imaging business achieved a revenue of 7.034 billion CNY, an 8.82% increase, with the domestic ultrasound market share rising to the top position [4]. - For 2024-2026, the projected net profits are 13.991 billion CNY, 16.882 billion CNY, and 20.321 billion CNY, with respective year-on-year growth rates of 20.8%, 20.7%, and 20.4% [5]. Summary by Sections Financial Performance - In 2023, total revenue was 34.932 billion CNY, with a growth rate of 15.0% and a net profit of 11.582 billion CNY, reflecting a growth rate of 20.6% [5]. - For 2024, the expected revenue is 42.102 billion CNY, with a growth rate of 20.5%, and a net profit of 13.991 billion CNY, with a growth rate of 20.8% [5]. Business Segments - Life Information and Support: Revenue of 15.252 billion CNY in 2023, with a growth of 13.81% [4]. - In-Vitro Diagnostics: Revenue of 12.421 billion CNY, growing by 21.12% [4]. - Medical Imaging: Revenue of 7.034 billion CNY, an increase of 8.82% [4]. Market Expansion - The company has successfully penetrated nearly 300 new high-end clients overseas and has over 500 existing high-end clients achieving horizontal breakthroughs [4]. - The overseas business revenue growth exceeded 20% in the second half of 2023, indicating a recovery in demand [4].

Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Views - The company reported a robust performance with a 15.04% year-on-year increase in revenue for 2023, reaching 34.932 billion yuan, and a 20.56% increase in net profit, totaling 11.582 billion yuan [2][3]. - In Q1 2024, the company achieved a revenue of 9.373 billion yuan, reflecting a 12.06% year-on-year growth, and a net profit of 3.160 billion yuan, which is a 22.90% increase compared to the previous year [2][3]. - The growth in 2023 was primarily driven by the rapid recovery of routine medical activities in domestic hospitals and an accelerated breakthrough in overseas high-end customer segments [3]. - The company is benefiting from the "equipment update" policy released in March 2024, which is expected to further stimulate domestic medical equipment procurement demand [3]. - The acquisition of control over Huatai Medical in Q1 2024 allows the company to enter the cardiovascular sector, creating new growth opportunities [3]. Summary by Sections Financial Performance - In 2023, the company achieved a total revenue of 34.932 billion yuan, with a net profit of 11.582 billion yuan, marking a 15.04% and 20.56% increase respectively [2][3]. - For Q1 2024, revenue was reported at 9.373 billion yuan, with a net profit of 3.160 billion yuan, showing a year-on-year growth of 12.06% and 22.90% respectively [2][3]. Research and Development - The company increased its R&D investment to 3.779 billion yuan in 2023, a growth of 18.43%, and 1.030 billion yuan in Q1 2024 [3]. - As of Q1 2024, the company holds 4,945 authorized patents, including 2,346 invention patents [3]. Market Opportunities - The "equipment update" policy is expected to release further procurement demand in the domestic medical equipment market, benefiting the company as an industry leader [3]. - The acquisition of Huatai Medical positions the company to tap into the cardiovascular market, which is anticipated to be a new growth driver [3]. Profitability and Valuation - The company is projected to maintain a net profit of 13.907 billion yuan in 2024, with estimates of 16.839 billion yuan in 2025 and 20.224 billion yuan in 2026 [4]. - The current price corresponds to a PE ratio of 25 for 2024, 21 for 2025, and 17 for 2026, indicating a favorable long-term outlook [4].

Investment Rating - The report maintains a "Buy" rating for Mindray Medical [3][7]. Core Views - The company's performance in 2023 met expectations, with revenue of 34.932 billion yuan (+15.04%) and net profit attributable to shareholders of 11.582 billion yuan (+20.04%). For Q1 2024, revenue reached 9.373 billion yuan (+12.06%) and net profit attributable to shareholders was 3.037 billion yuan (+20.08%) [1][2]. - The company is expected to see a gradual recovery in performance throughout the year, driven by the resumption of bidding processes and base effect [1]. - Domestic revenue for 2023 was 21.4 billion yuan (+15%), while international revenue was 13.6 billion yuan (+16%), indicating strong growth in both markets [1]. - The IVD segment led growth with revenue of 12.421 billion yuan (+21.1%), and the monitoring line achieved revenue of 15.25 billion yuan (+13.8%) [1]. Financial Summary - Revenue growth is projected at 20% for 2024 and 2025, with expected revenues of 41.928 billion yuan and 50.487 billion yuan respectively [2]. - The company’s net profit is forecasted to grow at a rate of approximately 20% annually, reaching 20.202 billion yuan by 2026 [2]. - The earnings per share (EPS) for 2024 is estimated at 11.49 yuan, increasing to 16.66 yuan by 2026 [2][3]. Market Data - The target price for the stock is set at 347.33 yuan, with the current price at 288.80 yuan [3][7]. - The stock has a market capitalization of 350.153 billion yuan, with a 52-week price range of 256.80 to 317.36 yuan [3][8]. Growth Drivers - The report highlights the rapid growth in the IVD segment and the strong performance in international markets, particularly in developing countries and North America [1]. - The company is making significant strides in high-end hospitals overseas and expanding its market share in existing hospitals [1].

Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expectation of strong performance relative to the market over the next six months [1][6][9]. Core Views - The company has demonstrated robust revenue growth, with 2023 revenue reaching 34.93 billion yuan, a year-on-year increase of 15.04%. The net profit for the same year was 11.58 billion yuan, reflecting a growth of 20.56% [4][5]. - The company is experiencing strong growth in both domestic and international markets, with domestic revenue at 21.38 billion yuan (up 14.5%) and international revenue at 13.55 billion yuan (up 15.8%) in 2023 [5][6]. - The company is expected to continue its growth trajectory, with projected revenues of 42.12 billion yuan in 2024, representing a year-on-year increase of 20.6% [4][8]. Financial Summary - The company reported a gross margin of 66.2% in 2023, with a net profit margin of 33.2% [4][7]. - Earnings per share (EPS) for 2023 was 9.55 yuan, with projections of 11.57 yuan for 2024, 13.93 yuan for 2025, and 16.77 yuan for 2026 [4][8]. - The company's total assets were valued at 47.94 billion yuan in 2023, with a debt-to-asset ratio of 30.4% [8].

2024年04月26日 迈瑞医疗 (300760.SZ) 买入(维持评级) 公司点评 证券研究报告 国际市场增长强劲，利润率稳步提升 业绩简评 2024年4月26日,公司发布 2023年年度报告和 2024年一季度报 告。2023 年公司实现收入 349.32 亿元，同比+15%；归母净利润 115.82 亿元,同比+21%;扣非归母净利润 114.34 亿元,同比+20%; 2024Q1 公司实现收入 93.73 亿元，同比+12%;归母净利润 31.60 亿元，同比+23%; 扣非归母净利润 30.37 亿元,同比+20%。 经营分析 三大业务战持续发力,Q1 国际市场增长强劲。2023年分产品来看, 生命信息与支持类产品实现收入 152.52 亿元,同比+14%,其中微 创外科增长超过 30%,硬镜系统的市场占有率提升至国内第三;体 外诊断类产品实现收入 124.21 亿元,同比+21%,其中国际体外诊 断业务连续两年的复合增速超过了 30%；医学影像类产品 70.34 亿元,同比+8.8%,其中超声高端型号增长超过 20%。202401 在海 外高端客户群突破持续加快的助力下,公司国际市场增长近 30 ...

2023 可持续发展报告 目录 目 录 | 01 | 董事长致辞 | 3 | 06 | 规范企业治理 | 18 | 09 | 推动绿色发展 | 62 | 12 | 附录一：GRI 标准索引 | 109 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 02 | 关于本报告 | 4 | | 治理结构 | 19 | | 节能降耗，绿色行动 | 63 | | 附录二：政策列表 | 114 | | | | | | 党建工作 | 20 | | EHS 方针与管理 | 64 | | 附录三：主要绩效指标摘要 | 116 | | | | | | 风险管理与内部控制 | 21 | | 气候变化 | 66 | | 附录四：SGS 审验声明 | 123 | | | | | | 合规运营 | 24 | | 绿色运营 | 70 | | | | | 03 | 关于迈瑞医疗 | 7 | 07 | 创新驱动未来 | 28 | 10 | 打造可持续职场 | 76 | | | | | | | | | 科技助力，普惠医疗 | 29 | | ...

深圳迈瑞生物医疗电子股份有限公司 2023 年度独立董事述职报告（许静） 本人（许静）作为深圳迈瑞生物医疗电子股份有限公司（下称"公司""上市公司"或"迈瑞 医疗"）的第八届董事会独立董事，在任职期间严格按照《中华人民共和国公司法》《中华人 民共和国证券法》《上市公司独立董事管理办法》及公司《独立董事工作制度》等相关法律法 规、规范性文件和公司制度的规定和要求，认真履行职责，充分发挥独立董事的独立性和专 业性作用，维护公司整体利益，维护全体股东尤其是中小股东的合法权益。现将 2023 年度担 任独立董事的履职情况报告如下： 一、基本情况 （一）工作履历、专业背景及兼职情况 本人许静，女，1968 年出生，中国国籍，无境外永久居留权。毕业于北京大学国际关系 学院，博士学位。1992 年起在北京大学任教，现任北京大学新闻与传播学院教授，博士生导 师，健康传播专业硕士项目主任，北京大学文化与传播研究所副所长，北京大学全球健康发 展研究院教授。2023 年 5 月 18 日经迈瑞医疗 2022 年年度股东大会获选举为公司第八届董事 会独立董事。 （二）不存在影响独立性的情况 任职期间，本人不在迈瑞医疗担任除独立董事外 ...

深圳迈瑞生物医疗电子股份有限公司 2023 年度独立董事述职报告（胡善荣） 本人（胡善荣）作为深圳迈瑞生物医疗电子股份有限公司（下称"公司""上市公司"或 "迈瑞医疗"）的第八届董事会独立董事，在任职期间严格按照《中华人民共和国公司法》 《中华人民共和国证券法》《上市公司独立董事管理办法》及公司《独立董事工作制度》等 相关法律法规、规范性文件和公司制度的规定和要求，认真履行职责，充分发挥独立董事的 独立性和专业性作用，维护公司整体利益，维护全体股东尤其是中小股东的合法权益。现将 2023 年度担任独立董事的履职情况报告如下： 本人胡善荣，男，1952 年出生，中国国籍，无境外永久居留权。毕业于中国科学技术 大学低温物理专业，学士。1976 年起在中国科学院上海微系统与信息技术研究所从事超导 研究工作，1987 年至 1991 年借调北京中科院机关工作，1992 年起在中国科学院上海微系统 与信息技术研究所历任所长助理、财务处长、行政处长，1999 年至 2006 年从事科研装备管 理，2006 年起至 2012 年 8 月担任科技处长，教授级高级工程师。2023 年 5 月 18 日经迈瑞 医疗 2022 年 ...

深圳迈瑞生物医疗电子股份有限公司 对外担保制度 第一章 总则 公司控股子公司为前述规定主体以外的其他主体提供担保的，视同公司提 供担保，应当遵守本制度相关规定。 若公司合并报表范围内的子公司属于上市公司的，则该等上市子公司的对 外担保事项应当遵守其股票上市地证券监管规则。若该等上市子公司的担 保事项需履行公司审议或披露程序或可能对公司产生影响的，则相关担保 事项亦需遵守公司所适用的监管要求及本制度相关规定。 第六条 公司对外担保应当遵循合法、审慎、互利、安全的原则，严格控制担保风 1 第一条 为了保护投资者的合法权益，规范深圳迈瑞生物医疗电子股份有限公司 （下称"公司"）的对外担保行为，有效防范公司对外担保风险，确保公司 资产安全，根据《中华人民共和国公司法》《中华人民共和国民法典》等 法律、法规、规范性文件以及《深圳迈瑞生物医疗电子股份有限公司章程》 （以下简称"《公司章程》"）等有关规定，结合公司的实际情况，特制定 本制度。 第二条 本制度所称对外担保是指公司为他人提供的担保，包括公司为控股子公司 提供的担保。 第三条 公司对外担保实行统一管理，非经公司董事会或股东大会批准，任何人无 权以公司名义签署对外 ...

第二条 本制度所称募集资金系指公司通过发行股票及其衍生品种，向投资 者募集并用于特定用途的资金，但不包括公司实施股权激励计划募集的资金。 第三条 公司董事会应当负责建立健全公司募集资金管理制度，并确保该制 度的有效实施。募集资金管理制度应当对募集资金专户存储、使用、变更、监督 和责任追究等内容进行明确规定。 深圳迈瑞生物医疗电子股份有限公司 募集资金管理办法 第一章 总 则 第一条 为规范深圳迈瑞生物医疗电子股份有限公司（以下简称"公司"）募 集资金的使用与管理，提高募集资金的使用效率，防范资金使用风险，确保资金 使用安全，保护投资者的利益，根据《中华人民共和国公司法》《中华人民共和 国证券法》《首次公开发行股票注册管理办法》《上市公司证券发行注册管理办 法》《上市公司监管指引第2号——上市公司募集资金管理和使用的监管要求》 《深圳证券交易所创业板股票上市规则》等法律法规、法规、规范性文件，以及 《深圳迈瑞生物医疗电子股份有限公司章程》（以下简称"《公司章程》"）的 要求，结合公司实际情况，制定本制度。 募集资金投资项目（以下简称"募投项目"）通过公司的子公司或公司控制的 其他企业实施的，公司应当确保该子公司 ...