Investment Rating - The report maintains a "Buy" rating for the company [4][10] Core Views - The company's IVD product line continues to lead growth, becoming the largest revenue segment with a 38.7% share in total revenue [3][7] - The company's international market revenue grew by 18.3% YoY in the first three quarters of 2024, driven by breakthroughs in high-end customer segments [5][8] - The company is expected to regain steady growth by leveraging opportunities in domestic healthcare infrastructure and equipment renewal projects [4][10] Financial Performance - In the first three quarters of 2024, the company achieved revenue of RMB 29.485 billion, a YoY increase of 7.99%, and net profit attributable to shareholders of RMB 10.637 billion, a YoY increase of 8.16% [5][6] - The IVD product line generated revenue of RMB 11.4 billion, a YoY increase of 20.9%, while the life information and support product line saw a decline of 11.7% [3][7] - The company's gross margin remained stable at 66.2% in 2023, with a projected increase to 67.4% by 2026 [2][10] Product Line Performance - The IVD product line's chemical发光业务 grew by over 20%, with international IVD revenue increasing by more than 30% [7] - The life information and support product line saw a decline in domestic revenue due to delayed procurement, but international revenue grew by over 10% [7] - The medical imaging product line grew by 11.4%, with high-end and ultra-high-end ultrasound models growing by over 30% [3][7] International Market Expansion - The company achieved breakthroughs in over 65 high-end customers in the life information and support field, over 200 in the IVD field, and over 100 in the medical imaging field [8] - Revenue in Europe grew by nearly 30% in Q3 2024, while developing countries and the Asia-Pacific region saw growth of over 20% and 30%, respectively [8] Future Outlook - The company is expected to achieve EPS of RMB 11.11, RMB 13.38, and RMB 15.70 for 2024-2026, with corresponding P/E ratios of 25.1x, 20.8x, and 17.8x [4][10] - The company plans to focus on innovation, mergers and acquisitions, digital transformation, and deepening its presence in international markets to achieve long-term growth [4][10]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase of over 15% compared to the CSI 300 index in the next six months [4][8]. Core Views - The company's international business continues to grow rapidly, benefiting from breakthroughs with high-end strategic clients and large sample laboratories, with international revenue growth exceeding 18% in the first three quarters of 2024 [1][2]. - Domestic business growth has been temporarily constrained due to industry environment impacts, but there is optimism for a rebound as equipment update policies are gradually implemented [1][4]. - The company reported a revenue of 29.485 billion yuan in the first three quarters of 2024, a year-on-year increase of 7.99%, and a net profit of 10.637 billion yuan, up 8.16% year-on-year [1][3]. Financial Summary - Revenue projections for 2024-2026 are 38.052 billion, 44.687 billion, and 52.021 billion yuan, with year-on-year growth rates of 9%, 17%, and 16% respectively [4][5]. - The net profit for the same period is expected to be 13.129 billion, 15.567 billion, and 18.316 billion yuan, reflecting growth rates of 13%, 19%, and 18% respectively [4][5]. - The company's overall net profit margin improved by 0.28 percentage points to 36.30% in the first three quarters of 2024, despite a decline in gross margin due to accounting changes [3][4]. Business Segments - The IVD (In Vitro Diagnostics) business saw revenue growth exceeding 20% year-on-year in the first three quarters of 2024, with international IVD revenue growing over 30% [1][4]. - The medical imaging segment experienced over 10% growth, driven by the launch of high-end ultrasound products [1][4]. - The PMLS (Patient Monitoring and Life Support) business faced a decline of over 10% domestically, but international sales grew by over 10% [1][4].

Investment Rating - The report maintains a "Buy" rating for the company [1][7][10] Core Views - The company has shown a solid performance in its IVD business, with a notable increase in international revenue, while domestic business faces some pressure [4][5] - The company is expected to achieve revenue growth from 394.56 billion yuan in 2024 to 558.68 billion yuan in 2026, with corresponding net profits increasing from 138.21 billion yuan to 188.10 billion yuan [3][8] - The target stock price is set between 331.75 yuan and 398.10 yuan based on a projected P/E ratio of 25-30 times for 2025 [7] Financial Performance Summary - For the first three quarters of 2024, the company achieved revenue of 294.8 billion yuan, a year-on-year increase of 7.8%, and a net profit of 106.4 billion yuan, up 8.2% [3][4] - The company’s Q3 2024 revenue was 89.5 billion yuan, showing a 1.4% year-on-year growth, while net profit decreased by 9.3% [3][4] - R&D investment reached 28.4 billion yuan in the first three quarters of 2024, accounting for 9.6% of revenue, indicating a strong commitment to innovation [5][8] Market and Business Outlook - International revenue grew by 18.3% year-on-year in the first three quarters of 2024, with significant growth in regions like Europe and Latin America [4] - Domestic revenue growth slowed to 1.9% in the first three quarters of 2024, with a 9.7% decline in Q3, primarily due to sluggish public hospital tenders and weak non-essential medical demand [4] - The report anticipates a gradual recovery in the domestic market due to improved tender activities and accelerated issuance of special medical bonds [4]

Investment Rating - The report maintains an "Accumulate" rating for the company [2] Core Views - The company has shown steady performance with a revenue growth of 7.99% and a net profit growth of 8.16% in the first three quarters of 2024 [3] - The slowdown in growth is attributed to multiple external factors affecting the domestic medical device industry, including procurement delays and low non-essential medical demand [4] - The company emphasizes shareholder returns through significant dividend payouts, distributing approximately 2 billion yuan in cash dividends for Q3 2024, which is over 65% of the net profit for the quarter [5] Financial Performance - For the first three quarters of 2024, the company achieved a revenue of 29.485 billion yuan and a net profit of 10.637 billion yuan [3] - The operating cash flow for the first three quarters increased by 42.5% year-on-year, indicating robust performance [5] - The gross margin for the first three quarters was 64.87%, a decrease of 1.25 percentage points year-on-year, while the net margin improved by 0.28 percentage points to 36.30% [4] Regional and Product Performance - International sales grew over 18% in the first three quarters, with Europe and Asia-Pacific markets exceeding 30% growth [6] - The in-vitro diagnostics segment saw growth of over 20%, benefiting from local production and laboratory breakthroughs [6] - The life information and support segment experienced a decline of over 10% domestically, while international sales grew over 10% [6] Future Projections - The revenue forecasts for 2024, 2025, and 2026 have been adjusted to 36.6 billion yuan, 41.36 billion yuan, and 46.24 billion yuan respectively [7] - The net profit forecasts for the same years are revised to 12.524 billion yuan, 14.76 billion yuan, and 16.964 billion yuan respectively [7]

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company reported a total revenue of 29.49 billion yuan for the first three quarters of 2024, representing an 8% increase year-on-year, with a net profit attributable to shareholders of 10.64 billion yuan, up 8.2% [2] - The third quarter of 2024 faced short-term pressure, but overseas IVD (in vitro diagnostics) business grew rapidly, with international IVD business achieving over 30% growth due to local production and large sample laboratory breakthroughs [3] - The company continues to invest heavily in R&D, focusing on product innovation and upgrades, particularly in high-end fields, and has launched multiple scenario solutions within its "Rui Zhi Lian" ecosystem [4] Financial Summary - For 2024, the company expects net profits of 13.21 billion yuan, 15.52 billion yuan, and 18.44 billion yuan for the years 2024, 2025, and 2026 respectively, with corresponding EPS of 10.9, 12.8, and 15.21 yuan [4] - The projected revenue for 2024 is 38.03 billion yuan, with a growth rate of 8.86%, and the net profit growth rate is expected to be 14.08% [4] - The company reported a significant increase in operating cash flow, with a net cash flow of 11.07 billion yuan, up 42.5% [2] Business Segments - The international IVD business saw over 30% growth, while the domestic market for chemical luminescence, biochemistry, and coagulation businesses steadily increased market share [3] - The medical imaging business achieved over 10% growth, primarily due to the launch of the high-end full-body ultrasound device Resona A20 [3] - The life information and support business experienced a decline of over 10%, with international markets showing growth due to ongoing cooperation with high-end strategic customers [3]

证券代码：300760 证券简称：迈瑞医疗 公告编号：2024-050 深圳迈瑞生物医疗电子股份有限公司 关于控股股东部分股份质押和解除质押的公告 | 股东名称 | 是否为控股 股东或第一 大股东及其 | 本次解除质 | 占其所持股 | 占公司总股 | | | | 解除日期 | 质权人 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 一致行动人 | 押股份数量 （股） | 份比例 | 本比例 | 起始日 | | | | | | Magnifice （HK） | 是 | 7,850,000 | 2.64% | 0.65% | 2024 月 22 | 年 3 日 | 2024 月 | 年 11 5 日 | 招商银行股 份有限公司 纽约分行 | | | | 1,200,000 | 0.40% | 0.10% | 2023 月 6 | 年 1 日 | 2024 月 | 年 11 5 日 | 平安银行股 份有限公司 | | | | | | | | | | | 深圳分行 | | 合计 | | 9,050,000 | 3.05% | 0 ...

[Table_MainInfo] 公司研究/医药与健康护理/医疗保健设备与用品 证券研究报告 迈瑞医疗（300760）公司季报点评 2024 年 11 月 05 日 [Table_InvestInfo] 投资评级 优于大市 维持 | --- | --- | |-------------------------------------------------------|---------------| | 股票数据 | | | 11 [ Table_StockInfo 月 05 日收盘价（元） ] | 278.91 | | 52 周股价波动（元） | 221.66-351.60 | | 总股本 / 流通 A 股（百万股） | 1212/1212 | | 总市值 / 流通市值（百万元） | 338162/338162 | | 相关研究 | | | [Table_ReportInfo] 《高分红、强投入，公司稳健前行》 | 2024.05.10 | | 《归母净利润稳健增长，国际市场环比加速》 | | | 2023.12.25 | | 市场表现 [Table_QuoteInfo] -25.71% -16.71% ...

Investment Rating - The report maintains a "Recommendation" rating for the company with a target price of 329 CNY, while the current price is 271.08 CNY [1]. Core Views - The company reported a revenue of 29.48 billion CNY for the first three quarters of 2024, representing an 8.0% increase year-on-year, and a net profit of 10.64 billion CNY, up 8.2%. Excluding foreign exchange losses, the growth rate is 11.0% [1]. - The international market continues to perform strongly, with revenue from international markets reaching 12.02 billion CNY, a growth of 18.3%, while domestic market revenue is 17.47 billion CNY, growing only 1.9% due to various factors affecting hospital procurement [1]. - The IVD (In Vitro Diagnostics) business leads growth among the three main product lines, with revenue of 11.40 billion CNY, a 20.9% increase, making it the largest revenue segment [1]. - The medical imaging business benefits from the release of high-end ultrasound products, generating 5.97 billion CNY in revenue, an 11.4% increase [1]. - The life information and support business faces challenges in the domestic market but continues to break through high-end strategic customers overseas, with revenue of 10.89 billion CNY, down 11.7% [1]. - The company plans a second interim dividend, distributing 16.50 CNY per 10 shares, totaling 2.001 billion CNY, with a dividend payout ratio of 65.1% for 2024 [1]. - The forecast for net profit for 2024-2026 is adjusted to 12.82 billion CNY, 14.84 billion CNY, and 17.27 billion CNY, with corresponding PE ratios of 26, 22, and 19 times [1]. Financial Summary - Total revenue for 2023 is projected at 34.932 billion CNY, with a year-on-year growth rate of 15.0%. For 2024, the expected revenue is 38.470 billion CNY, with a growth rate of 10.1% [2]. - The net profit for 2023 is estimated at 11.582 billion CNY, with a growth rate of 20.6%. For 2024, the expected net profit is 12.821 billion CNY, with a growth rate of 10.7% [2]. - The earnings per share (EPS) for 2023 is 9.55 CNY, projected to increase to 10.57 CNY in 2024 [2].

迈瑞医疗(300760) 证券研究报告 | 公司点评 | 医疗器械 | --- | --- | |-------------------------------|-------------------------| | | 报告日期:2024年11月04日 | | 国内收入波动,不改长期投资价值 | | 投资要点 □ 业绩表现: 2024Q1-3，收入 294.8 亿元， YOY 8.0%; 归母净利润 106.4 亿元， YOY 8.2%, 别除汇兑损益影响后的增速为 11%; 扣非归母净利润 104.4 亿元, YOY 7.8%｡ 2024Q3,收入 89.5 亿元,YOY 1.4%;归母净利润 30.8 亿元,YOY -9.3%,扣非 归母净利润 30.6亿元，YOY -8.6%。 □ 成长性:国内收入波动,不改长期投资价值 2024Q1-3 业务拆分: 1分区域:国内市场前三季度增长 1.9%,第三李度下滑 9.7%。公立医院招标低 位运行,非刚性医疗需求疲软,使国内市场整体承压。国际市场前三季度增长 18.3%,第三季度增长 18.6%,主要受益于海外高端战略客户和中大样本量实验 室的持续突破,以及 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook despite some challenges in the domestic market [5][6]. Core Insights - The company reported a revenue of 29.48 billion yuan for the first three quarters of 2024, reflecting an 8.0% year-on-year growth, while the net profit attributable to shareholders was 10.64 billion yuan, up 8.2% year-on-year [5]. - The third quarter saw a revenue of 8.95 billion yuan, which was a modest 1.4% increase year-on-year, but the net profit decreased by 9.3% due to weak domestic equipment procurement demand [5]. - Overseas revenue growth was strong, with a 18.3% increase in the first three quarters, and a 30% growth in the European market during the third quarter [5][6]. Summary by Sections Market Data - Closing price: 266.25 yuan - Market capitalization: 322.81 billion yuan - Price-to-book ratio: 8.7 - Dividend yield: 3.70% [2][3]. Financial Performance - For the first three quarters of 2024, the company achieved a revenue of 29.48 billion yuan and a net profit of 10.64 billion yuan [5]. - The company’s earnings per share for 2024 is projected to be 11.10 yuan, with a price-to-earnings ratio of 24 times [6][8]. Revenue Projections - Projected revenues for 2024, 2025, and 2026 are 38.94 billion yuan, 45.52 billion yuan, and 53.12 billion yuan respectively, with corresponding net profits of 13.46 billion yuan, 15.74 billion yuan, and 18.29 billion yuan [6][8].