Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company is expected to benefit from domestic equipment upgrades and sustained growth in overseas markets despite short-term performance impacts from external policies [1] - The company reported a revenue of 29.485 billion yuan for the first three quarters of 2024, a year-on-year increase of 7.99%, and a net profit attributable to shareholders of 10.637 billion yuan, up 8.16% year-on-year [1] - The report anticipates revenue growth of 10% in 2024, followed by 17% in 2025 and 2026, with net profit growth of 15% in 2024 and 17% in the subsequent years [1] Financial Performance Summary - Revenue (in million yuan): - 2022A: 30,366 - 2023A: 34,932 - 2024E: 38,391 - 2025E: 44,759 - 2026E: 52,249 - Year-on-year growth rates: - 2022: 20% - 2023: 15% - 2024: 10% - 2025: 17% - 2026: 17% [1] - Net profit (in million yuan): - 2022A: 9,607 - 2023A: 11,582 - 2024E: 13,375 - 2025E: 15,677 - 2026E: 18,301 - Year-on-year growth rates: - 2022: 20% - 2023: 21% - 2024: 15% - 2025: 17% - 2026: 17% [1] - Earnings per share (in yuan): - 2022A: 7.92 - 2023A: 9.55 - 2024E: 11.03 - 2025E: 12.93 - 2026E: 15.09 [1] Market and Business Insights - The company’s overseas business revenue reached 12.02 billion yuan, a year-on-year increase of 18.3%, driven by high-end strategic clients and breakthroughs in various sectors [1] - Domestic revenue for the first three quarters was 17.47 billion yuan, a year-on-year increase of 1.9%, impacted by policy changes and delays in hospital procurement [1] - The in vitro diagnostics (IVD) segment became the largest revenue contributor, with a revenue of 11.4 billion yuan, up 20.9% year-on-year [1]

Investment Rating - The report maintains a "BUY" rating for Mindray, indicating a potential return of over 15% over the next 12 months [9][21]. Core Insights - Mindray reported a revenue of RMB 29.5 billion for the first nine months of 2024, reflecting an 8.0% year-on-year growth, while the attributable net profit increased by 8.2% year-on-year to RMB 10.6 billion [2][5]. - The domestic market is under pressure, with a notable decline in revenue from public hospitals and IVD testing, particularly in lower-tier hospitals, leading to a 9.7% year-on-year drop in domestic revenue in Q3 2024 [2][5]. - The overseas business showed healthy growth, with a 18.6% year-on-year increase in overseas revenue in Q3 2024, driven by strong performances in Europe, APAC, and Latin America [5][9]. Financial Summary - Revenue projections for FY24E, FY25E, and FY26E are RMB 37.4 billion, RMB 43.6 billion, and RMB 49.7 billion respectively, with year-on-year growth rates of 7.1%, 16.5%, and 14.0% [3][17]. - Attributable net profit estimates for FY24E, FY25E, and FY26E are RMB 12.8 billion, RMB 14.7 billion, and RMB 16.8 billion, with corresponding growth rates of 10.7%, 14.8%, and 14.3% [3][17]. - The adjusted net profit for FY24E is projected at RMB 12.7 billion, with an adjusted EPS of RMB 10.58 [3][17]. Market Performance - The current market capitalization of Mindray is approximately RMB 336.7 billion, with a target price adjusted to RMB 328.81, indicating a 21.6% upside from the current price of RMB 270.50 [6][7]. - The stock has experienced a relative performance decline of 5.5% over the past month and 18.4% over the past six months [6]. Business Segments - The IVD segment saw domestic revenue growth of 17% year-on-year in 9M24, although the overall demand in lower-tier hospitals was negatively impacted by nationwide DRG implementation [5]. - The MIS segment reported over 10% year-on-year growth in domestic revenue in 9M24, driven by the strong uptake of the Resona A20 ultrasound system [5]. - Emerging businesses such as minimally invasive surgery and animal medical have shown significant growth, contributing over 10% to overseas revenue [5].

Investment Rating - The investment rating for Mindray Medical (300760) is not explicitly stated in the provided content, but the report indicates a positive outlook based on growth projections and market performance. Core Views - The report highlights that Mindray Medical achieved a revenue of 29.485 billion yuan in the first three quarters of 2024, representing a year-over-year increase of 7.99%. However, the revenue growth in Q3 was slower at 1.43% year-over-year, primarily due to domestic market pressures from procurement delays and funding constraints in hospitals [1]. - The international market showed robust growth, with an 18.6% increase in Q3 2024, driven by high-end strategic clients and breakthroughs in large sample laboratories [1]. - The IVD product line has become the largest revenue contributor, with a 20.9% year-over-year increase, benefiting from local production and market share gains in domestic diagnostics [1]. Summary by Sections Financial Performance - For the first three quarters of 2024, Mindray Medical reported total revenue of 29.485 billion yuan, with a net profit of 10.637 billion yuan, reflecting an 8.16% year-over-year increase. The Q3 revenue was 8.954 billion yuan, with a net profit of 3.076 billion yuan, showing a decline of 9.31% year-over-year [1]. - The report projects revenues for 2024-2026 to be 40.023 billion, 47.647 billion, and 55.951 billion yuan, with year-over-year growth rates of 14.6%, 19.0%, and 17.4% respectively [2]. Market Dynamics - The domestic market is currently facing challenges due to regulatory adjustments and procurement delays, while the international market is thriving, particularly in Europe, Asia-Pacific, and Latin America, with growth rates of approximately 30%, 30%, and 25% respectively [1]. - The report emphasizes that as domestic procurement activities gradually recover, the demand for medical equipment is expected to rebound, leading to a faster growth trajectory for the company [1]. Profitability and Margins - The gross profit margin for Q3 2024 was reported at 61.69%, with expectations for improvement as the IVD consumables business grows and high-end customer segments expand [1]. - The report indicates that the company’s operating expenses are being optimized, with a sales expense ratio of 8.15% and a management expense ratio of 3.31% [1]. Valuation Metrics - The projected earnings per share (EPS) for 2024-2026 are 11.01 yuan, 13.23 yuan, and 15.70 yuan, with corresponding price-to-earnings (P/E) ratios of 24.57, 20.45, and 17.23 [3].

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Investment Rating - The report maintains a "Recommendation" rating for the company [2][7] Core Views - The company faces pressure in domestic growth but shows strong performance overseas, with a total revenue of 29.48 billion yuan in the first three quarters, reflecting an 8.0% year-on-year increase, while net profit attributable to shareholders reached 10.64 billion yuan, up 8.2% year-on-year [3][4] - Domestic revenue for the first three quarters was 17.47 billion yuan, growing by 1.9% year-on-year, while international revenue reached 12.02 billion yuan, increasing by 18.3% year-on-year, driven by high-end strategic clients and significant growth in animal healthcare and minimally invasive surgery [4][5] Financial Performance Summary - The company achieved a gross margin of 64.87% in the first three quarters, with a net profit margin of 34.92% in Q3, indicating robust operational quality despite a decline due to accounting adjustments [7] - Revenue projections for 2024-2026 have been adjusted to 11.03 yuan, 13.09 yuan, and 15.25 yuan per share, respectively, reflecting a stable growth outlook despite domestic challenges [7][12] - The company’s revenue is expected to grow from 34.93 billion yuan in 2023 to 53.69 billion yuan by 2026, with a net profit forecasted to increase from 11.58 billion yuan to 18.49 billion yuan over the same period [10][12] Market Position and Strategy - The IVD segment has become the largest revenue contributor, achieving 11.4 billion yuan in revenue, a 20.9% increase year-on-year, while the medical imaging segment also showed growth, albeit at a slower pace due to a decline in domestic market size [5][6] - The company is positioned as a global leader in medical devices and solutions, with products sold in over 190 countries, indicating a broad demand potential both domestically and internationally [7][12]

证券代码：300760 证券简称：迈瑞医疗 公告编号：2024-049 深圳迈瑞生物医疗电子股份有限公司 2024年第二次中期权益分派实施公告 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年第二次中 期权益分派方案已获2024年10月29日召开的第八届董事会第十次会议和第八届监事会第八 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10月29日召开第八届董事会第十次会议和第八 届监事会第八次会议，审议通过了《关于2024年第二次中期利润分配方案的议案》，2024年 第二次中期利润分配方案为：以公司2024年9月30日的总股本1,212,441,394股为基数 ...

Investment Rating - The report maintains a "Buy" rating for Mindray Medical (300760.SZ) [1][7] Core Views - The company achieved a revenue of 29.485 billion RMB in the first three quarters of 2024, representing an 8% year-on-year increase. The net profit attributable to shareholders was 10.637 billion RMB, also up by 8% year-on-year [1] - International market growth is strong, particularly in the in vitro diagnostics sector, which has become a key growth driver. The international market grew over 18% in the first three quarters, with Europe and Asia-Pacific markets exceeding 30% growth [1] - The company continues to invest heavily in R&D, with R&D expenses reaching 2.843 billion RMB, accounting for 9.64% of revenue. New product launches in various fields have maintained high product competitiveness [1] - A dividend distribution plan has been announced, with a total cash dividend of 2.001 billion RMB planned for distribution, increasing the total dividend amount to 31.723 billion RMB [1] Summary by Sections Performance Overview - In Q3 2024, the company reported revenue of 8.954 billion RMB, a 1% increase year-on-year, while net profit decreased by 9% to 3.076 billion RMB [1] Business Analysis - The international market's growth is driven by high-end strategic clients and large sample laboratories, while domestic market growth is hindered by delayed bidding demands [1] - The in vitro diagnostics segment saw over 20% growth, with international lines growing over 30% [1] R&D Investment - R&D investment for the first three quarters reached 2.843 billion RMB, with significant new product launches across various medical fields [1] Dividend Policy - The company plans to distribute a cash dividend of 16.50 RMB per 10 shares, totaling 2.001 billion RMB, further enhancing shareholder returns [1] Profit Forecast and Valuation - The forecasted net profits for 2024-2026 are 13.849 billion RMB, 16.673 billion RMB, and 20.215 billion RMB, with corresponding PE ratios of 24, 20, and 16 [1]

Financial Performance - Revenue for the third quarter was 8,954,208,694 RMB, a 1.43% increase year-over-year[2] - Net profit attributable to shareholders for the third quarter was 3,076,337,561 RMB, a 9.31% decrease year-over-year[2] - Cumulative revenue from the beginning of the year to the end of the reporting period was 29,484,805,493 RMB, a 7.99% increase year-over-year[2] - Cumulative net profit attributable to shareholders from the beginning of the year to the end of the reporting period was 10,637,075,305 RMB, an 8.16% increase year-over-year[2] - Revenue for the first three quarters of 2024 reached 294.85 billion yuan, a year-on-year increase of 7.99%[12] - Net profit attributable to shareholders was 106.37 billion yuan, a year-on-year increase of 8.16%[12] - Total revenue for the current period reached 29.48 billion yuan, an increase from 27.30 billion yuan in the previous period[20] - Net profit attributable to the parent company increased to 28.58 billion yuan from 24.68 billion yuan in the previous period[19] - Net profit attributable to parent company shareholders reached RMB 10.637 billion, an increase from RMB 9.834 billion in the previous period[21] - Basic earnings per share increased to RMB 8.7808, up from RMB 8.1216 in the previous period[21] - Comprehensive income attributable to parent company shareholders was RMB 10.564 billion, compared to RMB 10.033 billion in the previous period[21] Cash Flow and Financial Position - Operating cash flow for the period increased by 42.50% year-over-year, reaching 11,072,880,996 RMB[2][6] - Total assets at the end of the reporting period were 57,601,486,436 RMB, a 20.15% increase compared to the end of the previous year[2] - Shareholders' equity attributable to the company at the end of the reporting period was 37,093,899,069 RMB, a 12.12% increase compared to the end of the previous year[2] - Total assets increased to 57.60 billion yuan from 47.94 billion yuan in the previous period[19] - Total liabilities increased to 15.59 billion yuan from 14.59 billion yuan in the previous period[18] - Total equity increased to 42.01 billion yuan from 33.35 billion yuan in the previous period[19] - Operating cash flow increased to RMB 11.073 billion, up from RMB 7.771 billion in the previous period[22] - Cash and cash equivalents at the end of the period decreased to RMB 15.583 billion from RMB 18.668 billion at the beginning of the period[23] - Tax refunds received increased to RMB 866.82 million, up from RMB 769.52 million in the previous period[22] - Payments for employee benefits and wages increased to RMB 6.429 billion, compared to RMB 5.649 billion in the previous period[22] Shareholder and Equity Information - The total number of ordinary shareholders at the end of the reporting period is 72,917[8] - Smartco Development Limited holds 26.98% of the shares, totaling 327,072,335 shares[8] - Magnifice (HK) Limited holds 24.49% of the shares, totaling 296,951,000 shares, with 36,820,000 shares pledged[8] - Hong Kong Securities Clearing Company Limited holds 12.01% of the shares, totaling 145,616,297 shares[8] - Ever Union (H.K.) Limited holds 4.25% of the shares, totaling 51,482,379 shares[8] - The China Industrial and Commercial Bank Limited - E Fund ChiNext ETF holds 1.20% of the shares, totaling 14,541,569 shares[8] - The China Industrial and Commercial Bank Limited - Huatai-PineBridge CSI 300 ETF holds 0.95% of the shares, totaling 11,520,049 shares[8] - Shenzhen Ruifu Management Consulting Partnership holds 0.86% of the shares, totaling 10,405,351 shares[8] - The China Industrial and Commercial Bank Limited - China Europe Healthcare Hybrid Fund holds 0.84% of the shares, totaling 10,183,344 shares[8] - Shenzhen Ruilong Consulting Services Partnership holds 0.84% of the shares, totaling 10,156,738 shares[8] Market and Product Performance - International market revenue grew by over 18%, with Europe and Asia-Pacific markets growing by more than 30%[12] - Domestic market revenue grew by less than 2% due to delayed hospital procurement and tight construction funds[12] - In vitro diagnostics product line grew by over 20%, with international in vitro diagnostics growing by over 30%[12] - Medical imaging product line grew by over 10%, driven by the Resona A20 ultrasound system[12] - Life information and support product line declined by over 10%, with domestic sales dropping by more than 20%[12] Research and Development - R&D investment in the first three quarters of 2024 was 28.43 billion yuan, accounting for 9.64% of revenue[13] - The company launched 10 new chemical luminescence immunoassay reagents and 10 biochemical analysis reagents in Q3 2024[13] - Cumulative patent applications reached 11,358, with 8,115 invention patents and 5,563 authorized patents[13] - R&D expenses increased to 2.59 billion yuan from 2.51 billion yuan in the previous period[20] Operational Costs and Liabilities - Operating costs for the current period were 17.87 billion yuan, up from 16.55 billion yuan in the previous period[20] - Inventory increased to 4.86 billion yuan from 3.98 billion yuan in the previous period[17] - Accounts receivable increased to 3.60 billion yuan from 3.30 billion yuan in the previous period[17] - Short-term borrowings decreased to 5.68 million yuan from 7.75 million yuan in the previous period[18] - Investment cash outflow was RMB 7.962 billion, a significant increase from RMB 5.910 billion in the previous period[22] - Financing cash outflow was RMB 6.969 billion, compared to RMB 5.593 billion in the previous period[23] Earnings and Shareholder Returns - Basic earnings per share for the third quarter were 2.5364 RMB, a 9.50% decrease year-over-year[2] - Weighted average return on equity for the third quarter was 7.93%, a decrease of 1.72 percentage points year-over-year[2] - Non-recurring gains and losses for the third quarter amounted to 19,324,724 RMB[4] - Sales revenue from goods and services reached RMB 31.578 billion, compared to RMB 26.496 billion in the previous period[22]

证券代码：300760 证券简称：迈瑞医疗 公告编号：2024-047 深圳迈瑞生物医疗电子股份有限公司 关于2024年第二次中期利润分配方案公告 二、董事会意见 公司董事会认为：公司综合考虑投资者的回报需求和公司的长远发展，在保证正常经 营业务发展的前提下拟定的2024年第二次中期利润分配方案符合公司实际情况，符合《公 司法》《公司章程》的规定。 三、监事会意见 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（以下简称"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》，同意授权公 司董事会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10月29 日召开第八届董事会第十次会议和第八届监事会第八次会议，审议通过了《关于2024年第 二次中期利润分配方案的议案》。现将相关事项公告如下： 一、利润分配方案基本情况 为积极响应监管号召、提高股东回报，公司推动一年多次分红，结合监管规则，以2023 年经审计的未分配利润为基准，合理考虑当期利润情况实施 ...

上述募集资金到位情况已由普华永道中天会计师事务所（特殊普通合伙）审验，并已 于2018年10月10日出具"普华永道中天验字(2018)第0626号"《验资报告》。公司已对募集资 金采取了专户存储，相关募集资金已全部存放于募集资金专户，并且公司及相关子公司与 存放募集资金的商业银行、保荐机构签订了《募集资金三方监管协议》《募集资金四方监管 协议》。 证券代码：300760 证券简称：迈瑞医疗 公告编号：2024-046 深圳迈瑞生物医疗电子股份有限公司 关于继续使用部分闲置募集资金进行现金管理的公告 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。 为持续提高深圳迈瑞生物医疗电子股份有限公司（以下简称"公司"）及子公司资金利 用效率，继续合理利用闲置募集资金，优化经济效益，公司于2024年10月29日召开第八届董 事会第十次会议及第八届监事会第八次会议，审议通过了《关于继续使用部分闲置募集资 金进行现金管理的议案》，同意在确保募集资金安全和不影响公司正常经营的情况下，继续 使用闲置募集资金进行现金管理，购买安全性高、流动性好的存款类产品或保本型产品，包 括但不限于 ...