Investment Rating - The investment rating for the company is "Outperform the Market" [3][12][13] Core Views - The company achieved a revenue of 20.53 billion yuan (+11.1%) and a net profit attributable to shareholders of 7.56 billion yuan (+17.4%) in the first half of 2024, with a growth rate of 22.1% after excluding foreign exchange gains and losses [5][10] - The in-vitro diagnostics business showed strong performance with a revenue increase of 28.16%, while the minimally invasive surgery segment grew over 90% [7][12] - The company is benefiting from domestic medical infrastructure development and product upgrades, while also accelerating the expansion of high-end customers overseas [12][14] Summary by Sections Financial Performance - In H1 2024, the company reported a revenue of 20.53 billion yuan and a net profit of 7.56 billion yuan, with a net profit growth of 17.4% [5][10] - The second quarter alone saw a revenue of 11.16 billion yuan (+10.4%) and a net profit of 4 billion yuan (+13.7%) [5][10] - The gross profit margin improved to 66.25% (+0.66 percentage points), and the net profit margin increased to 36.90% (+2.03 percentage points) [10][12] Business Segments - The life information and support business generated 8.01 billion yuan in revenue, a decrease of 7.59% due to delays in procurement activities [6][10] - The in-vitro diagnostics segment achieved a revenue of 7.66 billion yuan (+28.16%), with the chemical luminescence business growing over 30% [7][10] - The medical imaging business reported a revenue of 4.27 billion yuan (+15.49%), with high-end ultrasound models growing over 40% [7][10] Market Outlook - The company anticipates a market space of 24 billion yuan in domestic medical infrastructure waiting to be released [6][10] - The revenue forecast for 2024-2026 has been slightly adjusted to 40.67 billion yuan, 48.80 billion yuan, and 56.86 billion yuan respectively, with expected growth rates of 16.4%, 20.0%, and 16.5% [12][14] - The net profit forecast for the same period is adjusted to 13.80 billion yuan, 16.57 billion yuan, and 19.64 billion yuan, with growth rates of 19.2%, 20.1%, and 18.5% [12][14]

证券研究报告 2024 年 09 月 04 日 湘财证券研究所 公司研究 迈瑞医疗（300760.SZ）点评报告 H1 业绩增长稳健，内生外延筑牢龙头地位 核心要点： 2024H1 业绩稳健增长，费用率保持稳定盈利能力持续提升 公司评级：增持（维持） 近十二个月公司表现 | --- | --- | --- | --- | |----------|--------------------|----------|------------| | | | | | | % | 1 个月 | 3 个月 | 12 个月 | | 相对收益 | -2 | -8 | 7 | | 绝对收益 | -5 | -17 | -6 | | | 注：相对收益与沪深 | | 300 相比 | 分析师：蒋栋 证书编号：S0500521050001 Tel：(8621) 50295368 Email：jiangdong@xcsc.com 地址：上海市浦东新区银城路88号 中国人寿金融中心10楼 近期公司发布 2024 年半年报，H1 公司实现营业收入 205.31 亿元，同比增 长 11.12%，实现归母净利润 75.61 亿元，同比增长 17.3 ...

证券研究报告 非金融公司|公司点评|迈瑞医疗（300760） IVD 业务实现快速发展，海外增长强劲 请务必阅读报告末页的重要声明 glzqdatemark1 2024年09月04日 证券研究报告 |报告要点 公司发布 2024 年半年报，2024 年上半年实现收入 205.31 亿元，同比增长 11%；实现归母净 利润 75.61 亿元，同比增长 17%；实现扣非归母净利润 73.80 亿元，同比增长 16%。 |分析师及联系人 郑薇 SAC：S0590521070002 请务必阅读报告末页的重要声明 1 / 5 2023/9 2024/1 2024/5 2024/9 非金融公司|公司点评 glzqdatemark2 2024年09月04日 迈瑞医疗(300760) IVD 业务实现快速发展，海外增长强劲 | --- | --- | --- | |----------------------------|----------|--------------------| | | | | | 行 业： | | 医药生物/医疗器械 | | 投资评级： | | 买入（维持） | | 当前价格： | | 247.82 ...

2024 年 09 月 03 日 公司点评 买入/维持 迈瑞医疗(300760) 收盘:247.49 迈瑞医疗点评报告：IVD 和国际业务增长强劲，"三瑞"数智化 建设稳步推进 ◼ 走势比较 (20%) (12%) (4%) 4% 12% 20% 23/9/4 23/11/1624/1/2824/4/1024/6/2224/9/3 迈瑞医疗 沪深300 ◼ 股票数据 总股本/流通(亿股) 12.12/12.12 总市值/流通(亿元) 3,000.67/3,00 0.67 12 个月内最高/最低价 (元) 316.1/224.71 相关研究报告 <<迈瑞医疗点评报告：业绩符合预 期，各产线均实现重大突破>>-- 2024-04-28 <<迈瑞医疗点评报告："质量回报双 提升"，迈瑞医疗在行动>>--2024- 02-18 <<迈瑞医疗点评报告：收购惠泰控制 权，巨头开启心血管业务新篇章>>-- 2024-01-30 证券分析师：谭紫媚 电话：0755-83688830 E-MAIL：tanzm@tpyzq.com 分析师登记编号：S1190520090001 事件：8 月 30 日，公司发布 2024 半年度报 ...

Investment Rating - The report maintains a "BUY" rating for Mindray, indicating a potential return of over 15% over the next 12 months [2][13]. Core Insights - Mindray achieved a revenue of RMB20.5 billion in 1H24, reflecting an 11.1% year-over-year increase, and reported an attributable net profit of RMB7.6 billion, up 17.4% YoY [2]. - Despite challenges in the healthcare industry, including regulatory adjustments and delays in medical equipment renewals, the company demonstrated resilience through growth in its IVD business and high-end ultrasound products [2]. - The gross margin increased by 0.7 percentage points YoY to 66.3% in 1H24, driven by the rising revenue share from IVD reagents and high-end ultrasound sales [2]. - A mid-term dividend plan was announced, with a total cash dividend of approximately RMB4.9 billion, representing a payout ratio of over 65% [2]. Revenue Performance - The domestic equipment business faced a 12% YoY revenue decline in 1H24 due to cautious bidding and procurement activities in public hospitals [2]. - The Patient Monitoring and Life Support (PMLS) segment saw a 7.6% YoY revenue decrease, with domestic revenue dropping by about 20% [2]. - The Medical Imaging segment experienced a 15.5% YoY revenue growth, attributed to increased sales of high-end ultrasound products, which grew by over 40% [2]. Business Shift - The IVD reagent business grew by 28% YoY to RMB7.7 billion, accounting for over 37% of total revenue, with domestic IVD revenue increasing by over 25% [2]. - The minimally invasive surgery business grew by 90% YoY in 1H24, and the acquisition of APT Medical enhanced Mindray's cardiovascular consumables offerings [2]. - Consumables-related businesses, led by IVD, now account for over 50% of the company's domestic revenue [2]. Financial Projections - Revenue projections for FY24E, FY25E, and FY26E are RMB40.6 billion, RMB48.8 billion, and RMB57.4 billion, respectively, with expected YoY growth rates of 16.3%, 20.2%, and 17.7% [3][10]. - Adjusted net profit estimates for FY24E, FY25E, and FY26E are RMB13.6 billion, RMB16.2 billion, and RMB19.1 billion, with YoY growth rates of 19.3%, 19.0%, and 17.4% [3][10]. - The target price is adjusted to RMB352.84, reflecting a 40.7% upside from the current price of RMB250.80 [2][3].

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company achieved a revenue of 20.531 billion yuan in H1 2024, representing an 11.12% year-on-year increase, and a net profit of 7.561 billion yuan, up 17.37% year-on-year [6] - The company is experiencing robust growth in overseas markets, with international revenue reaching 7.906 billion yuan, a growth of 18.09% year-on-year, contributing to 38.51% of total revenue [7] - The in-vitro diagnostics (IVD) segment showed strong performance with revenue of 7.658 billion yuan, growing 28.16% year-on-year, driven by increased demand in outpatient and surgical settings [7] - The company is expanding into the cardiovascular field through the acquisition of Huatai Medical, which is expected to enhance its market presence and create new growth opportunities [7] Financial Summary - The company forecasts net profits of 13.906 billion yuan for 2024, 16.712 billion yuan for 2025, and 20.092 billion yuan for 2026, with corresponding P/E ratios of 18, 15, and 14.93 [8][10] - The projected revenue growth rates are 15.0% for 2023, 19.6% for 2024, and 19.9% for 2025 [10] - The gross margin is expected to remain stable at around 66.2% for 2024 and 2025 [10]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The report highlights that the IVD business is performing exceptionally well, with continued breakthroughs in the high-end market [1] - The company reported a revenue of 205.31 billion yuan for H1 2024, representing a year-over-year increase of 11.12%, and a net profit attributable to shareholders of 75.61 billion yuan, up 17.37% year-over-year [5][6] - The company maintains a strong focus on R&D, with R&D expenses reaching 19.40 billion yuan, leading to the introduction of new high-end products [6][7] Financial Performance - For 2024, the company is projected to achieve a revenue of 416.50 billion yuan and a net profit of 139.74 billion yuan, with an EPS of 11.53 yuan [5][7] - The IVD segment achieved a revenue of 76.58 billion yuan in H1 2024, a year-over-year increase of 28.16%, contributing to 37.30% of total revenue [6] - The life information and support segment reported a revenue of 80.09 billion yuan, down 7.59% year-over-year, while the medical imaging segment saw a revenue of 42.74 billion yuan, up 15.49% year-over-year [6] Market Position and Strategy - The company is recognized as a leading domestic medical device manufacturer, continuously enhancing its core competitiveness and profitability through customer-oriented innovation and R&D [6][7] - The report anticipates that the company will capture new market opportunities, projecting revenues of 496.34 billion yuan and 583.78 billion yuan for 2025 and 2026, respectively [7]

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 ...