Investment Rating - The report maintains a "Buy" rating for the company with a target price adjusted to RMB 350 [1][2][16]. Core Views - The company's revenue growth in 1H24 is slightly weak, primarily due to domestic business being impacted by industry restructuring, while overseas business continues to grow steadily [1]. - The company announced an interim dividend of RMB 4.06 per share, with a dividend payout ratio of 65%, indicating an intention to gradually increase the cash dividend ratio [1][2]. - The performance in 2H24 is expected to depend significantly on the progress of policy implementation regarding equipment updates, with a forecasted revenue growth of 17% for 2024 [1][2]. Summary by Sections Financial Performance - 1H24 revenue increased by 11% year-on-year, with domestic revenue growing by 7% and overseas revenue by 18% [1]. - The gross profit margin for 1H24 improved by 0.7 percentage points year-on-year, while net profit attributable to shareholders increased by 17% year-on-year [1][6]. - The company expects a revenue increase in 2H24 due to a low base from the previous year, despite the ongoing impact of industry restructuring [1][2]. Business Segments - In 1H24, revenue from life information and support decreased by 8%, while in vitro diagnostics and medical imaging revenues increased by 28% and 16%, respectively [1][6]. - The trend observed in 2Q24 continued from 1Q24, with overseas performance outpacing domestic results, and consumables performing better than equipment sales [1][6]. Dividend and Shareholder Commitment - The company has committed to not reducing shareholdings by major shareholders for the next six months, reinforcing confidence in its dividend policy [1][2]. - The interim dividend reflects a commitment to returning value to shareholders, with a current dividend yield of 1.8% based on the announcement date's closing price [1][2]. Future Outlook - The revenue growth for the full year is expected to be heavily influenced by the approval process for equipment update projects, with a more significant impact anticipated in 2025 [1][2]. - The company is projected to achieve a revenue of RMB 40.77 billion in 2024, with a year-on-year growth rate of 16.7% [6][7].

Investment Rating - The investment rating for the company is "Buy" (maintained) with a market price of 250.80 CNY [1]. Core Insights - The company reported a revenue of 20.531 billion CNY in the first half of 2024, representing a year-on-year growth of 11.12%. The net profit attributable to shareholders was 7.561 billion CNY, up 17.37% year-on-year, and a 22.13% increase when excluding foreign exchange losses [5]. - The company is experiencing robust growth in its overseas business while domestic operations are recovering quickly. The demand for in vitro diagnostics (IVD) is rapidly rebounding, and high-end equipment installations are accelerating [5]. - The company has successfully acquired a leading domestic supplier in the microelectrophysiology sector, enhancing its competitive edge in the cardiovascular market [5]. Financial Performance Summary - **Revenue Forecasts**: The company is projected to achieve revenues of 40.162 billion CNY in 2024, 48.202 billion CNY in 2025, and 57.857 billion CNY in 2026, with growth rates of 15%, 20%, and 20% respectively [5]. - **Net Profit Forecasts**: Expected net profits are 13.914 billion CNY for 2024, 16.758 billion CNY for 2025, and 20.100 billion CNY for 2026, all reflecting a 20% growth rate [5]. - **Earnings Per Share (EPS)**: The projected EPS for 2024, 2025, and 2026 are 9.55 CNY, 11.48 CNY, and 13.82 CNY respectively [5]. Business Segment Performance - **Life Information and Support**: Revenue in this segment was 8.009 billion CNY, down 7.59% year-on-year, but minimally impacted by external factors. The minimally invasive surgery segment grew over 90% [5]. - **IVD Business**: The IVD segment achieved revenue of 7.658 billion CNY, with a year-on-year growth of 28.16%, driven by a strong demand for diagnostic reagents [5]. - **Medical Imaging**: Revenue from medical imaging reached 4.274 billion CNY, growing 15.49% year-on-year, with high-end ultrasound models seeing over 40% growth [5]. Market Position and Strategy - The company is positioned as a leader in the domestic medical device market, with a strong foothold in high-end product segments. The strategy includes expanding overseas market penetration and enhancing product offerings through acquisitions [5]. - The company is expected to maintain a strong growth trajectory in both domestic and international markets, supported by ongoing demand recovery and strategic acquisitions [5].

Investment Rating - Buy (Maintained) [1] Core Views - 24H1 revenue reached 205 31 billion yuan (+11 12% YoY), net profit attributable to parent company was 75 61 billion yuan (+17 37% YoY), and non-GAAP net profit was 73 80 billion yuan (+16 39% YoY) [2] - 24Q2 revenue was 111 58 billion yuan (+10 35% YoY), net profit attributable to parent company was 44 01 billion yuan (+13 69% YoY), and non-GAAP net profit was 43 43 billion yuan (+13 94% YoY) [2] - 24H1 performance met expectations [2] Business Performance - Life Information & Support products revenue was 80 09 billion yuan (-7 59% YoY), accounting for 39 01% of total revenue, with a gross margin of 66 25% (-1 04pct YoY) [3] - IVD (In Vitro Diagnostics) revenue was 76 58 billion yuan (+28 16% YoY), accounting for 37 30% of total revenue, with a gross margin of 64 98% (+2 35pct YoY) [3] - Medical Imaging revenue was 42 74 billion yuan (+15 49% YoY), accounting for 20 82% of total revenue, with a gross margin of 69 59% (+1 83pct YoY) [3] Profitability - 24H1 gross margin was 66 25% (+0 65pct YoY), net margin was 36 90% (+2 03pct YoY) [3] - 24Q2 gross margin was 66 50% (+1 56pct YoY), net margin was 39 56% (+1 28pct YoY) [3] Overseas Market Performance - Overseas revenue in 24H1 was 79 06 billion yuan (+18 10% YoY) [3] - IVD revenue in international markets grew over 30% in 24H1 [3] - Successfully penetrated over 60 overseas third-party chain laboratories and completed the installation of the first MT8000 production line, driving international IVD revenue growth [3] Financial Forecasts - 2024-2026 net profit attributable to parent company adjusted to 138 21/167 38/199 84 billion yuan, with corresponding PE valuations of 22/18/15 times [3] - 2024-2026 revenue forecasted to be 400 75/474 41/565 49 billion yuan, with YoY growth of 14 72%/18 38%/19 20% [2] - 2024-2026 EPS forecasted to be 11 40/13 81/16 48 yuan per share [2] Market Data - Closing price: 250 80 yuan [5] - 52-week low/high: 224 71/316 10 yuan [5] - P/B ratio: 7 83x [5] - Market cap: 304 080 30 million yuan [5] Financial Data - Net asset per share: 32 04 yuan [6] - Asset-liability ratio: 28 00% [6] - Total shares outstanding: 1 212 44 million [6]

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company has shown steady profit growth, with a revenue of 20.53 billion yuan in H1 2024, representing a year-over-year increase of 11.1%, and a net profit attributable to shareholders of 7.56 billion yuan, up 17.4% year-over-year [1] - The company is expected to benefit from favorable domestic policies and continued expansion in overseas markets, leading to a potential fifth growth phase characterized by sustained high growth in performance and valuation [2] Performance Summary - **Revenue and Profit**: In H1 2024, the company reported a revenue of 205.3 billion yuan, with a net profit of 75.6 billion yuan, and a non-GAAP net profit of 73.8 billion yuan [1] - **Quarterly Performance**: In Q2 2024, revenue was 111.6 billion yuan, with a net profit of 44.0 billion yuan, and a non-GAAP net profit of 43.4 billion yuan [1] - **Segment Performance**: Domestic revenue was 126.2 billion yuan (up 7.2% YoY), while international revenue reached 79.1 billion yuan (up 18.1% YoY) [2] Growth Analysis - **Business Segmentation**: The in-vitro diagnostics segment grew over 25% in the domestic market and over 30% in the international market, with European revenue increasing by 37.9% [2] - **Client Acquisition**: The company has successfully acquired nearly 40 new high-end clients in the life information and support business and around 140 new high-end clients in the in-vitro diagnostics segment [2] - **Installation Growth**: The "Smart Link" system has been installed in over 900 hospitals, with significant growth in installations in top-tier hospitals [2] Profitability Analysis - **Margins**: The gross margin for H1 2024 was 66.25%, an increase of 0.66 percentage points year-over-year, while the net profit margin was 36.9%, up 2.03 percentage points [3] - **Cash Flow**: The operating cash flow for H1 2024 was 85.0 billion yuan, a year-over-year increase of 89.5% [3] - **Future Outlook**: The company is expected to maintain stable growth in profitability due to an increasing share of high-end products and markets [3] Earnings Forecast and Valuation - **Earnings Projections**: EPS is projected to be 11.53 yuan in 2024, 13.95 yuan in 2025, and 16.95 yuan in 2026, with a current PE ratio of 21.7 times for 2024 [8] - **Market Position**: The company is considered undervalued compared to both domestic and international peers, presenting a favorable investment opportunity [2]

Investment Rating - The report maintains a "Recommended" rating for the company [3]. Core Views - The company demonstrated resilient growth in the first half of 2024, achieving a revenue of 20.531 billion yuan (+11.12%) and a net profit of 7.561 billion yuan (+17.37%) despite challenges in the medical industry [1]. - The company is expected to see an upward shift in performance growth in the second half of 2024, driven by the normalization of procurement activities and the recovery of overseas purchasing power [1]. - The company's life information and support business faced short-term pressure due to delayed procurement activities but is anticipated to benefit from demand release in the latter half of the year [2]. - The in-vitro diagnostics segment showed strong performance with a revenue increase of 28.16% in the first half of 2024, supported by recovery in domestic diagnostic demand and successful overseas expansion [2]. - The medical imaging business also reported a revenue increase of 15.49%, with high-end ultrasound products seeing significant growth [2]. Summary by Sections Financial Performance - For the first half of 2024, the company reported a revenue of 20.531 billion yuan, a year-on-year increase of 11.12%, and a net profit of 7.561 billion yuan, up 17.37% [1]. - The operating cash flow reached 8.496 billion yuan, reflecting a substantial increase of 89.51% [1]. Business Segments - **Life Information and Support**: Revenue was 8.010 billion yuan, down 7.59%, but expected to recover as delayed procurement is released [1][2]. - **In-Vitro Diagnostics**: Revenue reached 7.658 billion yuan, up 28.16%, with strong growth in the chemical luminescence business [2]. - **Medical Imaging**: Revenue was 4.274 billion yuan, an increase of 15.49%, with high-end ultrasound products performing particularly well [2]. Future Outlook - The company is projected to achieve net profits of 13.953 billion yuan, 16.844 billion yuan, and 20.253 billion yuan for 2024, 2025, and 2026 respectively, with expected growth rates of 20.47%, 20.72%, and 20.24% [6][7]. - The current stock price corresponds to a PE ratio of 20 for 2024, 16 for 2025, and 14 for 2026, indicating a favorable valuation [6].

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年中期权益 分派方案已获2024年8月28日召开的第八届董事会第九次会议和第八届监事会第七次会议 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8月28日召开第八届董事会第九次会议和第八届 监事会第七次会议，审议通过了《关于2024年中期利润分配方案的议案》，2024年中期利润 分配方案为：以公司2024年6月30日的总股本1,212,441,394股为基数，向全体股东每10股派 发现金股利人民币40.60元（含税），共计派发现金股利人民币4,922,512,059.64元（含税）。 若公司股本总额在权益分派实施前发生变 ...

Financial Performance - The company's total revenue for the first half of 2024 reached 205.3 billion CNY, with a year-on-year growth of 18.1%[8] - Net profit attributable to shareholders was 75.6 billion CNY, reflecting a year-on-year increase of 11.1%[2] - Operating cash flow for the period was 85.0 billion CNY, with a year-on-year growth of 24.0% in Q2[2] Segment Performance - The in-vitro diagnostics segment generated revenue of 76.6 billion CNY, marking a year-on-year growth of 28.2% and accounting for 37.3% of total revenue[3] - The medical imaging business reported revenue of 42.7 billion CNY, with a year-on-year increase of 15.5%[3] - Revenue from the life information and support segment was 80.1 billion CNY, a decrease of 7.6% year-on-year[4] Research and Development - R&D investment totaled 19.4 billion CNY, representing 9.4% of total revenue[4] International Markets - The company achieved significant growth in international markets, with European revenue reaching 15.0 billion CNY, up 37.9% year-on-year[4] Project Developments - The "瑞影云++" project has installed over 13,000 units across 31 provinces, with nearly 2,400 new installations in the first half of 2024[5] - The company has successfully treated 280 patients in public places with its AED devices as of June 30, 2024[5]

深圳迈瑞生物医疗电子股份有限公司 第八届监事会第七次会议决议公告 本公司及监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。 证券代码：300760 证券简称：迈瑞医疗 公告编号：2024-036 经审议，监事会认为：董事会编制和审核《2024年半年度报告及其摘要》的程序符合 法律、行政法规、中国证监会和深圳证券交易所的规定，报告内容真实、准确、完整地反 映了公司2024年上半年经营的实际情况，不存在任何虚假记载、误导性陈述或者重大遗漏。 一、监事会会议召开情况 深圳迈瑞生物医疗电子股份有限公司（以下简称"公司"）第八届监事会第七次会议于 2024年8月28日在迈瑞总部大厦会议室以现场方式召开，会议通知于2024年8月18日以电子 邮件等方式送达全体监事。 会议由公司监事会主席汤志先生主持。本次会议应出席监事3人，实际到会监事3人。 本次会议的召集、召开符合《中华人民共和国公司法》和《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。 二、监事会会议审议情况 经与会监事充分讨论，本次会议审议并通过了如下议案： 1、审议通过《关于<2024年半 ...

深圳迈瑞生物医疗电子股份有限公司（以下简称"公司"）已于 2024 年 08 月 30 日在巨潮资讯网（www.cninfo.com.cn）上披露了《2024 年半年度报告》及 《2024 年半年度报告摘要》。为便于广大投资者更加全面深入地了解公司经营 业绩、发展战略等情况，公司定于 2024 年 09 月 14 日（星期六）15:00-17:00 在 "价值在线"（www.ir-online.cn）举办公司 2024 年半年度网上业绩说明会，与 投资者进行沟通和交流，广泛听取投资者的意见和建议。 一、说明会召开的时间、地点和方式 证券代码：300760 证券简称：迈瑞医疗 公告编号：2024-040 深圳迈瑞生物医疗电子股份有限公司 关于举办2024年半年度网上业绩说明会的公告 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。 重要内容提示： 会议召开时间：2024 年 09 月 14 日（星期六）15:00-17:00 会议召开地点：价值在线（www.ir-online.cn） 会议召开方式：网络互动方式 会议召开时间：2024 年 09 月 14 日（星期 ...

证券代码：300760 证券简称：迈瑞医疗 公告编号：2024-039 公司董事会将对上述承诺事项的履行情况进行持续监督并及时履行信息披露义务。 深圳迈瑞生物医疗电子股份有限公司 关于公司控股股东、特定股东、员工持股平台及2022年员工持股 计划自愿承诺不减持公司股份的公告 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 深圳迈瑞生物医疗电子股份有限公司（以下简称"公司"）于近日收到控股股东 Smartco Development Limited（以下简称"Smartco Development"）和 Magnifice (HK) Limited（以 下简称"Magnifice (HK)"），持有公司首次公开发行前股份的特定股东 Ever Union (H.K.) Limited（以下简称"Ever Union"）、深圳睿隆咨询服务合伙企业（有限合伙）（以下简 称"睿隆"）、深圳睿福管理咨询合伙企业（有限合伙）（以下简称"睿福"）和员工持 股平台深圳睿嘉管理咨询合伙企业（有限合伙）（以下简称"睿嘉"）、深圳睿享投资咨 询合伙企业（有限合伙）（以下简称"睿享"）、深圳睿和投资咨询合伙企业（有 ...