Investment Rating - The report maintains a "Buy" rating for the company [1][2][7]. Core Insights - The report emphasizes the necessity for domestic companies to expand overseas due to price pressures and policy changes in the domestic market, which can be mitigated by diversifying into international markets [6][11][26]. - The overseas business of the company has shown rapid growth, with a 15.83% year-on-year increase in overseas revenue to 13.55 billion yuan in 2023, accounting for 38.79% of total revenue [6][32]. - The company's success in international markets is attributed to its clear international strategy, effective execution of mergers and acquisitions, and a strong focus on localization [6][41]. Summary by Sections 1. Necessity of Going Overseas - The report discusses the increasing necessity for medical device companies to expand internationally due to intensified price competition and policy changes in the domestic market [11][13][26]. - The report highlights that the global medical device market is expanding, particularly in developed countries, which presents significant growth opportunities for companies like the one studied [15][16]. 2. Development of Overseas Business - The company has successfully implemented a "go out, go in, go up" strategy, establishing a presence in over 40 countries and setting up 62 overseas subsidiaries [27][29]. - The report notes that the company has achieved significant breakthroughs in high-end markets, with a focus on high-quality products and services [30][32]. 3. Successful Strategies of the Company - The company has effectively utilized mergers and acquisitions to enhance its core technologies and expand its market presence [41][42]. - The report details several key acquisitions that have strengthened the company's position in various medical device segments, including life support and in vitro diagnostics [43][44]. 4. Profit Forecast - The report forecasts the company's revenue to reach 424.97 billion yuan in 2024, with net profit expected to be 139.19 billion yuan, indicating a strong growth trajectory [5][7].

证券研究报告 | 2024年07月14日 迈瑞医疗(300760.SZ) "创新+全球化"医械龙头,引领产业数智化转型 公司研究 · 深度报告 医药生物 · 医疗器械 投资评级:优于大市(维持评级) 证券分析师:张佳博 021-60375487 zhangjiabo@guosen.com.cn S0980523050001 证券分析师:张超 0755-81982940 zhangchao4@guosen.com.cn S0980522080001 请务必阅读正文之后的免责声明及其项下所有内容 ◼ 迈瑞医疗已成为全球领先的医疗器械及解决方案供应商 迈瑞医疗是全球领先的医疗器械及解决方案供应商,产品远销190多个国家及地区。公司主要产品覆盖三大领域:生命信息与支持、体外诊断以及医学影像,拥有国 内同行业中最全的产品线。公司全面加强产品研发创新、国内国际营销拓展和本地化建设等综合能力,持续向数智化生态方案商转型升级。 ◼ 核心逻辑一:医疗新基建和加速进口替代 随着相关政策的持续加码和配套资金的落地支持,医疗新基建和大规模设备更新将驱动医疗器械市场扩容。迈瑞医疗于国内的可及市场空间超过千亿,公司已通过强 大的工程化和 ...

证券代码：300760 证券简称：迈瑞医疗 公告编号：2024-031 深圳迈瑞生物医疗电子股份有限公司 第八届董事会第八次会议决议公告 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。 一、董事会会议召开情况 深圳迈瑞生物医疗电子股份有限公司（以下简称"公司"或"迈瑞医疗"）第八届董 事会第八次会议于2024年7月4日15时许在公司会议室以现场结合通讯方式召开，会议通知 于2024年7月3日以电子邮件等方式送达全体董事。会议由公司董事长李西廷先生主持。根 据《公司章程》和公司《董事会议事规则》的有关规定，全体董事均同意豁免本次董事会 会议的通知时限要求。 本次会议应出席董事人数11人，实际出席董事人数11人（其中，以通讯表决方式出席 会议的董事人数7人）。副董事长成明和先生，董事徐航先生，独立董事梁沪明先生、周先 意先生、胡善荣先生、高圣平先生、许静女士以通讯表决方式参会。本次会议的召集、召 开符合《中华人民共和国公司法》和《公司章程》等有关规定。 二、董事会会议审议情况 经与会董事充分讨论，本次会议审议并通过了如下议案： 1、审议通过《关于聘任公司高级副总经 ...

Summary of Conference Call Company/Industry Involved - The conference call pertains to Huachuang Medical Equipment and specifically discusses the company "Cranberry Medical" within the context of fetal protection and genetic status [1] Core Points and Arguments - The call is part of a series focused on updates regarding Huachuang Medical Equipment, indicating ongoing research and analysis efforts [1] - It is emphasized that the content of the call is intended solely for Huachuang Securities Research clients and does not constitute investment advice, highlighting the importance of independent decision-making by participants [1] - A disclaimer is provided stating that Huachuang Securities will not be liable for any losses incurred from the use of the information presented in the call [1] Other Important but Possibly Overlooked Content - The call is positioned as a specialized update, suggesting that the information may contain insights relevant to current trends or developments in the medical equipment sector, particularly in relation to genetic testing and fetal health [1]

Summary of the Conference Call Company/Industry Involved - The conference call pertains to Huachuang Medical Equipment and its updates on the medical device industry, specifically focusing on the current status of the genetic foundation of the company. Core Points and Arguments - The call emphasizes that the information shared is intended solely for Huachuang Securities Research clients and does not constitute investment advice, highlighting the importance of independent investment decision-making by participants [1]. Other Important but Possibly Overlooked Content - The disclaimer regarding the responsibility of Huachuang Securities for any losses incurred from the use of the information provided during the call is noted, indicating a clear boundary of liability [1].

Investment Rating - The investment rating for the company is "Accumulate" [5][12]. Core Views - Mindray Medical is the largest medical device supplier in China and a global leader, maintaining a strong market position across three main sectors: life information and support, in vitro diagnostics, and medical imaging [2][3]. - The company has shown steady growth in revenue and profit over the past five years, with 2023 revenue reaching 34.93 billion yuan, a year-on-year increase of 15%, and net profit attributable to shareholders of 11.58 billion yuan, up 20.6% [2][3]. - The company is expanding into high-value consumables while solidifying its leadership in the medical device sector, with projected revenues of 40.82 billion yuan, 46.98 billion yuan, and 53.41 billion yuan for 2024, 2025, and 2026 respectively [5][12]. Summary by Sections Business Performance - Mindray Medical holds the top market share in several product categories, including monitoring devices and in vitro diagnostics, with 2023 revenues of 15.25 billion yuan in life information and support, and 12.42 billion yuan in in vitro diagnostics, reflecting growth rates of 13.81% and 21.12% respectively [2][3]. - The minimally invasive surgery segment has seen revenue growth exceeding 30%, indicating a significant driver for future performance [3]. Research and Development - The company invested 3.78 billion yuan in R&D in 2023, representing 10.82% of its revenue, with a year-on-year increase of 18.43% [4]. - Mindray has pursued strategic acquisitions to enhance its technology and product offerings, including the acquisition of DiaSys Diagnostic Systems GmbH [4]. Financial Forecast - The financial forecast indicates a consistent growth trajectory, with expected revenues and net profits for 2024-2026 showing strong year-on-year increases [7][12]. - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 11.53 yuan, 13.87 yuan, and 16.21 yuan respectively, reflecting a robust growth outlook [5][12].

证券代码：300760 证券简称：迈瑞医疗 公告编号：2024-030 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解除质押的公告 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。 深圳迈瑞生物医疗电子股份有限公司（以下简称"公司"）于近日接到公司控股股东 Magnifice（HK）Limited（以下简称"Magnifice（HK）"）的通知，获悉其将所持有的本公 司部分股份办理了解除质押业务，现将具体内容公告如下： 一、 股东股份解除质押的基本情况 | | 是否为控 股股东或 | | 本次解除质 | 占其所 | 占公司总 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 股东名称 | 第一大股 | | 押股份数量 | 持股份 | | 起始日 | | 解除日期 | | 质权人 | | | 东及其一 | | （股） | 比例 | 股本比例 | | | | | | | | 致行动人 | | | | | | | | | | | Magnific ...

Key Points Industry/Company - **Industry**: Not specified in the provided content. - **Company**: Not specified in the provided content. Core Views and Arguments - **Device Update Questions**: The discussion seems to revolve around questions regarding equipment updates, although the specific company or industry is not mentioned. [1] Other Important Content - **Interactive Q&A Session**: The meeting includes an interactive Q&A session with investors, facilitated by Yang Fang. [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][10]. Core Views - The company is actively executing a high-consumption and equipment overall solution strategy, with significant potential for development in smart healthcare [5]. - The company achieved a revenue of 34.932 billion yuan in 2023, representing a year-on-year growth of 15.0%, and a net profit of 11.582 billion yuan, with a year-on-year increase of 20.6% [6]. - The company is expected to benefit from the new medical infrastructure and continuous innovation, with projected net profits of 13.907 billion yuan, 16.726 billion yuan, and 19.990 billion yuan for 2024, 2025, and 2026 respectively [5][6]. Financial Performance Summary - In 2023, the company reported a revenue of 349.3 billion yuan, with a gross margin of 66.2% [5]. - The revenue from life information and support was 152.5 billion yuan, with a gross margin of 66.8% [5]. - The company’s international market growth was nearly 30% in Q1 2024, with a net profit of 31.6 billion yuan, reflecting a year-on-year increase of 22.9% [5][6]. Future Projections - The company expects to achieve a revenue of 41.76 billion yuan in 2024, with a year-on-year growth of 19.5% [6]. - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 11.47 yuan, 13.79 yuan, and 16.49 yuan respectively [6]. - The company aims to continue its transformation into a smart healthcare solution provider, integrating data and AI technologies [5].

Summary of Conference Call Industry Overview - The focus is on the medical device industry, with a positive outlook on future developments, including policy changes and financial progress [1] Core Insights and Arguments - The analysis team expresses optimism regarding the medical device sector's growth potential, indicating a favorable environment for investment [1] Additional Important Content - The call includes an introduction to a deep report on entering the medical field, highlighting the team's commitment to providing comprehensive insights [1]