Investment Rating - The investment rating for the company is "Buy" [1][3][15] Core Views - The company achieved a revenue growth of 15% year-on-year in 2023, with total revenue reaching 34.932 billion and net profit attributable to shareholders at 11.582 billion, reflecting a growth of 20.6% [1][5] - The company is benefiting from the new medical infrastructure in China and product upgrades, while also accelerating the expansion of high-end customers overseas [1][14] - The company is transitioning towards a digital intelligence ecosystem, enhancing its competitive edge in the medical device industry [1][14] Financial Performance Summary - In 2023, the company's revenue was 349.32 billion (+15.0%), and net profit was 115.82 billion (+20.6%) [1][5] - The first quarter of 2024 saw revenue of 93.73 billion (+12.1%) and net profit of 31.60 billion (+22.9%) [1][5] - The gross profit margin improved to 66.16% (+2.01pp), with a net profit margin of 33.15% (+1.50pp) [1][9] Business Segment Performance - The Life Information and Support segment generated revenue of 152.52 billion (+13.81%), while the In Vitro Diagnostics segment achieved 124.21 billion (+21.12%) [1][7] - The Medical Imaging segment reported revenue of 70.34 billion (+8.82%), with significant growth in high-end ultrasound products [1][7][9] Market Outlook - The company is expected to maintain strong growth, with projected net profits of 13.979 billion, 16.885 billion, and 20.301 billion for 2024, 2025, and 2026 respectively, reflecting year-on-year growth rates of 20.7%, 20.8%, and 20.2% [1][4][14] - The company is positioned to become a global leader in the medical device industry, supported by robust R&D capabilities and successful international expansion [1][14]

深圳迈瑞生物医疗电子股份有限公司 证券代码：300760 证券简称：迈瑞医疗 公告编号：2024-022 2023年度权益分派实施公告 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"）2023年度权益分 派方案已获2024年5月17日召开的2023年年度股东大会审议通过，现将权益分派事宜公告如 下： 一、股东大会审议通过利润分配方案等情况 1、公司2023年年度股东大会审议通过的2023年度利润分配方案为：以公司2023年12月 31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15.00元（含 税），共计派发现金股利人民币1,818,662,091.00 元（含税）。若公司股本总额在权益分派实 施前发生变化，公司将按照分配总额不变的原则对分配比例进行调整。 2、自本次分配方案披露至本公告日，公司股本总额未发生变化。 3、本次实施的分配方案与公司2023年年度股东大会审议通过的利润分配方案及其调整 原则一致。 4、本次实施分配方案距离股东大会通过利润分配方案时间未超 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) with a market price of 309.00 CNY [1]. Core Insights - The company reported strong annual performance with a revenue of 34.93 billion CNY in 2023, representing a year-on-year growth of 15.04%. The net profit attributable to shareholders was 11.58 billion CNY, up 20.56% year-on-year [5][9]. - In Q1 2024, the company achieved a revenue of 9.37 billion CNY, a year-on-year increase of 12.06%, and a net profit of 3.16 billion CNY, growing 22.90% year-on-year [5][14]. - The company continues to penetrate high-end customer segments in overseas markets, with international revenue growth exceeding 20% since the second half of 2023 [18]. Summary by Sections Financial Performance - In 2023, the company achieved a total revenue of 34,931.90 million CNY, with a net profit of 11,582.23 million CNY, reflecting a growth rate of 20.56% [11]. - The company’s revenue for Q4 2023 was 7,628.10 million CNY, with a year-on-year growth of 7.90% [14]. - For Q1 2024, the revenue was 9,372.81 million CNY, with a quarter-on-quarter increase of 22.87% [14]. Business Segments - The Life Information and Support segment generated 15.25 billion CNY in 2023, growing 13.8% year-on-year, with minimally invasive surgery growth exceeding 30% [18]. - The In Vitro Diagnostics (IVD) segment reported a revenue of 12.42 billion CNY, marking a 21.1% increase year-on-year [20]. - The Medical Imaging segment achieved a revenue of 7.03 billion CNY, with high-end ultrasound models growing over 20% [23]. Market Position and Strategy - The company has become the leading domestic player in ultrasound and ranks third globally, driven by high-end product offerings [23]. - The company is focusing on expanding its international market presence, particularly in high-end hospitals in key markets like the UK, France, and Germany [18]. - The company’s strategy includes enhancing its local platform capabilities to support long-term growth in international markets [21]. Profitability and Valuation - The company’s gross margin improved to 66.16% in 2023, up 2.01 percentage points year-on-year, while the net profit margin reached 33.15%, an increase of 1.50 percentage points [16]. - The projected revenue for 2024-2026 is expected to be 41.92 billion CNY, 50.32 billion CNY, and 60.40 billion CNY, respectively, with a consistent growth rate of 20% [5][27]. - The current stock price corresponds to a P/E ratio of 27, 22, and 19 for the years 2024-2026, reflecting the company's strong market position and growth potential [5].

http://www.fangdalaw.com FANGDA PARTNERS 本法律意见书仅就本次股东大会的召集和召开程序、出席会议人员、召集人、 表决程序是否符合相关中国法律法规及《公司章程》的规定以及表决结果是否合 法、有效发表意见，并不对任何中国法律法规以外的国家或地区的法律发表任何 意见。本法律意见书的出具基于以下假设：（1）公司所提供的所有文件正本及副 本均为真实、准确、完整的；（2）公司已向本所披露一切足以影响本法律意见书 出具的事实和文件，且无任何隐瞒、疏漏之处。 1 中国深圳市福田区中心四路 1 号 电子邮件 E-mail: email@fangdalaw.com 嘉里建设广场 T1 座 9 楼 电 话 Tel.: 86-755-8159-3999 邮政编码：518048 传 真 Fax: 86-755-8159-3900 本所及指派律师依据《中华人民共和国证券法》《律师事务所从事证券法律 业务管理办法》和《律师事务所证券法律业务执业规则（试行）》等规定及本法 律意见书出具日以前已经发生或者存在的事实，严格履行了法定职责，遵循了勤 勉尽责和诚实信用原则，进行了充分的核查验证，保证本法律意见 ...

证券代码：300760 证券简称：迈瑞医疗 公告编号：2024-021 深圳迈瑞生物医疗电子股份有限公司 2023年年度股东大会决议公告 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、重要提示 （四）投票方式 本次会议采取现场投票与网络投票相结合的方式召开。 本次股东大会通过深圳证券交易所交易系统和互联网投票系统向社会公众股股东提供网 络形式的投票平台。 1. 本次股东大会未出现否决议案的情形。 2. 本次股东大会不涉及变更以往股东大会决议。 二、会议召开情况 （一）会议召开时间 （1）现场会议：2024年5月17日14:30 （2）网络投票：通过深圳证券交易所交易系统进行网络投票的具体时间为：2024年5月17 日9:15-9:25、9:30-11:30，13:00-15:00；通过深圳证券交易所互联网投票系统进行网络投票的具 体时间为：2024年5月17日9:15至15:00期间的任意时间。 （二）现场会议召开地点：深圳市南山区高新技术产业园区科技南十二路迈瑞总部大厦会 议室 （三）会议召集人 深圳迈瑞生物医疗电子股份有限公司董事会 （五）会议主持人 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance in the near term [6][7]. Core Insights - The company's performance in 2023 and Q1 2024 met expectations, with 2023 revenue reaching 34.93 billion yuan, a 15% year-on-year increase, and net profit of 11.58 billion yuan, up 20.6% [6][8]. - The company plans to distribute approximately 1.82 billion yuan in cash dividends to shareholders, contributing to a total dividend payout of about 7.03 billion yuan for 2023 [6]. - In Q1 2024, the company reported revenue of 9.37 billion yuan, a 12.1% increase year-on-year, and a net profit of 3.16 billion yuan, up 22.9% [6][8]. Summary by Sections Financial Performance - In 2023, the company achieved total revenue of 34.93 billion yuan and a net profit of 11.58 billion yuan, with respective year-on-year growth rates of 15% and 20.6% [8]. - For Q1 2024, the company reported revenue of 9.37 billion yuan and net profit of 3.16 billion yuan, reflecting year-on-year growth rates of 12.1% and 22.9% [8]. - The company’s operating cash flow for Q1 2024 was 2.86 billion yuan, showing a significant increase of 114.8% year-on-year [6]. Market Segmentation - In 2023, the domestic market grew by 15%, with a notable 27% growth in the first half, while the international market saw a 16% increase, with a 22% growth in the second half [6]. - The IVD product line experienced a 21% growth, with international business showing a compound annual growth rate of over 30% over two years [6]. - The life information and support product line grew by 14%, and the medical imaging product line increased by 9%, with high-end ultrasound models growing over 20% [6]. Future Projections - The report slightly lowers the profit forecast for 2024-2025, estimating net profits of 13.85 billion yuan and 16.62 billion yuan, respectively [7]. - The company is projected to achieve a net profit of 19.91 billion yuan in 2026, with corresponding price-to-earnings ratios of 27, 22, and 19 for the next three years [7].

Group 1: Company Overview and Market Position - Mindray is the only company headquartered in a developing country among the top fifty medical device companies globally, differentiating its growth path from Western competitors [2] - The company has established three major business lines: life information and support, in vitro diagnostics, and medical imaging, while continuously expanding into minimally invasive surgery and cardiovascular fields [2][3] - Mindray's mature products, such as monitors and ultrasound devices, have achieved top three global market shares, with ultrasound ranking third globally for the first time [3] Group 2: Growth Potential and Innovation - There is significant growth potential in high-growth areas like chemiluminescence and minimally invasive surgery, where Mindray currently lags behind imported brands in technical innovation [3] - The company plans to allocate more R&D resources to these high-potential areas to achieve technological breakthroughs [3] Group 3: ICU Market and Product Solutions - The demand for ICU services is increasing, with a notable gap in ICU bed availability compared to developed countries, presenting a substantial market opportunity for Mindray [3] - Mindray offers a comprehensive ICU product solution, including monitors, ventilators, and IT solutions, which enhance equipment connectivity and efficiency [3][4] Group 4: International Market Strategy - Mindray has a well-established team of over 1,000 personnel in the European and American markets, focusing on providing value-driven product solutions [4] - The company aims to initiate at least ten localized production facilities abroad by the end of the year to enhance its presence in public markets and large-scale clients [4][5] Group 5: Market Share and Domestic Strategy - Mindray's average market share in developing countries is currently below 9%, with plans to increase this through product innovation and enhanced international marketing systems [5] - The company anticipates a recovery in domestic market demand, with significant contributions expected from new product launches in the second half of 2024 [5][6] Group 6: Financial Performance and Risk Management - Mindray is confident in achieving its annual growth targets, with expected revenue acceleration in the second half of the year [6] - The company has a robust acquisition strategy to mitigate goodwill impairment risks, leveraging its extensive experience in mergers and acquisitions [6] Group 7: Environmental and Social Governance (ESG) - Mindray has improved its MSCI ESG rating to AA and has been recognized for its corporate social responsibility efforts, ranking among the top ten in China's ESG listed companies [7] - The company aims to reduce carbon emissions by 8.51% in 2023 compared to 2022, aligning with its long-term sustainability goals [7]

Investment Rating - The report maintains an "Outperform" rating for the company [1] Core Views - The company achieved robust growth in 2023 with revenue of RMB 34.932 billion (up 15.04% YoY) and net profit attributable to shareholders of RMB 11.582 billion (up 20.56% YoY) [4] - In Q1 2024, revenue reached RMB 9.373 billion (up 12.06% YoY) and net profit attributable to shareholders was RMB 3.160 billion (up 22.90% YoY) [4] - The company has a strong dividend policy, with a total dividend payout of RMB 7.032 billion in 2023, representing a payout ratio of 60.7% [4] - The company has not conducted any refinancing since its IPO in 2018 and has consistently paid dividends for six consecutive years, with cumulative dividends reaching nearly RMB 24.8 billion (including RMB 2 billion in share repurchases), four times the IPO fundraising amount of RMB 5.934 billion [4] Business Segment Performance - Life Information and Support products generated revenue of RMB 15.252 billion (up 13.81% YoY) with a gross margin of 66.78% [4] - In-Vitro Diagnostic products achieved revenue of RMB 12.421 billion (up 21.12% YoY) with a gross margin of 64.30% [4] - Medical Imaging products recorded revenue of RMB 7.034 billion (up 8.82% YoY) with a gross margin of 69.10% [4] Future Growth Drivers - The company plans to increase R&D investment in minimally invasive surgery, cardiovascular, and animal healthcare sectors [4] - It is actively exploring new areas such as molecular diagnostics, clinical mass spectrometry, and surgical robotics, leveraging both internal and external R&D capabilities [4] Financial Projections - EPS for 2024-2026 is projected to be RMB 11.55, RMB 13.97, and RMB 16.73, respectively, with net profit growth rates of 20.9%, 20.9%, and 19.8% [4] - The company is valued at 25-30x PE for 2024, with a fair value range of RMB 288.75-346.50 per share [4] Market Performance - The stock price closed at RMB 303.63 on May 9, with a 52-week range of RMB 253.48-325.00 [1] - The company's total market capitalization is RMB 368.134 billion, with a free float of 1.212 billion shares [1] Financial Data and Forecasts - Revenue for 2024-2026 is projected to be RMB 41.901 billion, RMB 50.624 billion, and RMB 60.014 billion, respectively, with YoY growth rates of 20.0%, 20.8%, and 18.5% [5] - Net profit for 2024-2026 is forecasted to be RMB 14.004 billion, RMB 16.937 billion, and RMB 20.290 billion, respectively, with YoY growth rates of 20.9%, 20.9%, and 19.8% [5] - Gross margin is expected to remain stable at around 66% over the forecast period [5] Segment Revenue Breakdown - Life Information and Support products are projected to generate revenue of RMB 17.08 billion, RMB 19.94 billion, and RMB 22.98 billion in 2024-2026 [7] - In-Vitro Diagnostic products are expected to achieve revenue of RMB 15.56 billion, RMB 19.05 billion, and RMB 22.96 billion in 2024-2026 [7] - Medical Imaging products are forecasted to generate revenue of RMB 8.57 billion, RMB 10.27 billion, and RMB 12.30 billion in 2024-2026 [7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company's performance in 2023 met expectations, with steady growth across its three main business lines. The total revenue for 2023 reached 34.93 billion yuan, a year-on-year increase of 15%, while the net profit attributable to shareholders was 11.58 billion yuan, growing by 20.6% [2][3] - In Q1 2024, the company reported revenue of 9.37 billion yuan, up 12.1% year-on-year, and a net profit of 3.16 billion yuan, reflecting a 22.9% increase [2][3] Summary by Relevant Sections Financial Performance - In 2023, the company achieved quarterly revenues of 8.36 billion, 10.11 billion, 8.83 billion, and 7.63 billion yuan for Q1, Q2, Q3, and Q4 respectively, with year-on-year growth rates of 20.5%, 20.2%, 11.2%, and 7.9% [2] - The net profit for each quarter was 2.57 billion, 3.87 billion, 3.39 billion, and 1.75 billion yuan, with year-on-year growth rates of 22.1%, 21.6%, 20.5%, and 16.2% [2] Business Segments - The three main business lines showed robust growth: 1. Life Information and Support: Revenue of 15.23 billion yuan in 2023, up 13.8% year-on-year, driven by the recovery of routine medical activities and an increase in high-end international clients [2] 2. In Vitro Diagnostics: Revenue of 12.42 billion yuan, a 21.1% increase, with reagent revenue growing over 25% [2] 3. Medical Imaging: Revenue of 7.03 billion yuan, an 8.8% increase, although growth was impacted by delays in procurement activities in public hospitals [2] Research and Development - The company increased its R&D investment to 3.779 billion yuan in 2023, an 18.43% increase, with a total of 4,945 authorized patents by the end of Q1 2024 [3][7] Future Outlook - Revenue forecasts for 2024-2026 are projected at 42.78 billion, 50.97 billion, and 60.75 billion yuan, with year-on-year growth rates of 22.5%, 19.1%, and 19.2% respectively [8] - Net profit forecasts for the same period are 13.97 billion, 16.80 billion, and 20.28 billion yuan, with corresponding growth rates of 20.6%, 20.3%, and 20.7% [8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's 2023 performance met expectations, with a revenue of 34.93 billion yuan, a year-on-year growth of 15%, and a net profit attributable to shareholders of 11.58 billion yuan, up 20.6% year-on-year [4][5] - In Q1 2024, the company achieved a revenue of 9.37 billion yuan, a year-on-year increase of 12.1%, and a net profit of 3.16 billion yuan, up 22.9% year-on-year [4][5] - The company is experiencing steady growth across its three main business lines, with a notable increase in high-margin products [5][6] Summary by Sections Financial Performance - In 2023, the company reported quarterly revenues of 8.36 billion, 10.11 billion, 8.83 billion, and 7.63 billion yuan for Q1 to Q4, respectively, with year-on-year growth rates of 20.5%, 20.2%, 11.2%, and 7.9% [5] - The net profit for the same quarters was 2.57 billion, 3.87 billion, 3.39 billion, and 1.75 billion yuan, with year-on-year growth rates of 22.1%, 21.6%, 20.5%, and 16.2% [5] Business Segments - The Life Information and Support segment generated 15.23 billion yuan in 2023, a year-on-year increase of 13.8%, driven by the recovery of routine medical activities and an expanding high-end customer base [5] - The In Vitro Diagnostics (IVD) segment achieved a revenue of 12.42 billion yuan, up 21.1% year-on-year, with reagent revenue growing over 25% [5] - The Medical Imaging segment reported a revenue of 7.03 billion yuan, an 8.8% increase year-on-year, although growth was impacted by delays in procurement activities in public hospitals [5] Research and Development - The company increased its R&D investment to 3.779 billion yuan in 2023, an 18.43% increase, with a total of 4,945 authorized patents as of Q1 2024 [6][7] - The company is focusing on product innovation, particularly in high-end fields, and has launched several advanced medical devices [6][7] Future Outlook - The company is projected to achieve revenues of 42.78 billion, 50.97 billion, and 60.75 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 22.5%, 19.1%, and 19.2% [8] - The net profit attributable to shareholders is expected to reach 13.97 billion, 16.80 billion, and 20.28 billion yuan for the same years, with growth rates of 20.6%, 20.3%, and 20.7% [8]