M N 2024 年 4 月 30 日 招银国际环球市场 | 睿智投资 | 公司更新 迈瑞医疗 (300760 CH) 海内外持续高端突破，业绩增长稳健 海内 2023年公司实现营收349.3亿元，同比增长15.0%；归母净利润115.8亿元， 目标价 383.49人民币 同比增长20.6%，归母净利率提升至33.2%（+1.5ppts）。2024年一季度，公 (此前目标价 383.43人民币) 司保持稳健增长，实现营业收入93.7亿元，同比增长12.1%；归母净利润31.6 潜在升幅 26.9% 当前股价 302.11人民币 亿元，同比增长22.9%，归母净利率同比提升3.0个百分点至33.7%。  IVD 延续快速增长，生命信息与支持和影像产线有望复苏。2023 年，公司 中国医药 IVD 产线收入同比增长 21.1%。国内市场受益于常规诊疗活动的迅速恢复 武 煜, CFA 和大样本量客户的加速突破， IVD收入同比增长20%，其中试剂收入同比 (852) 3900 0842 增长超25%，带动板块毛利率提升至64.3%（+3.9ppts）。此外，借助21 jillwu@cmbi.com.hk 年开展的 ...

导致医学影像产线下半年的增长放缓值得一提的是凭借强大的产品竞争力和高标准的合规体系公司抓住了当前环境下市场份额提升的机会首次超越原市场第一的进口品牌成为国内市场超商行业第一输家 更重要的是公司于2023年底在国内市场发布国产首款超高端超声平台Rezona A20标志着公司超声技术已经正式迈入国际一流水平目前进口品牌占国内超声市场的比重合计仍达到近六成未来通过在超高端领域的发力公司将继续巩固国内市场第一的地位加速超声国产化力的提升 在国际市场虽然中低端超生采购需求的景气度持续受到整体宏光环境逼迷的冲击但公司迅速对营销策略做了针对性调整加大了海外高端市场的覆盖投入力度包括积极举办国际学术研讨会组织国内外知名医院联动交流等推动海外超生高端型号增长超过25%加速了高端客户突破的进程 并助力超生业务首次实现全球第三的行业地位从盈利情况来看2023年规模净利润115.8亿元同比增长20.6%扣非规模净利润114.3亿元同比增长20%公司已向全体股东每10股派发现金红利15元分红金额约18.2亿元加上去年三季度已派发的现金分红 2023年度总分红金额约为70.3亿元同比增长28.9%年度分红比例进一步提升至60.7%从现金 ...

Summary of Conference Call Transcript Company and Industry - The discussion revolves around the medical equipment industry, specifically focusing on a leading domestic medical device company in China [1]. Core Points and Arguments - The company is undergoing a strategic upgrade from hardware to policy-oriented approaches, which is expected to enhance its sales performance [1]. - The sales layout of the company is expanding from domestic to global markets, which is beneficial for its long-term and stable development as a leader in the medical equipment sector [1]. Other Important Content - The annual report and first-level report performance will be introduced by the company's representative, indicating a focus on financial results and operational performance [1].

关于取得深圳惠泰医疗器械股份有限公司控制权的公告 证券代码：300760 证券简称：迈瑞医疗 公告编号：2024-020 深圳迈瑞生物医疗电子股份有限公司 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、交易概述 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 1 月 28 日召开第八届董事会第五次会议，审议通过了《关于收购深圳惠泰医疗器械 股份有限公司的议案》。具体内容详见公司于 2024 年 1 月 29 日在巨潮资讯网披 露的《关于收购深圳惠泰医疗器械股份有限公司控制权的公告》（公告编号：2024- 003）。 2024 年 4 月 15 日，公司收到中国证券登记结算有限责任公司出具的《证券 过户登记确认书》，深圳惠泰医疗器械股份有限公司（以下简称"惠泰医疗"） 21.12%的股份已过户登记至公司全资子公司深圳迈瑞科技控股有限公司（以下简 称"深迈控"）名下。公司通过深迈控及其一致行动人珠海彤昇投资合伙企业（有 限合伙）（以下简称"珠海彤昇"），合计持有 16,455,606 股惠泰医疗股份，占 惠泰医疗总股本的 24.61%。 ...

本报告仅供 Choice 东方财富 使用，请勿传阅。 公司快报 2024 年 04 月 28 日 迈 瑞医疗(300760.SZ) 证券研究报告 业绩高质量稳健增长，数智化、高端化、 医疗器械 投资评级 买入-A 国际化驱动长期成长 维持评级 6 个月目标价 346.92元 事件：公司发布 2023 年报和2024 年一季报。 股价 (2024-04-26) 288.80元 （1）2023 年全年：公司实现营业收入349.3 亿元，同比增长15%； 归母净利润115.82 亿元，同比增长 20.56%；扣非归母净利润 114.34 交易数据 亿元，同比增长 20%。23Q4，公司实现营业收入76.28 亿元，同比增 总市值(百万元) 350,153.07 长 7.9%；归母净利润17.48 亿元，同比增长16.15%；扣非归母净利 流通市值(百万元) 350,152.79 润 17.47 亿元，同比增长 14.88%；毛利率 66.3%，同比提升 2.65pct； 总股本(百万股) 1,212.44 净利率 22.85%，同比提升1.56pct。 流通股本(百万股) 1,212.44 （2）24Q1：公司实现 ...

[Table_Title] 证券研究报告 体外诊断引领增长, 海外高端突破成效显著 公司研究 [Table_ReportDate] 2024年04月28日 [ 公Ta 司ble 点_Re 评po 报rtT 告ype] [迈Ta瑞bl医e_疗Sto(c3k0A0n7d6R0an)k ] [T事ab件le：_公Su司mm发ar布y] 2 023年年报及2024年一季报，2023年实现营业收入349.3 亿元（yoy+15.0%），实现归母净利润115.8亿元（yoy+20.6%），扣非归母 投资评级 净利润 114.3 亿元（yoy+20.0%），经营活动产生的现金流量净额 110.6 亿 元（yoy-8.9%）。2024年一季度实现营业收入93.7亿元（yoy+12.1%），归 上次评级 母净利润31.6亿元（yoy+22.9%），扣非归母净利润30.4亿元（yoy+20.0%）。 [唐Ta爱b金le _ A u t h o医r]药 行业首席分析师 点评： 执业编号：S1500523080002 ➢ 体外诊断产线引领增长，生命信息与支持业务表现突出。2023 年公司 邮 箱：tangaijin@cindasc. ...

Investment Rating - The report maintains a "Recommended" rating for the company with a target price of 400 CNY, while the current price is 288.80 CNY [2]. Core Insights - The company achieved a revenue of 34.932 billion CNY in 2023, representing a year-on-year growth of 15.04%, and a net profit attributable to shareholders of 11.582 billion CNY, up 20.56% [3]. - In Q1 2024, the company reported a revenue of 9.372 billion CNY, a 12.06% increase year-on-year, and a net profit of 3.160 billion CNY, reflecting a growth of 22.90% [3]. - The company's life information and support business saw a revenue of 15.252 billion CNY in 2023, growing by 13.81%, with minimally invasive surgery revenue exceeding 30% growth [4]. - The in-vitro diagnostics segment generated 12.421 billion CNY in revenue, marking a 21.12% increase, with significant progress in domestic installations and continued expansion in overseas markets [4]. - The medical imaging business achieved a revenue of 7.034 billion CNY, an 8.82% increase, with the domestic ultrasound market share rising to the top position [4]. - For 2024-2026, the projected net profits are 13.991 billion CNY, 16.882 billion CNY, and 20.321 billion CNY, with respective year-on-year growth rates of 20.8%, 20.7%, and 20.4% [5]. Summary by Sections Financial Performance - In 2023, total revenue was 34.932 billion CNY, with a growth rate of 15.0% and a net profit of 11.582 billion CNY, reflecting a growth rate of 20.6% [5]. - For 2024, the expected revenue is 42.102 billion CNY, with a growth rate of 20.5%, and a net profit of 13.991 billion CNY, with a growth rate of 20.8% [5]. Business Segments - Life Information and Support: Revenue of 15.252 billion CNY in 2023, with a growth of 13.81% [4]. - In-Vitro Diagnostics: Revenue of 12.421 billion CNY, growing by 21.12% [4]. - Medical Imaging: Revenue of 7.034 billion CNY, an increase of 8.82% [4]. Market Expansion - The company has successfully penetrated nearly 300 new high-end clients overseas and has over 500 existing high-end clients achieving horizontal breakthroughs [4]. - The overseas business revenue growth exceeded 20% in the second half of 2023, indicating a recovery in demand [4].

Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Views - The company reported a robust performance with a 15.04% year-on-year increase in revenue for 2023, reaching 34.932 billion yuan, and a 20.56% increase in net profit, totaling 11.582 billion yuan [2][3]. - In Q1 2024, the company achieved a revenue of 9.373 billion yuan, reflecting a 12.06% year-on-year growth, and a net profit of 3.160 billion yuan, which is a 22.90% increase compared to the previous year [2][3]. - The growth in 2023 was primarily driven by the rapid recovery of routine medical activities in domestic hospitals and an accelerated breakthrough in overseas high-end customer segments [3]. - The company is benefiting from the "equipment update" policy released in March 2024, which is expected to further stimulate domestic medical equipment procurement demand [3]. - The acquisition of control over Huatai Medical in Q1 2024 allows the company to enter the cardiovascular sector, creating new growth opportunities [3]. Summary by Sections Financial Performance - In 2023, the company achieved a total revenue of 34.932 billion yuan, with a net profit of 11.582 billion yuan, marking a 15.04% and 20.56% increase respectively [2][3]. - For Q1 2024, revenue was reported at 9.373 billion yuan, with a net profit of 3.160 billion yuan, showing a year-on-year growth of 12.06% and 22.90% respectively [2][3]. Research and Development - The company increased its R&D investment to 3.779 billion yuan in 2023, a growth of 18.43%, and 1.030 billion yuan in Q1 2024 [3]. - As of Q1 2024, the company holds 4,945 authorized patents, including 2,346 invention patents [3]. Market Opportunities - The "equipment update" policy is expected to release further procurement demand in the domestic medical equipment market, benefiting the company as an industry leader [3]. - The acquisition of Huatai Medical positions the company to tap into the cardiovascular market, which is anticipated to be a new growth driver [3]. Profitability and Valuation - The company is projected to maintain a net profit of 13.907 billion yuan in 2024, with estimates of 16.839 billion yuan in 2025 and 20.224 billion yuan in 2026 [4]. - The current price corresponds to a PE ratio of 25 for 2024, 21 for 2025, and 17 for 2026, indicating a favorable long-term outlook [4].

Investment Rating - The report maintains a "Buy" rating for Mindray Medical [3][7]. Core Views - The company's performance in 2023 met expectations, with revenue of 34.932 billion yuan (+15.04%) and net profit attributable to shareholders of 11.582 billion yuan (+20.04%). For Q1 2024, revenue reached 9.373 billion yuan (+12.06%) and net profit attributable to shareholders was 3.037 billion yuan (+20.08%) [1][2]. - The company is expected to see a gradual recovery in performance throughout the year, driven by the resumption of bidding processes and base effect [1]. - Domestic revenue for 2023 was 21.4 billion yuan (+15%), while international revenue was 13.6 billion yuan (+16%), indicating strong growth in both markets [1]. - The IVD segment led growth with revenue of 12.421 billion yuan (+21.1%), and the monitoring line achieved revenue of 15.25 billion yuan (+13.8%) [1]. Financial Summary - Revenue growth is projected at 20% for 2024 and 2025, with expected revenues of 41.928 billion yuan and 50.487 billion yuan respectively [2]. - The company’s net profit is forecasted to grow at a rate of approximately 20% annually, reaching 20.202 billion yuan by 2026 [2]. - The earnings per share (EPS) for 2024 is estimated at 11.49 yuan, increasing to 16.66 yuan by 2026 [2][3]. Market Data - The target price for the stock is set at 347.33 yuan, with the current price at 288.80 yuan [3][7]. - The stock has a market capitalization of 350.153 billion yuan, with a 52-week price range of 256.80 to 317.36 yuan [3][8]. Growth Drivers - The report highlights the rapid growth in the IVD segment and the strong performance in international markets, particularly in developing countries and North America [1]. - The company is making significant strides in high-end hospitals overseas and expanding its market share in existing hospitals [1].

Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expectation of strong performance relative to the market over the next six months [1][6][9]. Core Views - The company has demonstrated robust revenue growth, with 2023 revenue reaching 34.93 billion yuan, a year-on-year increase of 15.04%. The net profit for the same year was 11.58 billion yuan, reflecting a growth of 20.56% [4][5]. - The company is experiencing strong growth in both domestic and international markets, with domestic revenue at 21.38 billion yuan (up 14.5%) and international revenue at 13.55 billion yuan (up 15.8%) in 2023 [5][6]. - The company is expected to continue its growth trajectory, with projected revenues of 42.12 billion yuan in 2024, representing a year-on-year increase of 20.6% [4][8]. Financial Summary - The company reported a gross margin of 66.2% in 2023, with a net profit margin of 33.2% [4][7]. - Earnings per share (EPS) for 2023 was 9.55 yuan, with projections of 11.57 yuan for 2024, 13.93 yuan for 2025, and 16.77 yuan for 2026 [4][8]. - The company's total assets were valued at 47.94 billion yuan in 2023, with a debt-to-asset ratio of 30.4% [8].