消息面上，截至2024年末，山东省国企上市公司中仅46.34%的市值实现增长，千亿元市值国企仅1家增长。为提升市值管理水平，山东省国资委与山东证监 局签署合作备忘录，鼓励国企通过增持、回购、加大分红等方式提升投资价值。 截至2025年5月7日 11:09，国企共赢ETF(159719)上涨0.54%，最新价报1.49元。流动性方面，国企共赢ETF盘中换手2.2%，成交425.47万元。拉长时间看，截 至5月6日，国企共赢ETF近1年日均成交1783.21万元。 截至2025年5月7日11:07，中证粤港澳大湾区发展主题指数(931000)上涨0.25%，成分股华利集团(300979)上涨4.64%，广东宏大(002683)上涨4.52%，欧派家居 (603833)上涨2.70%，科达制造(600499)上涨2.65%，海格通信(002465)上涨2.26%。大湾区ETF(512970)上涨1.02%，冲击3连涨。最新价报1.18元。规模方 面，截至5月6日，大湾区ETF最新规模达6700.60万元，创近1月新高。 | 股票代码 | 股票简称 | 涨跌幅 | 权重 | | --- | --- | --- | - ...

迈瑞医疗（ [Table_StockNameRptType] 300760） 公司点评 海外市场支撑业绩增长，IVD 成为公司第一大业务 | 投资评级：买入（维持） [Table_Rank] | | | | --- | --- | --- | | 报告日期： | 2025-05-07 | | | [Table_BaseData] 收盘价（元） | | 220.24 | | 近 12 个月最高/最低（元） | | 351.60/ | | | | 206.80 | | 总股本（百万股） | 1,212 | | | 流通股本（百万股） | | 1,212 | | 流通股比例（%） | | 100.00 | | 总市值（亿元） | | 2,670 | | 流通市值（亿元） | | 2,670 | [公司价格与沪深 Table_Chart] 300 走势比较 -40% -24% -7% 10% 26% 5/24 8/24 11/24 2/25 迈瑞医疗 沪深300 [Table_Author] 分析师：谭国超 执业证书号：S0010521120002 邮箱：tangc@hazq.com 分析师：李婵 执业证书号：S00 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 36.726 billion yuan in 2024, a year-on-year increase of 5.14%, and a net profit attributable to shareholders of 11.668 billion yuan, up 0.74% year-on-year. In Q1 2025, the company achieved a revenue of 8.237 billion yuan, down 12.12% year-on-year, and a net profit of 2.629 billion yuan, down 16.81% year-on-year [4][5] - Domestic growth is under pressure, while the overseas market continues to show high growth. In 2024, domestic revenue was approximately 20.29 billion yuan, accounting for about 55.3% of total revenue, down 5.1% year-on-year. Conversely, overseas revenue was about 16.43 billion yuan, accounting for approximately 44.7%, with a year-on-year growth of about 21.3% [5][6] - The in-vitro diagnostics (IVD) segment has become the company's largest business, generating revenue of 13.765 billion yuan in 2024, a year-on-year increase of 10.82%. The international IVD business grew over 30% year-on-year [7][8] Summary by Sections Financial Performance - In 2024, the company achieved a total revenue of 36.726 billion yuan, with a year-on-year growth of 5.14%. The net profit attributable to shareholders was 11.668 billion yuan, reflecting a 0.74% increase year-on-year. For Q1 2025, revenue was 8.237 billion yuan, down 12.12% year-on-year, and net profit was 2.629 billion yuan, down 16.81% year-on-year [4][5][11] Market Dynamics - Domestic revenue faced a decline due to weak hospital equipment procurement and the impact of DRG 2.0. However, recovery is expected in the domestic market by Q3 2025 due to easing fiscal constraints and the initiation of medical equipment upgrade projects [5][6] - The overseas market showed robust growth, particularly in the Asia-Pacific region, which grew nearly 40% year-on-year, and Europe, which rebounded with over 30% growth [5][6] Business Transformation - The company is accelerating its transition to a more streamlined business model, with IVD becoming the primary revenue driver. The installation of laboratory automation systems and high-speed chemical luminescence instruments has been significant, with nearly 190 systems installed in 2024 [7][8] - The company has established localized production projects in 13 countries, enhancing its international market penetration and supporting growth in the IVD segment [8][9] Future Outlook - Revenue projections for 2025-2027 are 40.928 billion yuan, 48.212 billion yuan, and 56.881 billion yuan, with expected year-on-year growth rates of 11.4%, 17.8%, and 18.0%, respectively. Net profit is projected to reach 13.203 billion yuan, 15.688 billion yuan, and 18.629 billion yuan during the same period [9][11]

【导读】迈瑞医疗长期价值凸显，助力打破医疗"不可能三角" 医疗行业存在"不可能三角"的难题，即诊疗的质量、效率与成本难以被同时满足，但随着人工智能 （AI）技术快速发展，迈瑞医疗通过数智化解决方案找到了解题思路。 这是迈瑞医疗解决医疗行业难题的最新案例，也是其作为医疗器械行业龙头获得持续成长的重要原因。 截至2024年，公司的营收与归母净利润连续7年保持双增长，并且2024年的营收、归母净利润分别是 2019年的2.2倍、2.5倍。 迈瑞医疗的业绩出现翻倍式增长，相当于用5年时间"再造了一个迈瑞"，凸显了长坡厚雪的医疗行业潜 力十足。据悉，全球经济持续增长和人口老龄化问题日趋严峻，促使全球居民对优质医疗资源保持了旺 盛需求。 一家好公司身处一个好行业，还要有好方向。2025年是迈瑞医疗当前五年规划的最后一年。下一个五 年，支撑迈瑞医疗快速增长的三个转型方向分别是数智化、流水化、国际化。 2024年，迈瑞医疗来自海外市场的营收为164.34亿元，同比增长21.28%，占整体收入的比重达44.75%。 这得益于迈瑞医疗持续突破海外高端客户群、本地化平台能力建设逐步完善，以及全球各主要地区收入 的均衡分布。 在中国 ...

"公司海外销售业务占营业收入的比例很小，根据2024年年报数据，海外销售业务占比仅为2.56%，美 国加征关税对公司业务影响非常有限。"4月7日，恒瑞医药公开表示，公司将持续密切关注国际环境变 化，灵活应对复杂多变的外部环境，保障公司的长期稳定发展。 4月21日，恒瑞医药再次公开表示："目前公司相关工作正常有序开展，暂未受到影响。" "一直以来，公司密切关注美国对华关税政策的动态，并积极研究和制定应对策略。同时，公司海外市 场布局广泛，覆盖北美、亚洲、欧洲、南美等多个地区，这种多元化的布局有效降低了因单一市场政策 变动带来的风险。"当被问及关税冲击，翰宇药业4月8日如此公开表示。 同样，百洋医药也表示，相关关税政策对公司影响较小。近几年，上游供应链已在全球多国布局，公司 迪巧跨境产品目前在韩国生产，后续公司将与安室沟通，推动迪巧在国内的生产。 作为一家领先的全流程一体化医药研发服务平台，康龙化成业务遍及全球，在中国、英国和美国有 21 个研发中心和生产基地。关税政策对其有影响吗？康龙化成在4月24日披露的投资者关系活动记录表中 称，截至目前，美国加征关税对公司业务产生的影响有限。公司主要是为客户提供研发服务， ...

Investment Rating - The investment rating for Mindray Medical (300760) is not explicitly stated in the provided documents, but the analysis suggests a positive outlook based on growth in international markets and product advancements [1][2]. Core Insights - The report highlights that Mindray Medical achieved a revenue of 36.726 billion yuan in 2024, representing a year-over-year growth of 5.14%. The net profit attributable to the parent company was 11.668 billion yuan, with a slight increase of 0.74% [1]. - The domestic market faced challenges due to weak hospital procurement demand, while international markets benefited from localization efforts and high-end breakthroughs, leading to a 21.28% increase in international revenue [2]. - The IVD (In Vitro Diagnostics) segment remains a key growth driver, with a revenue increase of 10.82% in 2024, and significant international growth exceeding 30% [2][3]. Summary by Sections Financial Performance - In 2024, Mindray Medical's total revenue was 36.726 billion yuan, with a net profit of 11.668 billion yuan. The first quarter of 2025 saw a revenue of 8.237 billion yuan, down 12.12% year-over-year, and a net profit of 2.629 billion yuan, down 16.81% [1][2]. - The projected revenues for 2025-2027 are 40.422 billion yuan, 45.799 billion yuan, and 52.473 billion yuan, with corresponding growth rates of 10.1%, 13.3%, and 14.6% [5]. Business Segments - The IVD business generated 13.765 billion yuan in 2024, marking a 10.82% increase and solidifying its position as the largest business segment. International IVD revenue grew over 30% [2][3]. - The medical imaging segment achieved a revenue of 7.498 billion yuan in 2024, with international growth exceeding 15% [2]. - The life information and support segment faced a decline of 11.11% in revenue, but international markets showed double-digit growth due to high-end customer breakthroughs [2]. Market Dynamics - The report indicates that the domestic market is under pressure, but the international market is thriving due to localization and high-end product breakthroughs, with Asia-Pacific and European regions showing growth rates of 40% and 30%, respectively [2]. - The integration of AI technology across all business lines is expected to enhance competitiveness and market share, with significant advancements in IVD, medical imaging, and life information segments [2][3].

医药生物行业 行业研究 | 动态跟踪 创新领航，春华秋实 ——医药生物 2024 年报及 2025 年一季报综述 核心观点 ⚫ 投资建议与投资标的 风险提示 国家/地区 中国 行业 医药生物行业 报告发布日期 2025 年 05 月 06 日 | 伍云飞 | wuyunfei1@orientsec.com.cn | | --- | --- | | | 执业证书编号：S0860524020001 | | | 香港证监会牌照：BRX199 | | 傅肖依 | fuxiaoyi@orientsec.com.cn | | | 执业证书编号：S0860524080006 | 坚守院内，创新担纲：——医药生物 2024 年三季报综述 2024-11-11 回归正常成长，坚守院内：——医药生物 2023 年报&2024 一季报综述 2024-05-15 有关分析师的申明，见本报告最后部分。其他重要信息披露见分析师申明之后部分，或请与您的投资代表联系。并请阅读本证券研究报告最后一页的免责申明。 ⚫ 看好（维持） ⚫ 上市公司：板块分化持续加深，化学制药表现亮眼。全行业 24 年营收增速同比- 0.6%，为近年来首次增速同比下 ...

Group 1 - The core viewpoint of the article highlights the performance of the CSI Hong Kong-Shanghai Biotech Theme Index, which opened high and is currently at 1195.47 points, reflecting a recent decline of 2.95% over the past month but an increase of 13.55% over the last three months and 13.14% year-to-date [1][2] - The index comprises 50 listed companies involved in biopharmaceuticals, pharmaceuticals, and biotech services from the mainland and Hong Kong markets, serving as a benchmark for the overall performance of biotech-themed securities [1][2] - The top ten weighted companies in the index include: Hengrui Medicine (13.31%), BeiGene (10.94%), WuXi AppTec (8.63%), Mindray Medical (7.77%), WuXi Biologics (5.11%), Innovent Biologics (4.73%), CanSino Biologics (3.38%), CSPC Pharmaceutical Group (2.73%), China National Pharmaceutical Group (2.41%), and Shanghai RAAS Blood Products (1.82%) [1][2] Group 2 - The index's holdings are distributed across different market exchanges, with the Hong Kong Stock Exchange accounting for 41.35%, Shanghai Stock Exchange for 36.05%, and Shenzhen Stock Exchange for 22.61% [1][2] - In terms of industry composition, biopharmaceuticals represent 42.86%, chemical drugs 25.82%, pharmaceutical and biotech services 21.73%, and medical devices 9.59% [2] - The index samples are adjusted biannually, with adjustments occurring on the next trading day following the second Friday of June and December each year, ensuring that the weight factors are updated accordingly [2]

中国中车 国电南瑞 d a chic 2029.01亿市值 1781.52亿市值 3.36亿成交额 4.61亿成交额 7.07 22.18 +0.05(+0.71%) +0.03(+0.14%) @ JIN10.COM 金十数据 | 一个交易工具 JIN10.COM 金十图示：2025年05月06日（周二）富时中国A50指数成分股午盘收盘行情一览：保险、白酒 汽车板块上涨，银行、半导体板块涨跌不一，电力等板块走弱 -0.04(-0.55%) -0.01 (-0.26%) -0.02(-0.39%) 保障 中国太保 中国平安 中国人保 2930.36亿市值 9310.89亿市值 ■ 3197.39亿市值 5.57亿成交额 10.19亿成交额 3.89亿成交额 7.23 51.13 30.46 +0.61(+2.04%) +0.42(+0.83%) +0.17(+2.41%) 酸酒行业 贵州茅台 五粮液 山内分酒 19506.24亿市值 2495.80亿市值 5023.97亿市值 16.56亿成交额 5.06亿成交额 11.14亿成交额 1552.80 204.58 129.43 +5.80(+0.37%) +0 ...

Core Viewpoint - The company reported a revenue of 36.7 billion yuan for 2024, reflecting a year-on-year increase of 5.14%, while the net profit attributable to shareholders was 11.7 billion yuan, up 0.74% year-on-year. However, the first quarter of 2025 saw a decline in revenue and net profit compared to the previous year [1][2]. Revenue Performance - In 2024, the company achieved a total revenue of 36.7 billion yuan, with a year-on-year growth of 5.14%, and a net profit of 11.7 billion yuan, which is a slight increase of 0.74% year-on-year [1][2]. - The revenue breakdown shows that the life information and support products generated 13.6 billion yuan (down 11.11% year-on-year), while the in-vitro diagnostics segment brought in 13.8 billion yuan (up 10.82% year-on-year), and the medical imaging segment contributed 7.5 billion yuan (up 6.60% year-on-year) [2]. - Domestic revenue was 20.3 billion yuan (down 5.10% year-on-year), while overseas revenue reached 16.4 billion yuan (up 21.28% year-on-year), indicating strong growth from international markets [2]. Profitability and Cost Structure - The company's gross margin for 2024 was 63.11%, a decrease of 3.05 percentage points year-on-year, and the net profit margin was 31.97%, down 1.18 percentage points year-on-year [3]. - The operating expense ratio was 27.63%, a slight decrease of 0.43 percentage points year-on-year, with the sales expense ratio at 14.38% (down 1.94 percentage points), management expense ratio at 4.36% (stable), and financial expense ratio at -1.09% (up 1.36 percentage points) [3]. - The R&D expense ratio was 9.98%, an increase of 0.16 percentage points year-on-year, highlighting the company's commitment to innovation [3]. Future Outlook - The company expects revenues for 2025, 2026, and 2027 to be 41.01 billion yuan, 46.23 billion yuan, and 52.16 billion yuan, respectively, with year-on-year growth rates of 11.65%, 12.75%, and 12.81% [4]. - The net profit projections for the same years are 12.99 billion yuan, 14.95 billion yuan, and 16.94 billion yuan, with growth rates of 11.31%, 15.10%, and 13.32% [4]. - Earnings per share (EPS) are forecasted to be 10.71 yuan, 12.33 yuan, and 13.97 yuan for the years 2025, 2026, and 2027, respectively [5].