Investment Rating - The report maintains an "Accumulate" rating for the company [2] Core Views - The company has shown steady performance with a revenue growth of 7.99% and a net profit growth of 8.16% in the first three quarters of 2024 [3] - The slowdown in growth is attributed to multiple external factors affecting the domestic medical device industry, including procurement delays and low non-essential medical demand [4] - The company emphasizes shareholder returns through significant dividend payouts, distributing approximately 2 billion yuan in cash dividends for Q3 2024, which is over 65% of the net profit for the quarter [5] Financial Performance - For the first three quarters of 2024, the company achieved a revenue of 29.485 billion yuan and a net profit of 10.637 billion yuan [3] - The operating cash flow for the first three quarters increased by 42.5% year-on-year, indicating robust performance [5] - The gross margin for the first three quarters was 64.87%, a decrease of 1.25 percentage points year-on-year, while the net margin improved by 0.28 percentage points to 36.30% [4] Regional and Product Performance - International sales grew over 18% in the first three quarters, with Europe and Asia-Pacific markets exceeding 30% growth [6] - The in-vitro diagnostics segment saw growth of over 20%, benefiting from local production and laboratory breakthroughs [6] - The life information and support segment experienced a decline of over 10% domestically, while international sales grew over 10% [6] Future Projections - The revenue forecasts for 2024, 2025, and 2026 have been adjusted to 36.6 billion yuan, 41.36 billion yuan, and 46.24 billion yuan respectively [7] - The net profit forecasts for the same years are revised to 12.524 billion yuan, 14.76 billion yuan, and 16.964 billion yuan respectively [7]

2024 年 11月 04 日 证券研究报告"2024年三季报点评 近瑞医疗 (300760) 医药生物 请务必阅读正文后的重要声明部分 买入 (维持) 当 前价：271.08 元 目标价：——元（6个月） 24Q3 短期承压，海外 IVD 增长较快 投资买点 ● 事件：公司发布 2024年三季报，2024年前三季皮实现营业总收入 294.9 亿元 (+8%),归母净利润 106.4亿元(+8.2%),扣非归母净利润 104.4亿元(+7.8%)。 ● 24Q3 短期承压，海外 IVD 增长较快。分李皮看，2024Q1/Q2/Q3 单季度收入 93.7/111.6/89.5 亿元（+12.1%/+10.3%/+1.4%）,单季度归母净利润分别为 31.6/44/30.8 亿元（+22.9%/+13.7%/-9.3%）。从盈利能力看，24Q3 毛利率 61.7%,同比下降 5.5pp(主要系会计准则调整影响,公司计提的保证类质保费用 计入主营业务成本,不再计入销售费用)。前三季度经营性现金流净额 110.7亿 元(+42.5%),向全体股东派发二次中期现金分红约 20亿元,分红比例超过 65%。 ● 体外诊断业 ...

证券代码：300760 证券简称：迈瑞医疗 公告编号：2024-050 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质押和解除质押的公告 | 股东名称 | 是否为控股 股东或第一 大股东及其 | 本次解除质 | 占其所持股 | 占公司总股 | | | | 解除日期 | 质权人 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 一致行动人 | 押股份数量 （股） | 份比例 | 本比例 | 起始日 | | | | | | Magnifice （HK） | 是 | 7,850,000 | 2.64% | 0.65% | 2024 月 22 | 年 3 日 | 2024 月 | 年 11 5 日 | 招商银行股 份有限公司 纽约分行 | | | | 1,200,000 | 0.40% | 0.10% | 2023 月 6 | 年 1 日 | 2024 月 | 年 11 5 日 | 平安银行股 份有限公司 | | | | | | | | | | | 深圳分行 | | 合计 | | 9,050,000 | 3.05% | 0 ...

[Table_MainInfo] 公司研究/医药与健康护理/医疗保健设备与用品 证券研究报告 迈瑞医疗（300760）公司季报点评 2024 年 11 月 05 日 [Table_InvestInfo] 投资评级 优于大市 维持 | --- | --- | |-------------------------------------------------------|---------------| | 股票数据 | | | 11 [ Table_StockInfo 月 05 日收盘价（元） ] | 278.91 | | 52 周股价波动（元） | 221.66-351.60 | | 总股本 / 流通 A 股（百万股） | 1212/1212 | | 总市值 / 流通市值（百万元） | 338162/338162 | | 相关研究 | | | [Table_ReportInfo] 《高分红、强投入，公司稳健前行》 | 2024.05.10 | | 《归母净利润稳健增长，国际市场环比加速》 | | | 2023.12.25 | | 市场表现 [Table_QuoteInfo] -25.71% -16.71% ...

证 券 研 究 报 告 迈瑞医疗（300760）2024 年三季报点评 推荐（维持） 国际市场持续发力，IVD 业务增速领跑 目标价：329 元 当前价：271.08 元 事项： ❖ 公司发布 24 年三季报，前三季度营业收入 294.8 亿元（+8.0%）；归母净利润 106.4 亿元（+8.2%），剔除汇兑损益影响后的增速为 11.0%。单 Q3 营业收入 89.5 亿元（+1.4%），归母净利润 30.8 亿元（-9.3%），单 Q3 归母净利率 34.4%， 仍高于 2023 全年净利率水平。 评论： ❖ 国际市场持续发力，国内市场暂承压。分区域看，2024Q1-3 国际市场收入 120.2 亿元（+18.3%），其中欧洲和亚太市场增长均超过了 30%，单 Q3 国际市场收 入同比增长 18.6%。2024Q1-3 国内市场收入 174.7 亿元（+1.9%），主要由于医 疗领域整顿和医疗设备更新项目等多因素影响。导致医院采购推迟，同时医院 建设资金紧张和非刚性医疗需求低迷 ❖ IVD 业务增速领跑三大产线，国际 IVD 业务高增长。2024Q1-3，IVD 产线收 入 114.0 亿元（+20.9% ...

迈瑞医疗(300760) 证券研究报告 | 公司点评 | 医疗器械 | --- | --- | |-------------------------------|-------------------------| | | 报告日期:2024年11月04日 | | 国内收入波动,不改长期投资价值 | | 投资要点 □ 业绩表现: 2024Q1-3，收入 294.8 亿元， YOY 8.0%; 归母净利润 106.4 亿元， YOY 8.2%, 别除汇兑损益影响后的增速为 11%; 扣非归母净利润 104.4 亿元, YOY 7.8%｡ 2024Q3,收入 89.5 亿元,YOY 1.4%;归母净利润 30.8 亿元,YOY -9.3%,扣非 归母净利润 30.6亿元，YOY -8.6%。 □ 成长性:国内收入波动,不改长期投资价值 2024Q1-3 业务拆分: 1分区域:国内市场前三季度增长 1.9%,第三李度下滑 9.7%。公立医院招标低 位运行,非刚性医疗需求疲软,使国内市场整体承压。国际市场前三季度增长 18.3%,第三季度增长 18.6%,主要受益于海外高端战略客户和中大样本量实验 室的持续突破,以及 ...

上 市 公 司 证 券 研 究 报 告 医药生物 2024 年 11 月 03 日 迈瑞医疗 (300760) ——国内监护线承压，IVD、海外和新产品持续高增长 | --- | --- | |-----------------------------|-------------------------------| | 市场数据： | 2024 年 11 月 01 日 | | 收盘价（元） | 266.25 | | 一年内最高/最低（元） | 351.60/221.66 | | 市净率 | 8.7 | | 息率（分红/股价） | 3.70 | | 流通 A 股市值（百万元） | 322,812 | | 上证指数/深证成指 | 3,272.01/10,455.50 | | --- | --- | |------------------------------|-------------------------------| | | | | 基础数据 : | 2024 年 09 月 30 日 | | 每股净资产（元） | 30.59 | | 资产负债率 % | 27.06 | | 总股本/流通 A 股（百万） ...

公司点评报告 ·医药行业 海外业务稳健增长,静待国内招采复苏 2024 年三季报业绩点评 2024年11月3日 | --- | --- | --- | --- | |-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Investment Rating - The report maintains a "Buy" rating for the company [3] Core Views - The overseas market shows strong growth, while domestic revenue is temporarily under pressure due to delays in hospital procurement. However, with the recovery of bidding activities and the acceleration of medical special bond issuance, domestic growth is expected to resume [1] - The IVD business leads growth, with continuous high-end upgrades in ultrasound structures and an increase in market share across three major segments. The company has also announced a second dividend distribution this year, emphasizing its commitment to shareholder returns [1] Financial Performance Summary - For Q1-Q3 2024, the company achieved revenue of 29.485 billion yuan, a year-on-year increase of 7.99%, and a net profit of 10.637 billion yuan, up 8.16% year-on-year. In Q3 alone, revenue was 8.954 billion yuan, a 1.43% increase year-on-year, while net profit decreased by 9.31% [1] - The overseas revenue for Q1-Q3 grew by 18.3%, with Q3 alone seeing an 18.6% increase, driven by breakthroughs in high-end strategic customers and seed businesses [1] - Domestic revenue for Q1-Q3 grew by 1.9%, but Q3 saw a decline of 9.7% due to industry restructuring and delays in procurement [1] Business Segment Performance - The IVD segment saw a year-on-year growth of 20.9% in Q1-Q3, with its revenue share reaching 39%, surpassing the life information and support segment. The chemical luminescence business grew by over 20% [1] - The medical imaging segment reported an 11.4% growth in ultrasound imaging revenue for Q1-Q3, with both overseas and domestic revenues increasing by over 10% [1] - The life information and support segment experienced an 11.7% decline in Q1-Q3, with overseas markets growing over 10% while domestic markets faced a decline of over 20% due to procurement delays [1] Research and Development - The company places a strong emphasis on R&D innovation, launching several new products across its three major product lines in Q3 2024 [1] Dividend Distribution - The company announced a second interim profit distribution plan for 2024, distributing a cash dividend of 16.50 yuan per 10 shares, totaling 2.001 billion yuan, bringing the cumulative dividend total to 31.723 billion yuan [1] Profit Forecast and Investment Advice - Revenue forecasts for 2024-2026 are 39.429 billion yuan, 47.234 billion yuan, and 56.621 billion yuan, with year-on-year growth rates of 12.9%, 19.8%, and 19.9% respectively. Net profit forecasts are 13.151 billion yuan, 15.881 billion yuan, and 19.232 billion yuan, with corresponding growth rates of 13.5%, 20.8%, and 21.1% [2][1]

Investment Rating - Buy rating maintained for Mindray Medical (300760) [1] Core Views - Domestic growth under pressure, while overseas markets continue high growth [1] - Revenue for the first three quarters of 2024 reached RMB 294.8 billion, up 8.0% YoY, with net profit attributable to shareholders of RMB 106.4 billion, up 8.2% YoY [1] - Q3 2024 revenue was RMB 89.5 billion, up 1.4% YoY, but net profit attributable to shareholders declined by 9.3% YoY to RMB 30.8 billion [1] - Domestic market growth slowed to 1.9% in the first three quarters, with a 9.7% decline in Q3, while international market growth remained strong at 18.3% for the first three quarters and 18.6% in Q3 [1] - Europe saw a 30% YoY growth in Q3, while developing markets, particularly in Asia-Pacific and Latin America, grew by 32% and 25% respectively in Q3 [1] - Life Information & Support product line declined by 11.7% in the first three quarters, while Medical Imaging and IVD product lines grew by 11.4% and 20.9% respectively [1] - IVD product line now accounts for 39% of total revenue, surpassing the Life Information & Support product line [1] - Strong cash flow with operating cash flow reaching RMB 110.7 billion in the first three quarters, up 42.5% YoY [1] - Dividend payout ratio remains high, with RMB 16.5 per 10 shares distributed, totaling RMB 2 billion, representing over 65% of Q3 net profit [1] Financial Projections - Revenue for 2024-2026 is projected to be RMB 379.28 billion, RMB 451.50 billion, and RMB 536.02 billion, with YoY growth of 8.6%, 19.0%, and 18.7% respectively [3] - Net profit attributable to shareholders for 2024-2026 is expected to be RMB 130.30 billion, RMB 155.42 billion, and RMB 186.92 billion, with YoY growth of 12.5%, 19.3%, and 20.3% respectively [3] - EPS for 2024-2026 is projected to be RMB 10.75, RMB 12.82, and RMB 15.42, with corresponding PE ratios of 25x, 21x, and 17x [3] Financial Highlights - Operating cash flow for 2024-2026 is projected to be RMB 151.36 billion, RMB 174.63 billion, and RMB 208.99 billion [7] - Net profit for 2024-2026 is expected to be RMB 130.30 billion, RMB 155.42 billion, and RMB 186.92 billion [7] - ROE for 2024-2026 is projected to be 28.3%, 25.2%, and 23.3% [5] - Gross margin is expected to remain stable at around 65% for 2024-2026 [5] Business Segments - Life Information & Support product line declined by 11.7% in the first three quarters of 2024 [1] - Medical Imaging product line grew by 11.4% in the first three quarters of 2024 [1] - IVD product line grew by 20.9% in the first three quarters of 2024, with chemical发光业务增长超过 20% [1] - Overseas localization of IVD products has been initiated in 8 countries, covering Europe, Latin America, South Asia, Southeast Asia, Middle East & Africa, and CIS regions [1]