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]

Investment Rating - Buy (Maintained) [1] Core Views - The company's performance is under short-term pressure, but a recovery is expected next year [1] - Domestic market faces temporary challenges due to low public hospital bidding and weak non-essential medical demand, while the international market performs well [2] - The core in-vitro diagnostics business shows strong growth, with a 20.9% YoY increase in revenue for the first three quarters [3] - The company's 2024-2026 net profit forecasts have been revised downward, but the "Buy" rating is maintained due to expected recovery in equipment procurement [3] Financial Performance - 2024 Q1-3 revenue: 294.85 billion yuan (+7.99% YoY), net profit: 106.37 billion yuan (+8.16% YoY) [2] - Domestic revenue for Q1-3: 174.7 billion yuan (+1.9% YoY), with a 9.7% decline in Q3 [2] - International revenue for Q1-3: 120.2 billion yuan (+18.3% YoY), with Q3 growth of 18.6% [2] - In-vitro diagnostics revenue: 114 billion yuan (+20.9% YoY), accounting for 38.7% of total revenue [3] - Life information and support business revenue: 108.9 billion yuan (-11.7% YoY), accounting for 36.9% of total revenue [3] - Medical imaging revenue: 59.7 billion yuan (+11.4% YoY), accounting for 20.2% of total revenue [3] Financial Forecasts - 2024E revenue: 377.54 billion yuan (+8.08% YoY), net profit: 129.12 billion yuan (+11.48% YoY) [1] - 2025E revenue: 450.50 billion yuan (+19.33% YoY), net profit: 153.63 billion yuan (+18.98% YoY) [1] - 2026E revenue: 530.10 billion yuan (+17.67% YoY), net profit: 180.68 billion yuan (+17.61% YoY) [1] - 2024E EPS: 10.65 yuan, P/E ratio: 25.03x [1] - 2025E EPS: 12.67 yuan, P/E ratio: 21.04x [1] - 2026E EPS: 14.90 yuan, P/E ratio: 17.89x [1] Market Data - Closing price: 266.60 yuan [5] - 52-week low/high: 221.66/351.60 yuan [5] - P/B ratio: 8.71x [5] - Market cap: 323.24 billion yuan [5] Key Financial Metrics - 2024E ROE: 33.04%, ROIC: 33.08% [10] - 2025E ROE: 28.22%, ROIC: 30.96% [10] - 2026E ROE: 24.92%, ROIC: 26.44% [10] - 2024E gross margin: 65.35%, net margin: 34.20% [9] - 2025E gross margin: 64.85%, net margin: 34.10% [9] - 2026E gross margin: 64.72%, net margin: 34.08% [9] Business Segments - In-vitro diagnostics: Strong growth in chemical发光业务, with revenue exceeding 20% growth [3] - Life information and support: Decline in revenue, but微创外科业务增长超过45% [3] - Medical imaging: Growth in high-end and ultra-high-end ultrasound models, with revenue exceeding 30% growth [3]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for long-term development [3]. Core Views - The company's Q3 2024 performance faced short-term pressure, with revenue of 8.954 billion yuan, a year-on-year increase of 1.43%, and a net profit of 3.076 billion yuan, a year-on-year decrease of 9.31% [1][4]. - The international market is driving growth, with revenue from international operations increasing by over 18% year-on-year in the first three quarters of 2024, particularly strong in Europe and the Asia-Pacific region, where growth exceeded 30% [1][2]. - The company has maintained high R&D investment, with 2.84 billion yuan spent in the first three quarters of 2024, accounting for 9.64% of revenue, and has launched multiple new products across its three main business areas [2]. Summary by Sections Financial Performance - For Q3 2024, the company reported revenue of 8.954 billion yuan, net profit of 3.076 billion yuan, and a non-recurring net profit of 3.057 billion yuan, with respective year-on-year changes of +1.43%, -9.31%, and -8.62% [1][4]. - The gross profit margin for Q3 was 61.69%, down 5.52 percentage points year-on-year, while the net profit margin was 34.92%, down 3.51 percentage points year-on-year [1]. R&D and Product Development - The company invested 2.84 billion yuan in R&D in the first three quarters of 2024, with a focus on expanding its product lines in in vitro diagnostics, medical imaging, and life information and support [2]. - As of September 30, 2024, the company had applied for 11,358 patents, with 5,563 granted, including 2,747 invention patents [2]. Market Outlook - The international in vitro diagnostics segment saw revenue growth exceeding 30% in the first three quarters of 2024, while the life information and support segment grew over 10% [2]. - The company has enhanced its brand's international influence by showcasing innovative products at international events, which supports future growth opportunities [2].

海外业务快速增长，持续关注设备更新执 行进展 ——迈瑞医疗 2024 年三季报点评 核心观点 ⚫ 业绩稳健增长，经营性现金流显著提升。公司发布 2024 年三季报，2024 年前三季 度，公司实现营收 294.8 亿元（同比+8.0%）；归母净利润 106.4 亿元（同比 +8.2%），剔除汇兑损益影响后的增速为 11%。2024 年第三季度，公司实现营收 89.5亿元（同比+1.4%）；归母净利润30.8亿元（同比-9.3%）。从盈利能力来看， 第三季度公司归母净利率 34.4%，高于 2023 全年净利率水平。此外，前三季度公司 实现经营性现金流净额 110.7 亿元（同比+42.5%），将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%。 ⚫ 体外诊断迅速发展，生命信息与支持业务短暂承压。分产线来看，体外诊断产线前 三季度实现收入 114.0 亿元（同比+20.9%），主要系加速推动海外本地化生产和中 大样本量实验室突破所致，其中国际业务增长超 30%。医学影像产线前三季度实现 收入 59.7 亿元（同比+11.4%），主要受益于去年底上市的全身应用超高端超声 Resona A20 ...

医药生物 | 证券研究报告 — 业绩评论 2024 年 10 月 31 日 300760.SZ 买入 原评级：买入 市场价格:人民币 271.24 板块评级:强于大市 股价表现 (%) 今年 至今 1 个月 3 个月 12 个月 绝对 (7.6) 2.3 5.5 2.0 (20%) (12%) (4%) 3% 11% 19% Oct-23Dec-23Jan-24Feb-24Mar-24Apr-24May-24Jun-24Jul-24Aug-24Sep-24Oct-24 迈瑞医疗 深圳成指 相对深圳成指 (19.7) (8.5) (18.4) (5.9) | --- | --- | --- | |-------------------------------|------------|------------| | | | | | 发行股数 ( 百万 ) | | 1,212.44 | | 流通股 ( 百万 ) | | 1,212.44 | | 总市值 ( 人民币 百万 ) | | 328,862.60 | | 3 个月日均交易额 ( 人民币 | 百万 ) | 1,926.93 | | 主要股东 | | | | ...

迈瑞医疗（300760.SZ）2024 年三季报点评 业绩短期承压，看好后续复苏态势 2024 年 10 月 31 日 [盈利预测与财务指标 Table_Forcast] ➢ 事件：2024 年 10 月 29 日，迈瑞医疗发布 2024 年三季报业绩。前三季度 公司实现营业收入 294.85 亿元，同比上升 7.99%，归母净利润 106.37 亿元， 同比上升 8.16%；扣非净利润 104.37 亿元，同比上升 7.75%。单季度看，公司 Q3 实现收入 89.54 亿元，同比上升 1.43%；归母净利润 30.76 亿元，同比下降 9.31%；扣非净利润 30.57 亿元，同比下降 8.62%。 ➢ 分区域来看，国际市场持续发力，国内短期需求端较为疲软。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，以及动物医疗、微创外科、AED 等 种子业务的放量，国际市场前三季度增长超过 18%，其中欧洲和亚太市场增长均 超过了 30%。国内因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，国内市场前三季度增 长不到 2%。 ➢ 分产线来看，24Q3 ...

Investment Rating - Maintains a "Buy" rating with a target price of RMB 350 [1][3] Core Views - Domestic revenue is expected to remain under pressure in 4Q24, with a potential recovery in 2025 [1] - Overseas business continues to grow steadily, while domestic growth is sluggish due to anti-corruption measures and delayed equipment renewal tenders [1] - 3Q24 revenue growth was modest, with domestic revenue declining by 10% YoY, while overseas revenue grew by 19% YoY [1] - Life Information & Support segment revenue fell by over 20% YoY in 3Q24, while IVD and Medical Imaging grew by less than 10% and 3% respectively [1] - Gross margin in 3Q24 declined by 5.5 ppts YoY, mainly due to accounting adjustments, but remained stable on a like-for-like basis [1] - Medical special bonds and local special bonds issuance accelerated in September 2024, but the impact on 4Q24 performance is expected to be limited [1] - The company plans to reduce inventory levels from 4 months to 2 months by the end of 2024, which may pressure 4Q24 revenue growth [1] - Full-year 2024 revenue growth is expected to slow to 7% YoY, with a significant recovery anticipated in 2025 as equipment renewal projects materialize [1] Financial Performance and Forecasts - 2024E revenue is projected at RMB 37.4 billion, with a 7.1% YoY growth, while 2025E revenue is expected to grow by 21% YoY to RMB 45.3 billion [2] - 2024E net profit attributable to shareholders is forecasted at RMB 12.5 billion, with a 7.6% YoY increase, and 2025E net profit is expected to grow by 21% YoY to RMB 15.1 billion [2] - Gross margin for 2024E is projected at 64.2%, slightly lower than 2023A's 66.2% [4] - Operating cash flow for 2024E is expected to be RMB 15.6 billion, with capital expenditures of RMB 6.8 billion [5] Dividend Policy - The company announced a second dividend of RMB 1.65 per share for 2024, maintaining a payout ratio of 65% [1] - The single dividend yield is 0.6% based on the closing price on the announcement date [1] Valuation Metrics - The target price of RMB 350 implies a 28x 2025E PE, in line with the 3-year historical average [1] - 2024E PE is projected at 26.4x, declining to 21.8x in 2025E [2] - The dividend yield for 2024E is expected to be 2.5%, increasing to 3.0% in 2025E [5]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights that external policy impacts have affected short-term performance, but there is optimism regarding domestic equipment upgrades and continuous breakthroughs in overseas markets [1] - The company has shown resilience in its domestic business despite policy disruptions, with strong performance in overseas markets, particularly in high-end strategic clients and large sample laboratories [1][2] - The report anticipates rapid growth in the domestic market driven by new medical infrastructure and recovery in hospital diagnostics, while overseas high-end clients are expected to continue to expand [1][6] Financial Performance Summary - **Revenue Forecasts**: - 2022A: 30,366 million - 2023A: 34,932 million - 2024E: 38,391 million - 2025E: 44,759 million - 2026E: 52,249 million - Year-on-Year Growth Rates: 20% (2022), 15% (2023), 10% (2024), 17% (2025), 17% (2026) [1] - **Net Profit Forecasts**: - 2022A: 9,607 million - 2023A: 11,582 million - 2024E: 13,375 million - 2025E: 15,677 million - 2026E: 18,301 million - Year-on-Year Growth Rates: 20% (2022), 21% (2023), 15% (2024), 17% (2025), 17% (2026) [1] - **Earnings Per Share (EPS)**: - 2022A: 7.92 - 2023A: 9.55 - 2024E: 11.03 - 2025E: 12.93 - 2026E: 15.09 [1] - **Profitability Ratios**: - Return on Equity (ROE): 30% (2022), 35% (2023), 29% (2024), 25% (2025), 23% (2026) [1] - Price-to-Earnings (P/E) Ratio: 34.2 (2022), 28.4 (2023), 24.6 (2024), 21.0 (2025), 18.0 (2026) [1] Market and Business Insights - The company has experienced a slight slowdown in growth due to domestic medical regulations, but its overseas business remains robust, with significant revenue contributions from high-end products and new business lines such as minimally invasive surgery and animal healthcare [1][2] - The report notes that the company's market share in the domestic market is expected to increase, with the in vitro diagnostics segment becoming the largest revenue contributor [1][2] - The company is well-positioned to benefit from the acceleration of special bond issuance and the gradual recovery of its monitoring business [1][6]

外部政策影响短期业绩,看好国内设备更新落地+海外市场持续突 40.0 迈瑞医疗 (300760.SZ) 医疗器械 证券研究报告/公司点评报告 2024 年 10 月 30 日 | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|--------------------------------------------------------------------------------------------------------------- ...

Investment Rating - The report maintains a "BUY" rating for Mindray, indicating a potential return of over 15% over the next 12 months [9][21]. Core Insights - Mindray reported a revenue of RMB 29.5 billion for the first nine months of 2024, reflecting an 8.0% year-on-year growth, while the attributable net profit increased by 8.2% year-on-year to RMB 10.6 billion [2][5]. - The domestic market is under pressure, with a notable decline in revenue from public hospitals and IVD testing, particularly in lower-tier hospitals, leading to a 9.7% year-on-year drop in domestic revenue in Q3 2024 [2][5]. - The overseas business showed healthy growth, with a 18.6% year-on-year increase in overseas revenue in Q3 2024, driven by strong performances in Europe, APAC, and Latin America [5][9]. Financial Summary - Revenue projections for FY24E, FY25E, and FY26E are RMB 37.4 billion, RMB 43.6 billion, and RMB 49.7 billion respectively, with year-on-year growth rates of 7.1%, 16.5%, and 14.0% [3][17]. - Attributable net profit estimates for FY24E, FY25E, and FY26E are RMB 12.8 billion, RMB 14.7 billion, and RMB 16.8 billion, with corresponding growth rates of 10.7%, 14.8%, and 14.3% [3][17]. - The adjusted net profit for FY24E is projected at RMB 12.7 billion, with an adjusted EPS of RMB 10.58 [3][17]. Market Performance - The current market capitalization of Mindray is approximately RMB 336.7 billion, with a target price adjusted to RMB 328.81, indicating a 21.6% upside from the current price of RMB 270.50 [6][7]. - The stock has experienced a relative performance decline of 5.5% over the past month and 18.4% over the past six months [6]. Business Segments - The IVD segment saw domestic revenue growth of 17% year-on-year in 9M24, although the overall demand in lower-tier hospitals was negatively impacted by nationwide DRG implementation [5]. - The MIS segment reported over 10% year-on-year growth in domestic revenue in 9M24, driven by the strong uptake of the Resona A20 ultrasound system [5]. - Emerging businesses such as minimally invasive surgery and animal medical have shown significant growth, contributing over 10% to overseas revenue [5].