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].

| --- | --- | |---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

感谢大家参加本次会议会议即将开始请稍后 感谢大家参加本次会议已即将开始请稍后 感谢大家参加本次会议会议即将开始请稍后 感谢大家参加本次会议会议即将开始请稍后 感谢大家参加本次会议会议即将开始请稍后 感谢大家参加本次会议会议即将开始请稍后 感谢大家参加本次会议会议即将开始请稍后 大家好欢迎参加脉锐医疗2024年三季度预计电话会本次会议语言为中文和英文同传如需接听英文频道请联系汇丰前海或脉锐投观团队 下面开始播报免责声明本次电话会议仅服务于华创证券研究所和汇丰前海客户不构成投资建议相关人员应自主作出投资决策并自行承担投资风险华创证券和汇丰前海不对应使用本次内容所导致的任何损失承担任何责任专家发言内容仅代表专家个人观点 不代表本公司观点本次会议内容不得涉及国家保密信息内幕信息未公开重大信息商业秘密个人隐私不得涉及可能引发不当炒作或股价异常波动的敏感信息 不得涉及影响社会或资本市场稳定的言论未经华创证券和汇丰前海事先书面许可任何机构或个人不得以任何形式复制、刊载、转载、转发、引用本次会议内容否则由此造成的一切后果及法律责任由该机构或个人承担 华创证券和汇丰全海保留追究其法律责任的权利市场没有风险投资需谨慎下面有请主持 ...

公 司 报 告 公 司 季 报 点 评 证 券 研 究 报 告 迈瑞医疗(300760.SZ) 国内增长承压，海外表现亮眼 推荐 ( 维持) 事项： 股价:271.24元 主要数据 | --- | --- | |------------------------|-----------------------| | 行业 | 医药 | | 公司网址 | www.mindray.com | | 大股东 / 持股 | Smartco Development | | | Limited/26.98% | | 实际控制人 | 李西廷 , 徐航 | | 总股本 ( 百万股 ) | 1,212 | | 流通 A 股 ( 百万股 ) | 1,212 | | 流通 B/H 股 ( 百万股 ) | | | 总市值 ( 亿元 ) | 3,289 | | 流通 A 股市值 ( 亿元 ) | 3,289 | | 每股净资产 ( 元 ) | 30.59 | | 资产负债率 (%) | 27.1 | | 行情走势图 | | 证券分析师 | --- | |--------------------------| | | | 投资咨询资格编号 ...

证券代码：300760 证券简称：迈瑞医疗 公告编号：2024-049 深圳迈瑞生物医疗电子股份有限公司 2024年第二次中期权益分派实施公告 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"）2024年第二次中 期权益分派方案已获2024年10月29日召开的第八届董事会第十次会议和第八届监事会第八 次会议审议通过，在公司2023年年度股东大会决议授权范围内，无需再次提交股东大会审 议。现将权益分派事宜公告如下： 一、股东大会授权及董事会审议通过利润分配方案等情况 1、公司于2024年5月17日召开2023年年度股东大会，审议通过了《关于授权董事会制 定中期分红方案的议案》，同意授权董事会根据股东大会决议在符合利润分配的条件下制定 具体的2024年中期分红方案。公司于2024年10月29日召开第八届董事会第十次会议和第八 届监事会第八次会议，审议通过了《关于2024年第二次中期利润分配方案的议案》，2024年 第二次中期利润分配方案为：以公司2024年9月30日的总股本1,212,441,394股为基数 ...

来源：公司年报、国金证券研究所 迈瑞医疗 (300760.SZ) 买入(维持评级) 业绩简述 2024 年 10 月 29 日，公司发布 2024 年三季度报告：2024 年前三 季度公司实现收入 294.85 亿元，同比+8%；归母净利润 106.37 亿 元，同比+8%；实现扣非归母净利润 104.37 亿元，同比+8%； 2024Q3 公司实现收入 89.54 亿元，同比+1%；归母净利润 30.76 亿 元，同比-9%；实现扣非归母净利润 30.57 亿元，同比-9%。 经营分析 国际市场增长亮眼，体外诊断成为增长支撑。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种子业务的放量，公 司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%。国内市场由于招标需求推迟等因素，前三季度增长不到 2%。体外诊断产线前三季度增长超过 20%，受益于加速推动海外本 地化生产和中大样本量实验室突破，国际体外诊断产线增长超过 30%，国内化学发光、生化、凝血等业务的市占率稳步提升。 保持高研发投入，取得众多阶段性创新成果。公司前三季度研发 投入达到 28.43 亿元，占营业收入比重 9 ...