上述募集资金到位情况已由普华永道中天会计师事务所（特殊普通合伙）审验，并已 于2018年10月10日出具"普华永道中天验字(2018)第0626号"《验资报告》。公司已对募集资 金采取了专户存储，相关募集资金已全部存放于募集资金专户，并且公司及相关子公司与 存放募集资金的商业银行、保荐机构签订了《募集资金三方监管协议》《募集资金四方监管 协议》。 证券代码：300760 证券简称：迈瑞医疗 公告编号：2024-046 深圳迈瑞生物医疗电子股份有限公司 关于继续使用部分闲置募集资金进行现金管理的公告 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。 为持续提高深圳迈瑞生物医疗电子股份有限公司（以下简称"公司"）及子公司资金利 用效率，继续合理利用闲置募集资金，优化经济效益，公司于2024年10月29日召开第八届董 事会第十次会议及第八届监事会第八次会议，审议通过了《关于继续使用部分闲置募集资 金进行现金管理的议案》，同意在确保募集资金安全和不影响公司正常经营的情况下，继续 使用闲置募集资金进行现金管理，购买安全性高、流动性好的存款类产品或保本型产品，包 括但不限于 ...

证券代码：300760 证券简称：迈瑞医疗 公告编号：2024-042 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解除质押的公告 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（以下简称"公司"）于近日接到公司控股股东 Magnifice（HK）Limited（以下简称"Magnifice（HK）"）的通知，获悉其将所持有的公司 部分股份办理了解除质押业务，现将具体内容公告如下： 一、 股东股份解除质押的基本情况 | | 是否为控 股股东或 | 本次解除质 | 占其所 | 占公司总 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 股东名称 | 第一大股 | 押股份数量 | 持股份 | 股本比例 | 起始日 | | 解除日期 | | 质权人 | | | 东及其一 | （股） | 比例 | | | | | | | | | 致行动人 | | | | | | | | | | Magnifice | | | | | 202 ...

Market Performance and Growth - North America revenue CAGR from 2020-2023 was 16%, significantly higher than the low single-digit industry growth rate [2] - North America accounted for 6% of the company's H1 2024 revenue, with expectations for this proportion to continue declining [3] - Domestic equipment business contributed 27% of total revenue in H2 2023, with performance dependent on equipment renewal implementation [3] - Overseas revenue accounted for 41% of total revenue in H2 2023, expected to maintain rapid growth, especially in developing countries and Europe [3] Product and Market Strategy - The company has secured a three-year exclusive anesthesia machine supply agreement with the 10th largest IDN in the US [2] - Currently offering 3 product categories in the US market, with plans to expand from the existing 30 sub-product categories [3] - Achieved top 3 market share for key products in the US, including patient monitors, anesthesia machines, and POC ultrasound [2] - The company aims to enter the global top 20 medical device companies by 2025 [3] International Expansion - European market showing recovery, with breakthrough contracts at top hospitals including St Thomas' Hospital (UK), Charité - Universitätsmedizin Berlin (Germany), and Hôpital de la Pitié-Salpêtrière (France) [5] - Developing countries emerging as a major growth driver, with over one-third of revenue coming from IVD business [6] - Established localized production in 12 countries across major markets, with 9 facilities related to IVD production [6] AI and Technological Innovation - AI-powered blood cell morphology analyzer reduced average slide review time from 25-30 minutes to 30 seconds [6] - The MC series AI-powered blood cell analyzer has been installed in over 400 hospitals globally, surpassing competitor's decade-long sales within one year [7] - Collaborated with Tencent to develop a critical care domain model, currently being tested in top-tier Chinese hospitals [7] Policy and Market Environment - The Chinese government has allocated 300 billion RMB in ultra-long-term special treasury bonds to support medical equipment renewal [4] - Domestic equipment renewal projects have been approved, with hospital tendering processes expected to commence upon fund allocation [4] - The company has observed accelerated issuance of local government special bonds, supporting medical equipment procurement [3] M&A Strategy - The company has accelerated M&A activities since 2008, focusing on core technology enhancement, new business exploration, and overseas market expansion [4] - Recent M&A activities emphasize strengthening existing businesses and exploring new areas rather than merely expanding revenue [4] - Future M&A will focus on acquiring cutting-edge technologies and enhancing global R&D, marketing, and supply chain platforms [4]

丨证券研究报告丨 公司研究丨点评报告丨迈瑞医疗（300760.SZ） [Table_Title] 业绩高质量增长，深耕数智化 | --- | --- | |------------------------------------------------------------------------------------------------------------------|-------| | 报告要点 | | | [Table_Summary] 公司业绩增长稳健， 2024 年上半年营业收入为 205.3 亿元，同比增长 11.1% ，主要是受到医疗 | | | 行业整顿和设备更新正常影响，招采活动普遍处于观望状态有所延迟，预计下半年有望逐步恢 | | | 复。深耕海外市场，持续突破高端客户： 2024 年上半年公司海外收入 79.1 亿元，同比增长 | | | 18.1% ，占总收入的比重为 39% ；其中欧洲收入 15.0 亿元，同比增长 37.9% 。深耕"设备 +IT+AI" | | | 的智能医疗生态系统的搭建：公司的"三瑞"数智化方案过去三年实现的累计销售额、以及带 | | | 动的设 ...

证 券 研 究 报 告 迈瑞医疗（300760）2024 年中报点评 推荐（维持） 业绩增长稳健，IVD 业务表现突出 目标价：335 元 当前价：231.67 元 | --- | --- | --- | --- | --- | --- | |-------|----------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------- ...

迈瑞医疗（300760.SZ）深度报告 医械龙头三十载，乘风破浪正当时 2024 年 09 月 12 日 | --- | --- | --- | --- | --- | --- | --- | |------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ...

Investment Rating - Buy (Maintained) [1] Core Views - The company's 24H1 performance met expectations, with significant growth in the IVD (In Vitro Diagnostics) business [2] - Revenue for 24H1 reached 20.53 billion yuan (+11.1%), with net profit attributable to the parent company at 7.56 billion yuan (+17.4%) [2] - The IVD business grew by 28.2% in 24H1, driven by strong demand in both domestic and international markets [2] - The company continues to invest heavily in R&D, with 1.78 billion yuan spent in 24H1, focusing on high-end product innovation and expanding the "Ruizhilien" ecosystem [2] Business Performance Life Information & Support - Revenue for 24H1 was 8.01 billion yuan (-7.6%), with significant growth in minimally invasive surgery and high-value consumables [2] - Domestic market faced delays due to healthcare industry reforms, but international demand has recovered, leading to double-digit growth [2] In Vitro Diagnostics (IVD) - Revenue for 24H1 was 7.65 billion yuan (+28.2%), with chemical发光业务增长超过30% [2] - Domestic IVD business grew over 25%, with blood cell business growing over 30% [2] - International IVD business grew over 30%, with successful penetration into over 60 overseas third-party laboratories [2] Medical Imaging - Revenue for 24H1 was 4.27 billion yuan (+15.5%), with high-end ultrasound models growing over 40% [2] - Domestic market faced challenges due to industry reforms, but the company increased investment in high-end international markets [2] Financial Projections - Expected net profit attributable to the parent company for 2024-2026 is 13.75 billion, 16.65 billion, and 19.95 billion yuan, respectively [2] - EPS for 2024-2026 is projected to be 11.34, 13.73, and 16.45 yuan, with PE ratios of 22, 18, and 15 times, respectively [2] Market Performance - The stock's relative performance compared to the CSI 300 index shows a decline of 16% over the past year [4] - The company's total market capitalization is 300.07 billion yuan, with a total asset value of 60.63 billion yuan [5]

Investment Rating - The investment rating for the company is "Outperform the Market" [3][12][13] Core Views - The company achieved a revenue of 20.53 billion yuan (+11.1%) and a net profit attributable to shareholders of 7.56 billion yuan (+17.4%) in the first half of 2024, with a growth rate of 22.1% after excluding foreign exchange gains and losses [5][10] - The in-vitro diagnostics business showed strong performance with a revenue increase of 28.16%, while the minimally invasive surgery segment grew over 90% [7][12] - The company is benefiting from domestic medical infrastructure development and product upgrades, while also accelerating the expansion of high-end customers overseas [12][14] Summary by Sections Financial Performance - In H1 2024, the company reported a revenue of 20.53 billion yuan and a net profit of 7.56 billion yuan, with a net profit growth of 17.4% [5][10] - The second quarter alone saw a revenue of 11.16 billion yuan (+10.4%) and a net profit of 4 billion yuan (+13.7%) [5][10] - The gross profit margin improved to 66.25% (+0.66 percentage points), and the net profit margin increased to 36.90% (+2.03 percentage points) [10][12] Business Segments - The life information and support business generated 8.01 billion yuan in revenue, a decrease of 7.59% due to delays in procurement activities [6][10] - The in-vitro diagnostics segment achieved a revenue of 7.66 billion yuan (+28.16%), with the chemical luminescence business growing over 30% [7][10] - The medical imaging business reported a revenue of 4.27 billion yuan (+15.49%), with high-end ultrasound models growing over 40% [7][10] Market Outlook - The company anticipates a market space of 24 billion yuan in domestic medical infrastructure waiting to be released [6][10] - The revenue forecast for 2024-2026 has been slightly adjusted to 40.67 billion yuan, 48.80 billion yuan, and 56.86 billion yuan respectively, with expected growth rates of 16.4%, 20.0%, and 16.5% [12][14] - The net profit forecast for the same period is adjusted to 13.80 billion yuan, 16.57 billion yuan, and 19.64 billion yuan, with growth rates of 19.2%, 20.1%, and 18.5% [12][14]

证券研究报告 2024 年 09 月 04 日 湘财证券研究所 公司研究 迈瑞医疗（300760.SZ）点评报告 H1 业绩增长稳健，内生外延筑牢龙头地位 核心要点： 2024H1 业绩稳健增长，费用率保持稳定盈利能力持续提升 公司评级：增持（维持） 近十二个月公司表现 | --- | --- | --- | --- | |----------|--------------------|----------|------------| | | | | | | % | 1 个月 | 3 个月 | 12 个月 | | 相对收益 | -2 | -8 | 7 | | 绝对收益 | -5 | -17 | -6 | | | 注：相对收益与沪深 | | 300 相比 | 分析师：蒋栋 证书编号：S0500521050001 Tel：(8621) 50295368 Email：jiangdong@xcsc.com 地址：上海市浦东新区银城路88号 中国人寿金融中心10楼 近期公司发布 2024 年半年报，H1 公司实现营业收入 205.31 亿元，同比增 长 11.12%，实现归母净利润 75.61 亿元，同比增长 17.3 ...

证券研究报告 非金融公司|公司点评|迈瑞医疗（300760） IVD 业务实现快速发展，海外增长强劲 请务必阅读报告末页的重要声明 glzqdatemark1 2024年09月04日 证券研究报告 |报告要点 公司发布 2024 年半年报，2024 年上半年实现收入 205.31 亿元，同比增长 11%；实现归母净 利润 75.61 亿元，同比增长 17%；实现扣非归母净利润 73.80 亿元，同比增长 16%。 |分析师及联系人 郑薇 SAC：S0590521070002 请务必阅读报告末页的重要声明 1 / 5 2023/9 2024/1 2024/5 2024/9 非金融公司|公司点评 glzqdatemark2 2024年09月04日 迈瑞医疗(300760) IVD 业务实现快速发展，海外增长强劲 | --- | --- | --- | |----------------------------|----------|--------------------| | | | | | 行 业： | | 医药生物/医疗器械 | | 投资评级： | | 买入（维持） | | 当前价格： | | 247.82 ...