Mindray(SZ:300760) Jiang Nan Shi Bao·2025-05-14 07:32Core Viewpoint - Mindray Medical (300760) is gaining significant attention from the market and various brokerages due to its strong R&D capabilities, innovative achievements, and robust market competitiveness, maintaining its leadership position in the medical device industry [1][2][3][4][5][6]. Group 1: Financial Performance and Projections - Mindray's domestic revenue is expected to decline in 2024 but is projected to recover in 2025, driven by improvements in local fiscal funding and medical project updates [1]. - The company's EPS forecasts for 2025-2027 are adjusted to 11.10, 12.77, and 14.75 yuan, reflecting a positive outlook for long-term growth [2]. - Revenue projections for 2025-2027 are estimated at 409.28 billion, 482.12 billion, and 568.81 billion yuan, with corresponding net profits of 132.03 billion, 156.88 billion, and 186.29 billion yuan, indicating strong growth rates [5][8]. Group 2: Market Expansion and International Performance - In 2024, Mindray's international revenue is expected to reach approximately 164.3 billion yuan, accounting for about 44.7% of total revenue, with a year-on-year growth of around 21.3% [4]. - The Asia-Pacific region is projected to grow nearly 40% in 2024, driven by markets like Australia, Thailand, and India, while the European market is rebounding with over 30% growth [4]. - The international business has shown a compound annual growth rate exceeding 15% over the past two years, with developing countries experiencing close to 19% growth [4]. Group 3: Innovation and R&D Investment - Mindray has maintained high levels of R&D investment, amounting to 40.08 billion yuan in 2024, which is 10.91% of its revenue [7]. - The company has filed approximately 12,000 patents, with a significant number being invention patents, showcasing its commitment to innovation [7]. - Mindray's AI-enabled solutions are expected to enhance its competitive edge in the medical device industry, contributing to increased market share and brand recognition [3]. Group 4: Dividend Policy and Shareholder Returns - Mindray has a strong track record of cash dividends, with a total cash dividend of 76.02 billion yuan in 2024, reflecting a cash dividend ratio of 65.15% [7]. - The company plans to distribute a cash dividend of 17.10 billion yuan in 2025, demonstrating its commitment to shareholder returns [7].