Mindray(300760) 证券时报·2025-05-20 18:13Core Viewpoint - The company aims to become a top 10 global medical device company by 2030, focusing on increased R&D investment, internationalization, and strategic acquisitions to enhance its core technologies and market presence [3][4]. Group 1: Strategic Goals and Implementation - The strategic goal for the next 3-5 years is to enhance R&D investment and master core technologies to achieve higher market rankings [3]. - Internationalization is a key focus, with two main paths: building teams and pursuing acquisitions [3][4]. - The company has a history of successful acquisitions that have strengthened its technology and market access, such as the acquisition of Datascope and ZONARE [3][4]. Group 2: International Market Expansion - The overseas revenue share increased from 39% to 45%, with a target of over 70% in the future, particularly in developing countries and Europe [4]. - The U.S. market, while currently representing only 6% of total sales, remains a strategic focus, with significant market share in key product categories [4][5]. Group 3: Domestic Market Outlook - Domestic business has faced pressure due to factors like centralized procurement, but a recovery is expected in Q3 2024 as medical equipment updates begin [6]. - The company anticipates a "conversion year" with a potential for growth in the latter half of the year, driven by policies like equipment replacement [6]. - The company has maintained a high win rate of 60%-70% in recent procurement projects, indicating strong competitive positioning [6].