迈瑞医疗(300760)：国际持续高端突破 国内即将迎来拐点

Core Viewpoint - The company reported a significant decline in revenue and net profit for the first half of 2025, with expectations of a market turnaround in the domestic sector and continued growth in international markets [1][2][3]. Financial Performance - In the first half of 2025, the company achieved operating revenue of 16.743 billion yuan, a year-on-year decrease of 18.45% - The net profit attributable to shareholders was 5.069 billion yuan, down 32.96% - The second quarter saw operating revenue of 8.506 billion yuan, a decline of 23.77%, and net profit of 2.440 billion yuan, down 44.55% [1]. Market Trends - Domestic market conditions are expected to improve in the third quarter of 2025, following a significant drop in medical equipment bidding data since December 2024, which affected revenue recognition cycles [2]. - The international market experienced a 5.39% year-on-year growth in the first half of 2025, with double-digit growth in the CIS and Middle East regions [2]. Business Segment Performance - The IVD segment generated revenue of 6.424 billion yuan, down 16.11%, but saw double-digit growth internationally, with international revenue accounting for 37% [2]. - The medical imaging segment reported revenue of 3.312 billion yuan, a decline of 22.51%, but international sales grew in the mid-to-high single digits, increasing its share to 62% [3]. - The life information and support segment achieved revenue of 5.479 billion yuan, down 31.59%, with international sales rising to 67% [3]. Profitability and Cost Structure - The company's overall gross margin decreased by 4.58 percentage points to 61.67% due to pricing pressures in the domestic market [4]. - The second quarter's gross margin was 60.84%, with a notable decline in overall net profit margin by 10.75 percentage points to 28.69% [4]. Future Outlook - Revenue projections for 2025-2027 are 37.189 billion yuan, 42.487 billion yuan, and 48.556 billion yuan, with expected growth rates of 1.26%, 14.25%, and 14.28% respectively [5]. - Net profit forecasts for the same period are 11.505 billion yuan, 13.590 billion yuan, and 15.910 billion yuan, with growth rates of -1.40%, 18.13%, and 17.07% respectively [5].