财信证券：迈瑞医疗数智化转型驱动国际化，流水型业务海外突破加速

Core Insights - Mindray Medical has successfully launched a perioperative medical AI model, marking a significant milestone in the application of AI technology in anesthesia and perioperative medicine [1] - The company is accelerating its international expansion by leveraging a smart ecosystem centered around "Equipment + IT + AI," enhancing its brand influence and market share among high-end global clients [1][2] - Mindray Medical is committed to shareholder returns, promising a cash dividend of no less than 65% of distributable profits annually from 2025 to 2027 [3] Group 1: Product and Technology Development - The company has established a global smart medical ecosystem, launching the world's first clinically implemented critical care AI model, which is already in use at top medical institutions [1] - Mindray Medical connects previously isolated medical devices through its "Three Rui" smart ecosystem, creating an efficient clinical decision support system powered by high-quality data [1][2] - The company has invested 1.777 billion yuan in R&D, accounting for 10.61% of its revenue during the reporting period, and has applied for a total of 12,240 patents [2] Group 2: Business Expansion and Market Strategy - Mindray Medical is focusing on internationalizing its flow business, particularly in the field of in vitro diagnostics, and is transitioning to serve medium to large sample size clients in overseas markets [2] - The company is nurturing seed businesses in minimally invasive surgery, cardiovascular, and animal healthcare, while exploring emerging fields such as molecular diagnostics and surgical robotics [2] - The internationalization process is expected to accelerate as the company transitions its overseas business and implements smart solutions in high-end medical institutions [3]