“拐点”来临，新迈瑞价值几何？

Core Viewpoint - The A-share market is currently at a critical point of 4000, marking the third time in history it has reached this level, but unlike previous instances in 2007 and 2015, the current market shows a distinct structural differentiation rather than a broad rally, emphasizing the need for investors to select high-quality sectors [1] Group 1: Market Dynamics - The current A-share market is characterized by a need for careful selection of quality sectors, with analysts suggesting a focus on new productive forces that align with national strategic directions [1] - The medical and health sector, particularly benefiting from the "14th Five-Year Plan" and improved third-quarter performance, is highlighted as a key investment area [1] Group 2: Company Performance - Mindray Medical's third-quarter report indicates a significant turning point, with revenue growth returning to positive territory after two quarters of decline, and international business revenue surpassing 50% for the first time [2][8] - The company reported total revenue of 258.34 billion yuan for the first three quarters, with a third-quarter revenue of 90.91 billion yuan, marking a year-on-year increase of 1.53% [8] Group 3: Industry Trends - The Chinese medical device industry is entering a new phase driven by both policy and demand, with the "14th Five-Year Plan" prioritizing health initiatives and supporting innovation in medical devices [3] - The demand for medical devices is recovering, with a notable increase in procurement expected in 2025 due to policies promoting equipment updates [5] Group 4: Future Outlook - Mindray aims to become a global leader in the medical device industry, with aspirations to rank among the top 10 globally by 2030, reflecting a shift from a focus on domestic markets to a broader international strategy [12][15] - The company's international business revenue grew by 11.93% year-on-year, reaching 50.6% of total revenue, indicating strong competitiveness in the global market [15] Group 5: Valuation and Investment Potential - Mindray's current price-to-earnings ratio (PE) is approximately 29.89, which is considered to be in a relatively low range historically, suggesting a favorable investment opportunity [18] - Analysts believe that the company is well-positioned for recovery and growth, benefiting from policy support, demand recovery, and global expansion [19]