Mindray(SZ:300760) KAIYUAN SECURITIES·2024-06-18 12:00Investment Rating - The investment rating for the company is "Buy" (maintained) [2][10]. Core Views - The company is actively executing a high-consumption and equipment overall solution strategy, with significant potential for development in smart healthcare [5]. - The company achieved a revenue of 34.932 billion yuan in 2023, representing a year-on-year growth of 15.0%, and a net profit of 11.582 billion yuan, with a year-on-year increase of 20.6% [6]. - The company is expected to benefit from the new medical infrastructure and continuous innovation, with projected net profits of 13.907 billion yuan, 16.726 billion yuan, and 19.990 billion yuan for 2024, 2025, and 2026 respectively [5][6]. Financial Performance Summary - In 2023, the company reported a revenue of 349.3 billion yuan, with a gross margin of 66.2% [5]. - The revenue from life information and support was 152.5 billion yuan, with a gross margin of 66.8% [5]. - The company’s international market growth was nearly 30% in Q1 2024, with a net profit of 31.6 billion yuan, reflecting a year-on-year increase of 22.9% [5][6]. Future Projections - The company expects to achieve a revenue of 41.76 billion yuan in 2024, with a year-on-year growth of 19.5% [6]. - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 11.47 yuan, 13.79 yuan, and 16.49 yuan respectively [6]. - The company aims to continue its transformation into a smart healthcare solution provider, integrating data and AI technologies [5].