Mindray(300760) 湘财证券·2024-07-01 08:01Investment Rating - The investment rating for the company is "Accumulate" [5][12]. Core Views - Mindray Medical is the largest medical device supplier in China and a global leader, maintaining a strong market position across three main sectors: life information and support, in vitro diagnostics, and medical imaging [2][3]. - The company has shown steady growth in revenue and profit over the past five years, with 2023 revenue reaching 34.93 billion yuan, a year-on-year increase of 15%, and net profit attributable to shareholders of 11.58 billion yuan, up 20.6% [2][3]. - The company is expanding into high-value consumables while solidifying its leadership in the medical device sector, with projected revenues of 40.82 billion yuan, 46.98 billion yuan, and 53.41 billion yuan for 2024, 2025, and 2026 respectively [5][12]. Summary by Sections Business Performance - Mindray Medical holds the top market share in several product categories, including monitoring devices and in vitro diagnostics, with 2023 revenues of 15.25 billion yuan in life information and support, and 12.42 billion yuan in in vitro diagnostics, reflecting growth rates of 13.81% and 21.12% respectively [2][3]. - The minimally invasive surgery segment has seen revenue growth exceeding 30%, indicating a significant driver for future performance [3]. Research and Development - The company invested 3.78 billion yuan in R&D in 2023, representing 10.82% of its revenue, with a year-on-year increase of 18.43% [4]. - Mindray has pursued strategic acquisitions to enhance its technology and product offerings, including the acquisition of DiaSys Diagnostic Systems GmbH [4]. Financial Forecast - The financial forecast indicates a consistent growth trajectory, with expected revenues and net profits for 2024-2026 showing strong year-on-year increases [7][12]. - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 11.53 yuan, 13.87 yuan, and 16.21 yuan respectively, reflecting a robust growth outlook [5][12].