Mindray(SZ:300760)2024-08-31 08:00Investment Rating - The report maintains a "Recommended" rating for the company [3]. Core Views - The company demonstrated resilient growth in the first half of 2024, achieving a revenue of 20.531 billion yuan (+11.12%) and a net profit of 7.561 billion yuan (+17.37%) despite challenges in the medical industry [1]. - The company is expected to see an upward shift in performance growth in the second half of 2024, driven by the normalization of procurement activities and the recovery of overseas purchasing power [1]. - The company's life information and support business faced short-term pressure due to delayed procurement activities but is anticipated to benefit from demand release in the latter half of the year [2]. - The in-vitro diagnostics segment showed strong performance with a revenue increase of 28.16% in the first half of 2024, supported by recovery in domestic diagnostic demand and successful overseas expansion [2]. - The medical imaging business also reported a revenue increase of 15.49%, with high-end ultrasound products seeing significant growth [2]. Summary by Sections Financial Performance - For the first half of 2024, the company reported a revenue of 20.531 billion yuan, a year-on-year increase of 11.12%, and a net profit of 7.561 billion yuan, up 17.37% [1]. - The operating cash flow reached 8.496 billion yuan, reflecting a substantial increase of 89.51% [1]. Business Segments - Life Information and Support: Revenue was 8.010 billion yuan, down 7.59%, but expected to recover as delayed procurement is released [1][2]. - In-Vitro Diagnostics: Revenue reached 7.658 billion yuan, up 28.16%, with strong growth in the chemical luminescence business [2]. - Medical Imaging: Revenue was 4.274 billion yuan, an increase of 15.49%, with high-end ultrasound products performing particularly well [2]. Future Outlook - The company is projected to achieve net profits of 13.953 billion yuan, 16.844 billion yuan, and 20.253 billion yuan for 2024, 2025, and 2026 respectively, with expected growth rates of 20.47%, 20.72%, and 20.24% [6][7]. - The current stock price corresponds to a PE ratio of 20 for 2024, 16 for 2025, and 14 for 2026, indicating a favorable valuation [6].