Mindray(300760) 东吴证券·2024-08-31 19:00Investment Rating - Buy (Maintained) [1] Core Views - 24H1 revenue reached 205 31 billion yuan (+11 12% YoY), net profit attributable to parent company was 75 61 billion yuan (+17 37% YoY), and non-GAAP net profit was 73 80 billion yuan (+16 39% YoY) [2] - 24Q2 revenue was 111 58 billion yuan (+10 35% YoY), net profit attributable to parent company was 44 01 billion yuan (+13 69% YoY), and non-GAAP net profit was 43 43 billion yuan (+13 94% YoY) [2] - 24H1 performance met expectations [2] Business Performance - Life Information & Support products revenue was 80 09 billion yuan (-7 59% YoY), accounting for 39 01% of total revenue, with a gross margin of 66 25% (-1 04pct YoY) [3] - IVD (In Vitro Diagnostics) revenue was 76 58 billion yuan (+28 16% YoY), accounting for 37 30% of total revenue, with a gross margin of 64 98% (+2 35pct YoY) [3] - Medical Imaging revenue was 42 74 billion yuan (+15 49% YoY), accounting for 20 82% of total revenue, with a gross margin of 69 59% (+1 83pct YoY) [3] Profitability - 24H1 gross margin was 66 25% (+0 65pct YoY), net margin was 36 90% (+2 03pct YoY) [3] - 24Q2 gross margin was 66 50% (+1 56pct YoY), net margin was 39 56% (+1 28pct YoY) [3] Overseas Market Performance - Overseas revenue in 24H1 was 79 06 billion yuan (+18 10% YoY) [3] - IVD revenue in international markets grew over 30% in 24H1 [3] - Successfully penetrated over 60 overseas third-party chain laboratories and completed the installation of the first MT8000 production line, driving international IVD revenue growth [3] Financial Forecasts - 2024-2026 net profit attributable to parent company adjusted to 138 21/167 38/199 84 billion yuan, with corresponding PE valuations of 22/18/15 times [3] - 2024-2026 revenue forecasted to be 400 75/474 41/565 49 billion yuan, with YoY growth of 14 72%/18 38%/19 20% [2] - 2024-2026 EPS forecasted to be 11 40/13 81/16 48 yuan per share [2] Market Data - Closing price: 250 80 yuan [5] - 52-week low/high: 224 71/316 10 yuan [5] - P/B ratio: 7 83x [5] - Market cap: 304 080 30 million yuan [5] Financial Data - Net asset per share: 32 04 yuan [6] - Asset-liability ratio: 28 00% [6] - Total shares outstanding: 1 212 44 million [6]