Mindray(SZ:300760) ZHONGTAI SECURITIES·2024-09-02 08:31Investment Rating - The investment rating for the company is "Buy" (maintained) with a market price of 250.80 CNY [1]. Core Insights - The company reported a revenue of 20.531 billion CNY in the first half of 2024, representing a year-on-year growth of 11.12%. The net profit attributable to shareholders was 7.561 billion CNY, up 17.37% year-on-year, and a 22.13% increase when excluding foreign exchange losses [5]. - The company is experiencing robust growth in its overseas business while domestic operations are recovering quickly. The demand for in vitro diagnostics (IVD) is rapidly rebounding, and high-end equipment installations are accelerating [5]. - The company has successfully acquired a leading domestic supplier in the microelectrophysiology sector, enhancing its competitive edge in the cardiovascular market [5]. Financial Performance Summary - Revenue Forecasts: The company is projected to achieve revenues of 40.162 billion CNY in 2024, 48.202 billion CNY in 2025, and 57.857 billion CNY in 2026, with growth rates of 15%, 20%, and 20% respectively [5]. - Net Profit Forecasts: Expected net profits are 13.914 billion CNY for 2024, 16.758 billion CNY for 2025, and 20.100 billion CNY for 2026, all reflecting a 20% growth rate [5]. - Earnings Per Share (EPS): The projected EPS for 2024, 2025, and 2026 are 9.55 CNY, 11.48 CNY, and 13.82 CNY respectively [5]. Business Segment Performance - Life Information and Support: Revenue in this segment was 8.009 billion CNY, down 7.59% year-on-year, but minimally impacted by external factors. The minimally invasive surgery segment grew over 90% [5]. - IVD Business: The IVD segment achieved revenue of 7.658 billion CNY, with a year-on-year growth of 28.16%, driven by a strong demand for diagnostic reagents [5]. - Medical Imaging: Revenue from medical imaging reached 4.274 billion CNY, growing 15.49% year-on-year, with high-end ultrasound models seeing over 40% growth [5]. Market Position and Strategy - The company is positioned as a leader in the domestic medical device market, with a strong foothold in high-end product segments. The strategy includes expanding overseas market penetration and enhancing product offerings through acquisitions [5]. - The company is expected to maintain a strong growth trajectory in both domestic and international markets, supported by ongoing demand recovery and strategic acquisitions [5].