Mindray(SZ:300760) GOLDEN SUN SECURITIES·2024-09-02 11:41Investment Rating - The report maintains a "Buy" rating for Mindray Medical (300760.SZ) [2] Core Views - Mindray Medical's overseas high-end customer base continues to expand, establishing a foundation for sustained growth, with a focus on high dividends to reward shareholders [1] - The IVD segment leads growth, with overall revenue growth exceeding 30%, and significant penetration into overseas mid-to-large sample customers [1] - The company has achieved double-digit growth in overseas revenue, with a notable increase in high-end ultrasound products [1] Financial Performance Summary - For H1 2024, Mindray Medical achieved revenue of 20.531 billion yuan, a year-on-year increase of 11.12%, and a net profit attributable to shareholders of 7.561 billion yuan, up 17.37% [1] - In Q2 2024, revenue reached 11.158 billion yuan, growing 10.35% year-on-year, while net profit was 4.401 billion yuan, an increase of 13.69% [1] - The company expects revenues of 40.885 billion yuan, 48.994 billion yuan, and 58.900 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 13.735 billion yuan, 16.481 billion yuan, and 20.029 billion yuan [4] Business Segment Performance - The IVD segment reported revenue of 7.658 billion yuan, a year-on-year increase of 28.16%, with both chemiluminescence and domestic hematology revenues growing over 30% [1] - The medical imaging segment generated revenue of 4.274 billion yuan, up 15.49%, driven by the rapid growth of the high-end ultrasound Resona A20 [1] - The life information and support business saw a revenue decline of 7.59% to 8.009 billion yuan, primarily due to domestic industry regulations and delays in procurement [1] International Expansion - In H1 2024, overseas revenue reached 7.906 billion yuan, a year-on-year increase of 18.10%, accounting for 38.51% of total revenue [1] - The company has successfully penetrated new high-end customer segments across its three main business areas, with significant growth in international strategic customer revenue [1] Dividend Policy - Mindray Medical distributed a cash dividend of 40.60 yuan per 10 shares, totaling 4.923 billion yuan, with a dividend payout ratio of 65.11% [1] Profitability Forecast - The report forecasts a net profit growth of 18.6%, 20.0%, and 21.5% for the years 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 22X, 19X, and 15X [1][4]