Mindray(SZ:300760) Caixin Securities·2024-09-03 07:30Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The report highlights that the IVD business is performing exceptionally well, with continued breakthroughs in the high-end market [1] - The company reported a revenue of 205.31 billion yuan for H1 2024, representing a year-over-year increase of 11.12%, and a net profit attributable to shareholders of 75.61 billion yuan, up 17.37% year-over-year [5][6] - The company maintains a strong focus on R&D, with R&D expenses reaching 19.40 billion yuan, leading to the introduction of new high-end products [6][7] Financial Performance - For 2024, the company is projected to achieve a revenue of 416.50 billion yuan and a net profit of 139.74 billion yuan, with an EPS of 11.53 yuan [5][7] - The IVD segment achieved a revenue of 76.58 billion yuan in H1 2024, a year-over-year increase of 28.16%, contributing to 37.30% of total revenue [6] - The life information and support segment reported a revenue of 80.09 billion yuan, down 7.59% year-over-year, while the medical imaging segment saw a revenue of 42.74 billion yuan, up 15.49% year-over-year [6] Market Position and Strategy - The company is recognized as a leading domestic medical device manufacturer, continuously enhancing its core competitiveness and profitability through customer-oriented innovation and R&D [6][7] - The report anticipates that the company will capture new market opportunities, projecting revenues of 496.34 billion yuan and 583.78 billion yuan for 2025 and 2026, respectively [7]