Mindray(SZ:300760) Tebon Securities·2024-09-03 10:09Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company achieved a revenue of 20.531 billion yuan in H1 2024, representing an 11.12% year-on-year increase, and a net profit of 7.561 billion yuan, up 17.37% year-on-year [6] - The company is experiencing robust growth in overseas markets, with international revenue reaching 7.906 billion yuan, a growth of 18.09% year-on-year, contributing to 38.51% of total revenue [7] - The in-vitro diagnostics (IVD) segment showed strong performance with revenue of 7.658 billion yuan, growing 28.16% year-on-year, driven by increased demand in outpatient and surgical settings [7] - The company is expanding into the cardiovascular field through the acquisition of Huatai Medical, which is expected to enhance its market presence and create new growth opportunities [7] Financial Summary - The company forecasts net profits of 13.906 billion yuan for 2024, 16.712 billion yuan for 2025, and 20.092 billion yuan for 2026, with corresponding P/E ratios of 18, 15, and 14.93 [8][10] - The projected revenue growth rates are 15.0% for 2023, 19.6% for 2024, and 19.9% for 2025 [10] - The gross margin is expected to remain stable at around 66.2% for 2024 and 2025 [10]