迈瑞医疗：单二季度归母净利润增长14%，体外诊断业务表现亮眼

Investment Rating - The investment rating for the company is "Outperform the Market" [3][12][13] Core Views - The company achieved a revenue of 20.53 billion yuan (+11.1%) and a net profit attributable to shareholders of 7.56 billion yuan (+17.4%) in the first half of 2024, with a growth rate of 22.1% after excluding foreign exchange gains and losses [5][10] - The in-vitro diagnostics business showed strong performance with a revenue increase of 28.16%, while the minimally invasive surgery segment grew over 90% [7][12] - The company is benefiting from domestic medical infrastructure development and product upgrades, while also accelerating the expansion of high-end customers overseas [12][14] Summary by Sections Financial Performance - In H1 2024, the company reported a revenue of 20.53 billion yuan and a net profit of 7.56 billion yuan, with a net profit growth of 17.4% [5][10] - The second quarter alone saw a revenue of 11.16 billion yuan (+10.4%) and a net profit of 4 billion yuan (+13.7%) [5][10] - The gross profit margin improved to 66.25% (+0.66 percentage points), and the net profit margin increased to 36.90% (+2.03 percentage points) [10][12] Business Segments - The life information and support business generated 8.01 billion yuan in revenue, a decrease of 7.59% due to delays in procurement activities [6][10] - The in-vitro diagnostics segment achieved a revenue of 7.66 billion yuan (+28.16%), with the chemical luminescence business growing over 30% [7][10] - The medical imaging business reported a revenue of 4.27 billion yuan (+15.49%), with high-end ultrasound models growing over 40% [7][10] Market Outlook - The company anticipates a market space of 24 billion yuan in domestic medical infrastructure waiting to be released [6][10] - The revenue forecast for 2024-2026 has been slightly adjusted to 40.67 billion yuan, 48.80 billion yuan, and 56.86 billion yuan respectively, with expected growth rates of 16.4%, 20.0%, and 16.5% [12][14] - The net profit forecast for the same period is adjusted to 13.80 billion yuan, 16.57 billion yuan, and 19.64 billion yuan, with growth rates of 19.2%, 20.1%, and 18.5% [12][14]