Mindray(300760) 西南证券·2024-09-09 03:01Investment Rating - Buy (Maintained) [1] Core Views - The company's 24H1 performance met expectations, with significant growth in the IVD (In Vitro Diagnostics) business [2] - Revenue for 24H1 reached 20.53 billion yuan (+11.1%), with net profit attributable to the parent company at 7.56 billion yuan (+17.4%) [2] - The IVD business grew by 28.2% in 24H1, driven by strong demand in both domestic and international markets [2] - The company continues to invest heavily in R&D, with 1.78 billion yuan spent in 24H1, focusing on high-end product innovation and expanding the "Ruizhilien" ecosystem [2] Business Performance Life Information & Support - Revenue for 24H1 was 8.01 billion yuan (-7.6%), with significant growth in minimally invasive surgery and high-value consumables [2] - Domestic market faced delays due to healthcare industry reforms, but international demand has recovered, leading to double-digit growth [2] In Vitro Diagnostics (IVD) - Revenue for 24H1 was 7.65 billion yuan (+28.2%), with chemical发光业务增长超过30% [2] - Domestic IVD business grew over 25%, with blood cell business growing over 30% [2] - International IVD business grew over 30%, with successful penetration into over 60 overseas third-party laboratories [2] Medical Imaging - Revenue for 24H1 was 4.27 billion yuan (+15.5%), with high-end ultrasound models growing over 40% [2] - Domestic market faced challenges due to industry reforms, but the company increased investment in high-end international markets [2] Financial Projections - Expected net profit attributable to the parent company for 2024-2026 is 13.75 billion, 16.65 billion, and 19.95 billion yuan, respectively [2] - EPS for 2024-2026 is projected to be 11.34, 13.73, and 16.45 yuan, with PE ratios of 22, 18, and 15 times, respectively [2] Market Performance - The stock's relative performance compared to the CSI 300 index shows a decline of 16% over the past year [4] - The company's total market capitalization is 300.07 billion yuan, with a total asset value of 60.63 billion yuan [5]