Mindray(SZ:300760) Huachuang Securities·2024-09-14 15:38Investment Rating - The report maintains a "Recommended" rating for the company with a target price of 335 yuan, while the current price is 231.67 yuan [2][3]. Core Insights - The company reported a robust performance in its 2024 mid-year report, with total revenue of 20.531 billion yuan, an increase of 11.12%, and a net profit attributable to shareholders of 7.561 billion yuan, up 17.37% [2]. - The IVD (In Vitro Diagnostics) business showed outstanding growth, achieving revenue of 7.658 billion yuan in the first half of 2024, a year-on-year increase of 28.16%, driven by strong overseas penetration and domestic demand [3]. - The Life Information and Support segment generated revenue of 8.009 billion yuan, although it experienced a decline of 7.59% overall, with significant growth in minimally invasive surgery and high-value consumables [3]. - The Medical Imaging segment reported revenue of 4.274 billion yuan, a growth of 15.49%, with high-end ultrasound models seeing over 40% revenue growth [3]. - The company expects net profit attributable to shareholders to reach 13.748 billion yuan, 16.443 billion yuan, and 19.529 billion yuan for 2024, 2025, and 2026, respectively, reflecting year-on-year growth rates of 18.7%, 19.6%, and 18.8% [3]. Financial Summary - Total revenue for 2023 is projected at 34.932 billion yuan, with a growth rate of 15.0%, and net profit is expected to be 11.582 billion yuan, with a growth rate of 20.6% [4]. - The company’s earnings per share (EPS) for 2024 is estimated at 11.34 yuan, with a price-to-earnings (P/E) ratio of 20 [4]. - The company’s total market capitalization is approximately 280.886 billion yuan, with a debt-to-equity ratio of 13.8% [7].