迈瑞医疗：业绩高质量增长，深耕数智化

Investment Rating - The investment rating for the company is "Buy" and is maintained [4]. Core Views - The company has demonstrated robust performance with a revenue of 20.53 billion yuan in the first half of 2024, reflecting an 11.1% year-on-year growth, primarily influenced by the medical industry restructuring and normal equipment updates [5][6]. - The company is deepening its presence in overseas markets, achieving an overseas revenue of 7.91 billion yuan, which is an 18.1% increase year-on-year, accounting for 39% of total revenue [5][6]. - The company is building a smart medical ecosystem through its "Three Rui" digital solutions, which have generated cumulative sales of approximately 4.5 billion yuan over the past three years [6]. Summary by Sections Financial Performance - In the first half of 2024, the company reported a net profit attributable to shareholders of 7.56 billion yuan, up 17.4% year-on-year, with a growth rate of 22.1% after excluding foreign exchange gains and losses [5]. - The second quarter of 2024 saw revenue of 11.16 billion yuan, a 10.3% increase year-on-year, and a net profit of 4.4 billion yuan, reflecting a 13.7% growth [5]. - The operating cash flow for the first half of 2024 was 8.5 billion yuan, marking an impressive 89.5% increase year-on-year [5]. Market Expansion - The company has made significant strides in the international market, with European revenue reaching 1.5 billion yuan, a 37.9% increase year-on-year [5]. - The international strategic customer team has established a strong presence, contributing 14% to international sales [5][6]. Smart Medical Ecosystem - The "Three Rui" digital solutions have been pivotal, with the "Rui Zhi Lian" ecosystem installed in nearly 900 hospitals domestically, including 165 top-tier hospitals [6]. - The "Mai Rui Zhi Jian" laboratory solutions have been implemented in over 330 hospitals, with 80% being tertiary hospitals [6]. - The "Rui Ying Cloud++" imaging cloud service platform has been installed in over 13,000 units across 31 provinces, with nearly 40,000 professional users [6]. Future Outlook - The company is projected to achieve net profits of 13.92 billion yuan, 16.79 billion yuan, and 20.26 billion yuan for 2024, 2025, and 2026 respectively, with corresponding growth rates of 20.2%, 20.6%, and 20.7% [6].