迈瑞医疗：国际业务增长亮眼，保持高研发投入

Investment Rating - The report maintains a "Buy" rating for Mindray Medical (300760.SZ) [1][7] Core Views - The company achieved a revenue of 29.485 billion RMB in the first three quarters of 2024, representing an 8% year-on-year increase. The net profit attributable to shareholders was 10.637 billion RMB, also up by 8% year-on-year [1] - International market growth is strong, particularly in the in vitro diagnostics sector, which has become a key growth driver. The international market grew over 18% in the first three quarters, with Europe and Asia-Pacific markets exceeding 30% growth [1] - The company continues to invest heavily in R&D, with R&D expenses reaching 2.843 billion RMB, accounting for 9.64% of revenue. New product launches in various fields have maintained high product competitiveness [1] - A dividend distribution plan has been announced, with a total cash dividend of 2.001 billion RMB planned for distribution, increasing the total dividend amount to 31.723 billion RMB [1] Summary by Sections Performance Overview - In Q3 2024, the company reported revenue of 8.954 billion RMB, a 1% increase year-on-year, while net profit decreased by 9% to 3.076 billion RMB [1] Business Analysis - The international market's growth is driven by high-end strategic clients and large sample laboratories, while domestic market growth is hindered by delayed bidding demands [1] - The in vitro diagnostics segment saw over 20% growth, with international lines growing over 30% [1] R&D Investment - R&D investment for the first three quarters reached 2.843 billion RMB, with significant new product launches across various medical fields [1] Dividend Policy - The company plans to distribute a cash dividend of 16.50 RMB per 10 shares, totaling 2.001 billion RMB, further enhancing shareholder returns [1] Profit Forecast and Valuation - The forecasted net profits for 2024-2026 are 13.849 billion RMB, 16.673 billion RMB, and 20.215 billion RMB, with corresponding PE ratios of 24, 20, and 16 [1]