Mindray(SZ:300760) Ping An Securities·2024-10-30 12:15Investment Rating - The report maintains a "Recommendation" rating for the company [2][7] Core Views - The company faces pressure in domestic growth but shows strong performance overseas, with a total revenue of 29.48 billion yuan in the first three quarters, reflecting an 8.0% year-on-year increase, while net profit attributable to shareholders reached 10.64 billion yuan, up 8.2% year-on-year [3][4] - Domestic revenue for the first three quarters was 17.47 billion yuan, growing by 1.9% year-on-year, while international revenue reached 12.02 billion yuan, increasing by 18.3% year-on-year, driven by high-end strategic clients and significant growth in animal healthcare and minimally invasive surgery [4][5] Financial Performance Summary - The company achieved a gross margin of 64.87% in the first three quarters, with a net profit margin of 34.92% in Q3, indicating robust operational quality despite a decline due to accounting adjustments [7] - Revenue projections for 2024-2026 have been adjusted to 11.03 yuan, 13.09 yuan, and 15.25 yuan per share, respectively, reflecting a stable growth outlook despite domestic challenges [7][12] - The company’s revenue is expected to grow from 34.93 billion yuan in 2023 to 53.69 billion yuan by 2026, with a net profit forecasted to increase from 11.58 billion yuan to 18.49 billion yuan over the same period [10][12] Market Position and Strategy - The IVD segment has become the largest revenue contributor, achieving 11.4 billion yuan in revenue, a 20.9% increase year-on-year, while the medical imaging segment also showed growth, albeit at a slower pace due to a decline in domestic market size [5][6] - The company is positioned as a global leader in medical devices and solutions, with products sold in over 190 countries, indicating a broad demand potential both domestically and internationally [7][12]