Mindray(SZ:300760) ZHONGTAI SECURITIES·2024-10-31 06:00Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company is expected to benefit from domestic equipment upgrades and sustained growth in overseas markets despite short-term performance impacts from external policies [1] - The company reported a revenue of 29.485 billion yuan for the first three quarters of 2024, a year-on-year increase of 7.99%, and a net profit attributable to shareholders of 10.637 billion yuan, up 8.16% year-on-year [1] - The report anticipates revenue growth of 10% in 2024, followed by 17% in 2025 and 2026, with net profit growth of 15% in 2024 and 17% in the subsequent years [1] Financial Performance Summary - Revenue (in million yuan): - 2022A: 30,366 - 2023A: 34,932 - 2024E: 38,391 - 2025E: 44,759 - 2026E: 52,249 - Year-on-year growth rates: - 2022: 20% - 2023: 15% - 2024: 10% - 2025: 17% - 2026: 17% [1] - Net profit (in million yuan): - 2022A: 9,607 - 2023A: 11,582 - 2024E: 13,375 - 2025E: 15,677 - 2026E: 18,301 - Year-on-year growth rates: - 2022: 20% - 2023: 21% - 2024: 15% - 2025: 17% - 2026: 17% [1] - Earnings per share (in yuan): - 2022A: 7.92 - 2023A: 9.55 - 2024E: 11.03 - 2025E: 12.93 - 2026E: 15.09 [1] Market and Business Insights - The company’s overseas business revenue reached 12.02 billion yuan, a year-on-year increase of 18.3%, driven by high-end strategic clients and breakthroughs in various sectors [1] - Domestic revenue for the first three quarters was 17.47 billion yuan, a year-on-year increase of 1.9%, impacted by policy changes and delays in hospital procurement [1] - The in vitro diagnostics (IVD) segment became the largest revenue contributor, with a revenue of 11.4 billion yuan, up 20.9% year-on-year [1]