Mindray(300760) 中泰证券·2024-10-31 06:42Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights that external policy impacts have affected short-term performance, but there is optimism regarding domestic equipment upgrades and continuous breakthroughs in overseas markets [1] - The company has shown resilience in its domestic business despite policy disruptions, with strong performance in overseas markets, particularly in high-end strategic clients and large sample laboratories [1][2] - The report anticipates rapid growth in the domestic market driven by new medical infrastructure and recovery in hospital diagnostics, while overseas high-end clients are expected to continue to expand [1][6] Financial Performance Summary - Revenue Forecasts: - 2022A: 30,366 million - 2023A: 34,932 million - 2024E: 38,391 million - 2025E: 44,759 million - 2026E: 52,249 million - Year-on-Year Growth Rates: 20% (2022), 15% (2023), 10% (2024), 17% (2025), 17% (2026) [1] - Net Profit Forecasts: - 2022A: 9,607 million - 2023A: 11,582 million - 2024E: 13,375 million - 2025E: 15,677 million - 2026E: 18,301 million - Year-on-Year Growth Rates: 20% (2022), 21% (2023), 15% (2024), 17% (2025), 17% (2026) [1] - Earnings Per Share (EPS): - 2022A: 7.92 - 2023A: 9.55 - 2024E: 11.03 - 2025E: 12.93 - 2026E: 15.09 [1] - Profitability Ratios: - Return on Equity (ROE): 30% (2022), 35% (2023), 29% (2024), 25% (2025), 23% (2026) [1] - Price-to-Earnings (P/E) Ratio: 34.2 (2022), 28.4 (2023), 24.6 (2024), 21.0 (2025), 18.0 (2026) [1] Market and Business Insights - The company has experienced a slight slowdown in growth due to domestic medical regulations, but its overseas business remains robust, with significant revenue contributions from high-end products and new business lines such as minimally invasive surgery and animal healthcare [1][2] - The report notes that the company's market share in the domestic market is expected to increase, with the in vitro diagnostics segment becoming the largest revenue contributor [1][2] - The company is well-positioned to benefit from the acceleration of special bond issuance and the gradual recovery of its monitoring business [1][6]