Mindray(SZ:300760) Minsheng Securities·2024-10-31 10:00Investment Rating - The report maintains a "Recommended" rating for Mindray Medical (300760.SZ) [1][3] Core Views - The company experienced short-term pressure on performance but is expected to see a recovery trend in the future, driven by improved domestic policies and demand recovery [1] - For the first three quarters of 2024, the company achieved operating revenue of 29.485 billion yuan, a year-on-year increase of 7.99%, and a net profit attributable to the parent company of 10.637 billion yuan, up 8.16% year-on-year [1] - The international market showed strong growth, with over 18% increase in revenue, while the domestic market faced challenges, growing less than 2% due to various factors [1] Summary by Sections Financial Performance - In Q3 2024, the company reported revenue of 8.954 billion yuan, a year-on-year increase of 1.43%, but net profit decreased by 9.31% [1] - The company’s R&D investment for the first three quarters of 2024 was 2.843 billion yuan, accounting for 9.64% of operating revenue [1] Market Analysis - The international market growth was driven by high-end strategic customers and breakthroughs in large sample laboratories, with Europe and Asia-Pacific markets growing over 30% [1] - Domestic market growth was hindered by delays in hospital procurement and tight funding for hospital construction [1] Product Development - The company continues to innovate with new product launches in various fields, including in vitro diagnostics and medical imaging [1] - The market share in the domestic in vitro diagnostics sector is expected to increase, with the company aiming to surpass a major imported brand in the chemical luminescence segment [1] Future Projections - Revenue projections for 2024-2026 are 39.7 billion yuan, 46.732 billion yuan, and 55.155 billion yuan, with expected year-on-year growth rates of 13.6%, 17.7%, and 18.0% respectively [2][4] - Net profit projections for the same period are 13.435 billion yuan, 15.641 billion yuan, and 18.317 billion yuan, with corresponding PE ratios of 24, 21, and 18 [2][4]