Mindray(SZ:300760) Orient Securities·2024-11-01 00:44Investment Rating - The report maintains a "Buy" rating for the company with a target price of 333.60 CNY based on a 30x PE valuation for 2024 [2][4]. Core Insights - The company reported steady revenue growth with a total revenue of 29.48 billion CNY for the first three quarters of 2024, reflecting an 8.0% year-on-year increase. The net profit attributable to the parent company was 10.64 billion CNY, up 8.2% year-on-year, with an adjusted growth rate of 11% excluding foreign exchange impacts [1]. - The in-vitro diagnostics segment showed rapid growth, achieving 11.40 billion CNY in revenue for the first three quarters, a 20.9% increase year-on-year, driven by accelerated overseas localization and breakthroughs in large sample laboratories [1]. - The company's overseas business performed exceptionally well, generating 12.02 billion CNY in revenue, a year-on-year increase of 18.3%, with growth exceeding 30% in both European and Asia-Pacific markets [1]. Financial Performance Summary - For 2024, the company is projected to achieve revenues of 40.26 billion CNY, with a year-on-year growth of 15.3%. The net profit attributable to the parent company is expected to reach 13.49 billion CNY, reflecting a 16.4% increase [3]. - The company’s operating cash flow for the first three quarters of 2024 was 11.07 billion CNY, a significant increase of 42.5% year-on-year, with a planned cash dividend distribution of approximately 2 billion CNY, representing over 65% of the profit [1]. - The report indicates a net profit margin of 34.4% for the third quarter of 2024, which is higher than the net profit margin for the entire year of 2023 [1].