Mindray(300760) 光大证券·2024-11-01 11:53Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for long-term development [3]. Core Views - The company's Q3 2024 performance faced short-term pressure, with revenue of 8.954 billion yuan, a year-on-year increase of 1.43%, and a net profit of 3.076 billion yuan, a year-on-year decrease of 9.31% [1][4]. - The international market is driving growth, with revenue from international operations increasing by over 18% year-on-year in the first three quarters of 2024, particularly strong in Europe and the Asia-Pacific region, where growth exceeded 30% [1][2]. - The company has maintained high R&D investment, with 2.84 billion yuan spent in the first three quarters of 2024, accounting for 9.64% of revenue, and has launched multiple new products across its three main business areas [2]. Summary by Sections Financial Performance - For Q3 2024, the company reported revenue of 8.954 billion yuan, net profit of 3.076 billion yuan, and a non-recurring net profit of 3.057 billion yuan, with respective year-on-year changes of +1.43%, -9.31%, and -8.62% [1][4]. - The gross profit margin for Q3 was 61.69%, down 5.52 percentage points year-on-year, while the net profit margin was 34.92%, down 3.51 percentage points year-on-year [1]. R&D and Product Development - The company invested 2.84 billion yuan in R&D in the first three quarters of 2024, with a focus on expanding its product lines in in vitro diagnostics, medical imaging, and life information and support [2]. - As of September 30, 2024, the company had applied for 11,358 patents, with 5,563 granted, including 2,747 invention patents [2]. Market Outlook - The international in vitro diagnostics segment saw revenue growth exceeding 30% in the first three quarters of 2024, while the life information and support segment grew over 10% [2]. - The company has enhanced its brand's international influence by showcasing innovative products at international events, which supports future growth opportunities [2].