Mindray(300760) 中国银河·2024-11-04 03:02Investment Rating - The report maintains a "Recommended" rating for the company [1][4]. Core Views - The company has shown steady growth in overseas markets while domestic business is affected by demand fluctuations. The report anticipates a recovery in domestic procurement in Q4 2024 [1]. - For the first three quarters of 2024, the company achieved a revenue of 29.485 billion yuan, a year-on-year increase of 7.99%, and a net profit attributable to shareholders of 10.637 billion yuan, up 8.16% [1]. - The international market revenue grew over 18% year-on-year, with Europe and Asia-Pacific markets exceeding 30% growth, driven by high-end strategic clients and large sample laboratories [1]. Summary by Sections Financial Performance - In Q3 2024, the company reported revenue of 8.954 billion yuan, a slight increase of 1.43%, but net profit decreased by 9.31% to 3.076 billion yuan [1]. - The operating cash flow for the first nine months of 2024 was 11.073 billion yuan, reflecting a significant increase of 42.50% [1]. Domestic and International Business - Domestic revenue growth was less than 2% due to delays in procurement and tight hospital funding, but a recovery is expected as equipment update policies take effect [1]. - The company’s in vitro diagnostics segment grew over 20% in the first nine months of 2024, with international market growth exceeding 30% [1]. Product Development and R&D - The company invested approximately 2.843 billion yuan in R&D, accounting for 9.64% of revenue, ensuring continuous breakthroughs in high-end fields [1]. - New product launches in Q3 2024 included 10 chemical luminescence immunoassay reagents and several new medical imaging products [1]. Dividend Policy - The company plans to distribute a cash dividend of 16.50 yuan per 10 shares, with a payout ratio exceeding 65%, raising the total dividend amount to 31.723 billion yuan [4].