Mindray(300760)2024-11-04 03:43Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook despite some challenges in the domestic market [5][6]. Core Insights - The company reported a revenue of 29.48 billion yuan for the first three quarters of 2024, reflecting an 8.0% year-on-year growth, while the net profit attributable to shareholders was 10.64 billion yuan, up 8.2% year-on-year [5]. - The third quarter saw a revenue of 8.95 billion yuan, which was a modest 1.4% increase year-on-year, but the net profit decreased by 9.3% due to weak domestic equipment procurement demand [5]. - Overseas revenue growth was strong, with a 18.3% increase in the first three quarters, and a 30% growth in the European market during the third quarter [5][6]. Summary by Sections Market Data - Closing price: 266.25 yuan - Market capitalization: 322.81 billion yuan - Price-to-book ratio: 8.7 - Dividend yield: 3.70% [2][3]. Financial Performance - For the first three quarters of 2024, the company achieved a revenue of 29.48 billion yuan and a net profit of 10.64 billion yuan [5]. - The company’s earnings per share for 2024 is projected to be 11.10 yuan, with a price-to-earnings ratio of 24 times [6][8]. Revenue Projections - Projected revenues for 2024, 2025, and 2026 are 38.94 billion yuan, 45.52 billion yuan, and 53.12 billion yuan respectively, with corresponding net profits of 13.46 billion yuan, 15.74 billion yuan, and 18.29 billion yuan [6][8].