Mindray(300760)2024-11-05 10:33Investment Rating - The report maintains a "Recommendation" rating for the company with a target price of 329 CNY, while the current price is 271.08 CNY [1]. Core Views - The company reported a revenue of 29.48 billion CNY for the first three quarters of 2024, representing an 8.0% increase year-on-year, and a net profit of 10.64 billion CNY, up 8.2%. Excluding foreign exchange losses, the growth rate is 11.0% [1]. - The international market continues to perform strongly, with revenue from international markets reaching 12.02 billion CNY, a growth of 18.3%, while domestic market revenue is 17.47 billion CNY, growing only 1.9% due to various factors affecting hospital procurement [1]. - The IVD (In Vitro Diagnostics) business leads growth among the three main product lines, with revenue of 11.40 billion CNY, a 20.9% increase, making it the largest revenue segment [1]. - The medical imaging business benefits from the release of high-end ultrasound products, generating 5.97 billion CNY in revenue, an 11.4% increase [1]. - The life information and support business faces challenges in the domestic market but continues to break through high-end strategic customers overseas, with revenue of 10.89 billion CNY, down 11.7% [1]. - The company plans a second interim dividend, distributing 16.50 CNY per 10 shares, totaling 2.001 billion CNY, with a dividend payout ratio of 65.1% for 2024 [1]. - The forecast for net profit for 2024-2026 is adjusted to 12.82 billion CNY, 14.84 billion CNY, and 17.27 billion CNY, with corresponding PE ratios of 26, 22, and 19 times [1]. Financial Summary - Total revenue for 2023 is projected at 34.932 billion CNY, with a year-on-year growth rate of 15.0%. For 2024, the expected revenue is 38.470 billion CNY, with a growth rate of 10.1% [2]. - The net profit for 2023 is estimated at 11.582 billion CNY, with a growth rate of 20.6%. For 2024, the expected net profit is 12.821 billion CNY, with a growth rate of 10.7% [2]. - The earnings per share (EPS) for 2023 is 9.55 CNY, projected to increase to 10.57 CNY in 2024 [2].