Mindray(300760) 湘财证券·2024-11-07 07:30Investment Rating - The report maintains an "Accumulate" rating for the company [2] Core Views - The company has shown steady performance with a revenue growth of 7.99% and a net profit growth of 8.16% in the first three quarters of 2024 [3] - The slowdown in growth is attributed to multiple external factors affecting the domestic medical device industry, including procurement delays and low non-essential medical demand [4] - The company emphasizes shareholder returns through significant dividend payouts, distributing approximately 2 billion yuan in cash dividends for Q3 2024, which is over 65% of the net profit for the quarter [5] Financial Performance - For the first three quarters of 2024, the company achieved a revenue of 29.485 billion yuan and a net profit of 10.637 billion yuan [3] - The operating cash flow for the first three quarters increased by 42.5% year-on-year, indicating robust performance [5] - The gross margin for the first three quarters was 64.87%, a decrease of 1.25 percentage points year-on-year, while the net margin improved by 0.28 percentage points to 36.30% [4] Regional and Product Performance - International sales grew over 18% in the first three quarters, with Europe and Asia-Pacific markets exceeding 30% growth [6] - The in-vitro diagnostics segment saw growth of over 20%, benefiting from local production and laboratory breakthroughs [6] - The life information and support segment experienced a decline of over 10% domestically, while international sales grew over 10% [6] Future Projections - The revenue forecasts for 2024, 2025, and 2026 have been adjusted to 36.6 billion yuan, 41.36 billion yuan, and 46.24 billion yuan respectively [7] - The net profit forecasts for the same years are revised to 12.524 billion yuan, 14.76 billion yuan, and 16.964 billion yuan respectively [7]