Mindray(300760) 财信证券·2024-11-08 05:55Investment Rating - The report maintains a "Buy" rating for the company [1][7][10] Core Views - The company has shown a solid performance in its IVD business, with a notable increase in international revenue, while domestic business faces some pressure [4][5] - The company is expected to achieve revenue growth from 394.56 billion yuan in 2024 to 558.68 billion yuan in 2026, with corresponding net profits increasing from 138.21 billion yuan to 188.10 billion yuan [3][8] - The target stock price is set between 331.75 yuan and 398.10 yuan based on a projected P/E ratio of 25-30 times for 2025 [7] Financial Performance Summary - For the first three quarters of 2024, the company achieved revenue of 294.8 billion yuan, a year-on-year increase of 7.8%, and a net profit of 106.4 billion yuan, up 8.2% [3][4] - The company’s Q3 2024 revenue was 89.5 billion yuan, showing a 1.4% year-on-year growth, while net profit decreased by 9.3% [3][4] - R&D investment reached 28.4 billion yuan in the first three quarters of 2024, accounting for 9.6% of revenue, indicating a strong commitment to innovation [5][8] Market and Business Outlook - International revenue grew by 18.3% year-on-year in the first three quarters of 2024, with significant growth in regions like Europe and Latin America [4] - Domestic revenue growth slowed to 1.9% in the first three quarters of 2024, with a 9.7% decline in Q3, primarily due to sluggish public hospital tenders and weak non-essential medical demand [4] - The report anticipates a gradual recovery in the domestic market due to improved tender activities and accelerated issuance of special medical bonds [4]