Mindray(300760) 长江证券·2024-11-12 01:49Investment Rating - The report maintains a "Buy" rating for Mindray Medical (300760 SZ) [3][7] Core Views - Mindray's Q3 2024 performance met expectations, with overseas business showing strong growth [1][3] - Revenue for the first three quarters of 2024 reached 29 48 billion yuan, up 8 0% YoY [1][3] - Net profit attributable to parents was 3 08 billion yuan in Q3, down 9 3% YoY [1][4] Business Performance Revenue Breakdown - In vitro diagnostics revenue grew 20 9% YoY to 11 40 billion yuan, accounting for 38 7% of total revenue [1][4] - Medical imaging revenue increased 11 4% YoY to 5 97 billion yuan, with high-end ultrasound models growing over 30% [4] - Life information and support business revenue declined 11 7% YoY to 10 89 billion yuan, though minimally invasive surgery grew over 45% [4] Overseas Markets - Overseas revenue in Q3 reached 4 11 billion yuan, up 18 6% YoY [1][5] - European market revenue grew nearly 30% YoY in Q3 [1][5] - Asia-Pacific revenue increased over 30% YoY, while Latin America grew nearly 25% [1][5] - The company has expanded its high-end client base, with over 65 in life information and support, 200 in in vitro diagnostics, and 100 in medical imaging [5] Domestic Market - Domestic revenue for the first three quarters of 2024 was 17 47 billion yuan, up 1 9% YoY [6] - Public hospital bidding market size was 87 31 billion yuan in the first three quarters, down 29 38% YoY [6] - Bidding data showed signs of recovery in September 2024, with market size reaching 13 63 billion yuan, up 8 25% YoY [6] Strategic Initiatives - The company is building a "Device+IT+AI" smart healthcare ecosystem [6] - "Ruizhilian" system has been installed in over 1,000 domestic hospitals and 600 international projects [6] - "Ruiyingyun++" imaging cloud platform has been installed in 14,300 domestic units, with 3,700 new installations in the first three quarters of 2024 [6] - Smart inspection labs have been installed in over 440 hospitals, 80% of which are tertiary hospitals [6] Financial Projections - The report forecasts net profit attributable to parents of 13 32 billion yuan for 2024, 15 44 billion yuan for 2025, and 17 93 billion yuan for 2026 [7] - Current stock price implies PE ratios of 26x for 2024, 22x for 2025, and 19x for 2026 [7] Market Performance - Current stock price is 284 21 yuan as of November 8, 2024 [9] - The stock has underperformed the CSI 300 index by 19% over the past 12 months [10]