Mindray(300760) 国信证券·2024-11-13 07:11Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [2][3] Core Views - The company's performance is affected by industry policy disruptions, leading to a second interim cash dividend distribution of 2 billion yuan, with a distribution ratio exceeding 65% [2] - For the first three quarters of 2024, the company achieved revenue of 29.485 billion yuan (+7.99%) and a net profit attributable to the parent company of 10.637 billion yuan (+8.16%), with a growth rate of 11.00% after excluding foreign exchange gains and losses [2] - The in-vitro diagnostics business drove growth, with international markets continuing to perform well, showing over 30% growth in international in-vitro diagnostics production lines [2] - The company is benefiting from domestic medical infrastructure and product upgrades, with rapid growth in minimally invasive surgery and cardiovascular seed businesses [2] Summary by Sections Financial Performance - Revenue for the first three quarters of 2024 was 29.485 billion yuan, with a year-on-year increase of 7.99% [2] - Net profit attributable to the parent company was 10.637 billion yuan, reflecting an 8.16% increase [2] - The third quarter of 2024 saw revenue of 8.954 billion yuan (+1.43%) and net profit of 3.076 billion yuan (-9.31%) due to delays in hospital procurement and tight funding for hospital construction [2] Business Segments - The in-vitro diagnostics segment grew over 20% in the first three quarters, benefiting from accelerated overseas localization and breakthroughs in large-sample laboratories [2] - The medical imaging segment grew over 10%, mainly due to the ramp-up of the high-end ultrasound Resona A20 launched last year [2] - The life information and support segment saw a decline of over 10%, with domestic sales down more than 20% due to delayed procurement [2] Profitability and Margins - The gross margin for Q3 2024 was 61.69%, with a slight increase after excluding the impact of accounting standard changes [2] - The net profit margin for Q3 2024 was 34.36%, still higher than the previous year's overall margin [2] Future Outlook - Revenue forecasts for 2024-2026 are adjusted to 37.832 billion yuan, 44.861 billion yuan, and 52.154 billion yuan, with year-on-year growth rates of 8.3%, 18.6%, and 16.3% respectively [2] - Net profit forecasts for the same period are 12.763 billion yuan, 15.107 billion yuan, and 17.640 billion yuan, with growth rates of 10.2%, 18.4%, and 16.8% respectively [2] - The current stock price corresponds to a PE ratio of 27.3, 23.0, and 19.7 for the years 2024, 2025, and 2026 respectively [2]