Mindray(SZ:300760) EBSCN·2025-05-01 06:24Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [5]. Core Views - The company experienced a slight revenue increase in 2024, with total revenue reaching 36.726 billion yuan, a year-on-year growth of 5.14%. However, the first quarter of 2025 saw a revenue decline of 12.12% compared to the same period last year [1][2]. - The company has made significant advancements in research and development, with R&D expenditures amounting to 4.008 billion yuan in 2024, representing 10.91% of total revenue. Notable innovations include the launch of a clinical decision-making model in critical care and new products in the in-vitro diagnostics and medical imaging sectors [2][3]. - The company has achieved substantial growth in overseas markets, with revenue from international operations reaching 16.434 billion yuan in 2024, a year-on-year increase of 21.28%. The company’s products are now distributed in over 190 countries and regions [3]. Summary by Sections Financial Performance - In 2024, the company reported total revenue of 36.726 billion yuan, with a net profit attributable to shareholders of 11.668 billion yuan, reflecting a growth of 0.74%. The first quarter of 2025 showed a revenue of 8.237 billion yuan, down 12.12% year-on-year, and a net profit of 2.629 billion yuan, down 16.81% [1][4]. - The revenue breakdown for 2024 shows that the in-vitro diagnostics segment generated 13.765 billion yuan, up 10.82%, while the life information and support segment saw a decline of 11.11% to 13.557 billion yuan [2]. Research and Development - The company continues to prioritize R&D, with a focus on innovation across various medical fields. The introduction of new products and technologies is expected to enhance its competitive edge in the medical device industry [2]. Market Position and Global Expansion - The company has successfully penetrated high-end hospitals and tertiary medical institutions in China, with its products now covering nearly 110,000 medical facilities and over 99% of top-tier hospitals. The strong performance in overseas markets highlights the effectiveness of its global expansion strategy [3]. Profitability and Valuation - The report adjusts the profit forecasts for 2025 and 2026, projecting net profits of 12.878 billion yuan and 15.085 billion yuan, respectively. The current price corresponds to a price-to-earnings ratio of 20 for 2025, 17 for 2026, and 15 for 2027 [3][4].