Mindray(SZ:300760) Huaan Securities·2025-05-07 02:05Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 36.726 billion yuan in 2024, a year-on-year increase of 5.14%, and a net profit attributable to shareholders of 11.668 billion yuan, up 0.74% year-on-year [4][5] - In Q1 2025, the company achieved a revenue of 8.237 billion yuan, a decrease of 12.12% year-on-year, and a net profit of 2.629 billion yuan, down 16.81% year-on-year [5] - Domestic revenue in 2024 was 20.29 billion yuan, accounting for approximately 55.3% of total revenue, down 5.1% year-on-year, while overseas revenue was about 16.43 billion yuan, accounting for 44.7%, with a year-on-year growth of 21.3% [5][6] - The in vitro diagnostics (IVD) business became the company's largest segment in 2024, generating 13.765 billion yuan in revenue, a year-on-year increase of 10.82% [7] Summary by Sections Financial Performance - In 2024, the company achieved total revenue of 36.726 billion yuan and a net profit of 11.668 billion yuan, with a projected revenue growth of 11.4% in 2025 [9][11] - The company expects to achieve revenues of 40.928 billion yuan in 2025, 48.212 billion yuan in 2026, and 56.881 billion yuan in 2027, with corresponding net profits of 13.203 billion yuan, 15.688 billion yuan, and 18.629 billion yuan respectively [9][11] Market Dynamics - The domestic market faced challenges due to weak hospital equipment procurement, while the international market showed strong growth, particularly in the Asia-Pacific region, which grew nearly 40% in 2024 [5][6] - The company has made significant progress in localizing its international operations, with 13 countries having local production projects [8] Business Transformation - The IVD segment's revenue surpassed that of the life information and support business, indicating a strategic shift towards a more streamlined business model [7] - The company is focusing on enhancing its international IVD capabilities through acquisitions and partnerships, aiming for continued growth in this segment [8]