迈瑞医疗更新报告：2025年拐点已现，看好业绩修复

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Viewpoints - The company is expected to see a turning point in its domestic business in 2025 due to the anticipated recovery in local special bonds and monthly bidding for various medical devices. The international market is projected to grow significantly, driven by the company's high-end customer base and balanced revenue distribution across major regions, particularly in developing countries and Europe [1][2] - The company’s revenue from the life information and support segment decreased by 11.1% in 2024, while the minimally invasive surgery business grew over 30%. The international life information and support business achieved double-digit growth [2] - The in-vitro diagnostics segment saw a revenue increase of 10.8% in 2024, with international business growing over 30%. The company ranked third in the domestic market for chemiluminescence and surpassed 15% market share in biochemical business [3] - The medical imaging segment's revenue grew by 6.6% in 2024, with international business growing over 15%. The high-end ultrasound system Resona A20 generated over 400 million yuan in its first year [3] - The company's gross margin was 63.1% in 2024, a decrease of 3.0 percentage points year-on-year, while the net profit margin was 32.0%, down 1.2 percentage points [4] - The company is expected to maintain stable growth from 2025 to 2027, driven by the global medical infrastructure wave and expansion in high-end markets [5] Financial Summary - The company's revenue for 2024 is projected at 36,726 million yuan, with a year-on-year growth of 5.14%. By 2027, revenue is expected to reach 52,497 million yuan, reflecting a growth rate of 14.72% [12] - The net profit attributable to the parent company for 2024 is estimated at 11,668 million yuan, with a slight increase of 0.74% year-on-year. By 2027, it is projected to reach 16,943 million yuan, growing at 15.53% [12] - The earnings per share (EPS) for 2024 is expected to be 9.62 yuan, increasing to 13.97 yuan by 2027 [12]