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迈瑞医疗(300760):上半年业绩依旧承压,期待公司三季度表现

Investment Rating - The report maintains a "Buy" rating for the company, with a market price of RMB 233.50 and a sector rating of "Outperform" [2]. Core Views - The company reported a decline in revenue and net profit for the first half of 2025, with revenue at RMB 16.743 billion, down 18.45% year-on-year, and net profit at RMB 5.069 billion, down 32.96% year-on-year. However, the company is expected to reach an operational turning point in the third quarter, supported by the growth of its international business [5][10]. - The report anticipates a recovery in revenue growth in the third quarter of 2025, driven by a resurgence in medical equipment bidding activities and accelerated international sales [10]. - The international business revenue increased by 5.39% year-on-year, accounting for approximately 50% of total revenue, indicating a positive trend in the company's internationalization efforts [10]. - The company has launched the world's first clinical application of a severe medical AI model, which is expected to enhance its competitive edge in the healthcare sector [10]. Summary by Sections Financial Performance - The company’s revenue for the first half of 2025 was RMB 16.743 billion, a decrease of 18.45% year-on-year. The net profit was RMB 5.069 billion, down 32.96% year-on-year. The second quarter alone saw revenue of RMB 8.506 billion, a decline of 23.77% year-on-year, and net profit of RMB 2.420 billion, down 44.55% year-on-year [5][10]. - The report projects the company's net profit for 2025-2027 to be RMB 13.442 billion, RMB 16.089 billion, and RMB 17.213 billion respectively, with corresponding EPS of RMB 11.09, RMB 13.27, and RMB 14.20 [7][12]. Valuation - The report adjusts the profit forecast for the company, estimating net profits of RMB 13.442 billion and RMB 16.089 billion for 2025 and 2026 respectively, down from previous estimates of RMB 16.723 billion and RMB 20.099 billion [7]. - The current price-to-earnings (P/E) ratios are projected at 21.1, 17.6, and 16.4 for 2025, 2026, and 2027 respectively [7][12]. Market Position and Strategy - The company is focusing on building a "device + IT + AI" ecosystem, which is expected to enhance its market position and drive future growth opportunities [10]. - The international market's contribution to revenue is increasing, with a focus on localizing production and enhancing service capabilities in various countries [10].