Mindray(SZ:300760) Huaan Securities·2025-09-29 01:19Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a significant decline in revenue and net profit for the first half of 2025, with revenue at 167.43 billion yuan, down 18.45% year-on-year, and net profit at 50.69 billion yuan, down 32.96% year-on-year [4][5] - Domestic market revenue fell sharply due to intensified competition and a prolonged revenue recognition cycle, but a recovery is expected in the third quarter of 2025 as bidding activities improve [5] - The overseas market showed resilience with revenue of 83.32 billion yuan, up 5.39% year-on-year, driven by double-digit growth in certain regions and an increase in high-end customer penetration [6] - The in-vitro diagnostics (IVD) segment has become the company's largest business, with international IVD revenue experiencing notable growth despite a decline in domestic sales [7][8] Financial Performance Summary - For the first half of 2025, the company achieved revenue of 167.43 billion yuan and a net profit of 50.69 billion yuan, with significant declines in both metrics compared to the previous year [4] - The company expects revenue growth to recover in the coming years, projecting revenues of 385.88 billion yuan, 454.89 billion yuan, and 537.19 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 122.26 billion yuan, 145.36 billion yuan, and 172.75 billion yuan [9] - The projected earnings per share (EPS) for 2025, 2026, and 2027 are approximately 10.08 yuan, 11.99 yuan, and 14.25 yuan, with price-to-earnings (P/E) ratios of 24, 20, and 17 respectively [9][11]