迈瑞医疗（300760）：拐点已现，海外提速驱动业绩基本面逐季改善

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative performance increase of over 15% against the benchmark index within the next 6 to 12 months [4][17]. Core Views - The company has shown signs of a performance turnaround, with quarterly improvements in its fundamental performance driven by accelerated overseas growth [1][6]. - The company reported a revenue of 25.834 billion yuan for the first three quarters of 2025, a year-on-year decrease of 12.38%, while the net profit attributable to the parent company was 7.570 billion yuan, down 28.83% [6]. - The third quarter of 2025 saw a revenue of 9.091 billion yuan, marking a year-on-year growth of 1.53%, indicating a potential inflection point in performance [6]. Summary by Sections Financial Performance - For 2023A, the company is projected to achieve a revenue of 34.932 billion yuan, with a year-on-year growth rate of 15.0%. However, a decline of 1.9% is expected in 2025E [4]. - The net profit attributable to the parent company is forecasted to be 11.582 billion yuan in 2023A, with a growth rate of 20.6%, but a significant drop of 14.6% is anticipated in 2025E [4]. - The company’s gross margin for the first three quarters of 2025 was 61.95%, down 2.92 percentage points year-on-year, primarily due to pricing pressures in the domestic market [6]. Business Segments - The in-vitro diagnostics business continues to perform strongly overseas, with international revenue accounting for 37% of the segment's total in the first three quarters of 2025 [6]. - The life information and support business returned to growth in Q3 2025, with a revenue increase of 2.60%, driven by a more than 25% growth in minimally invasive surgery [6]. - The medical imaging business maintained its market position, with a revenue of 1.689 billion yuan in Q3 2025, showing a significant reduction in the decline compared to the first half of the year [6]. Future Outlook - The company expects revenue growth to accelerate in Q4 2025, with projected revenues of 36.011 billion yuan for 2025E, followed by 39.956 billion yuan in 2026E and 44.404 billion yuan in 2027E [4][6]. - The forecasted net profit for 2025E is 9.962 billion yuan, with a recovery expected in subsequent years, reaching 12.562 billion yuan by 2027E [4][6].