医疗器械出海深度（二）复盘希森美康：海外深耕，属地筑基

Investment Rating - The report maintains a "Positive" investment rating for the healthcare industry, specifically for companies with high overseas revenue ratios [12]. Core Insights - The report reviews the development path of Sysmex over the past 20 years, concluding that the company has established itself as a global medical device company with over 50% of its revenue coming from overseas since 2003 [4][10]. - Continuous improvement in sales share in overseas markets requires localized deployment, including direct sales teams and local production [4]. - Profit growth is expected to lag behind revenue growth due to high initial overseas investment and elevated sales and management expenses, but profit margins are anticipated to improve as revenue scales up, entering a "Davis Double" phase [4]. - Emerging markets are projected to be the core markets for future overseas sales, with revenue growth expected to maintain a rapid pace of over 20% [4]. Summary by Sections Sysmex's Global Strategy - Sysmex's revenue from overseas markets grew from $464 million in 2005 to $2.894 billion in 2024, with a compound annual growth rate (CAGR) of 10.11% [8][31]. - The company has undergone significant stock price growth, increasing over 50 times in the past 25 years, driven by performance releases and valuation improvements [8][40]. - The company has established a comprehensive localization strategy in the U.S. and Europe, transitioning from distribution to direct sales and production base construction [9][77]. Regional Performance - In Japan, Sysmex's revenue is projected to grow from $313 million in 2005 to $445 million in 2024, with a CAGR of 1.86% [31]. - The U.S. market has seen a shift from distribution to direct sales since 2003, significantly enhancing brand strength and market share [86]. - The Asia-Pacific region has shown robust growth, with reagent revenue expected to increase from 19.9 billion yen in 2021 to 35.1 billion yen in 2024, reflecting a CAGR of 20.8% [73]. Investment Recommendations - The report suggests focusing on Chinese companies with high overseas revenue ratios, such as Mindray Medical and South Micro Medical, which are transitioning from relying on distributors to building localized teams [10][115]. - Companies with established experience and localized teams are expected to see accelerated growth in overseas revenue as product strength and brand recognition improve [10].