迈瑞医疗（300760）：业绩短期承压，新兴业务表现亮眼

Investment Rating - The investment rating for the company is "Buy" [2][6] Core Views - The company's performance is under short-term pressure, but emerging businesses are showing strong growth potential. The company achieved a revenue of 33.282 billion RMB in 2025, a year-on-year decline of 9.38%, and a net profit of 8.136 billion RMB, down 30.28% year-on-year. However, the fourth quarter of 2025 saw a revenue increase of 2.86% year-on-year, indicating signs of recovery [4][6]. - The international business is steadily progressing, with international revenue reaching 17.650 billion RMB, a year-on-year increase of 7.40%, accounting for 53% of total revenue. The domestic business is stabilizing, and new businesses are rapidly developing, which, combined with digitalization, is expected to lead to a quick recovery in performance [9] Summary by Sections Financial Performance - In 2025, the company reported total revenue of 33.282 billion RMB, with a net profit of 8.136 billion RMB. The projected net profits for 2026-2028 are 9.450 billion RMB, 11.307 billion RMB, and 13.045 billion RMB respectively, with corresponding EPS of 7.79 RMB, 9.33 RMB, and 10.76 RMB [6][8][11]. - The EBITDA for 2026 is estimated at 11.662 billion RMB, with a PE ratio of 21.1 for 2026, decreasing to 15.3 by 2028 [8][11]. Business Segments - The in-vitro diagnostics (IVD) business generated 12.241 billion RMB in revenue, down 9.41% year-on-year, while the life information and support business reported 9.837 billion RMB, down 19.80% year-on-year. The emerging business segment, including minimally invasive surgery and animal healthcare, achieved 5.378 billion RMB, growing 38.85% year-on-year [9][10]. - The company is focusing on high-end strategic customer penetration and local platform construction, with significant growth in the European market expected to continue [9]. Market Position - The company’s market share in core IVD businesses is around 10%, indicating substantial room for growth. The international market share for the life information and support business is increasing, with expectations for stable and rapid growth in the future [9][10].