迈瑞医疗：业绩短期承压，新兴业务表现亮眼-20260401

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 [6][11]. - The earnings per share (EPS) for 2026 is projected to be 7.79 RMB, with a price-to-earnings (P/E) ratio of 21.1 [6][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, a year-on-year increase of 38.85% [9][10]. - The company is focusing on high-end strategic customer penetration and local platform construction, particularly in the European market, which is expected to continue its growth trajectory [9]. Market Outlook - The IVD industry is entering a period of adjustment due to multiple policy impacts, while the equipment sector is in a weak recovery phase. The company is expected to benefit from the recovery of domestic business and the continued expansion of international operations [6][9]. - The projected revenue growth rates for 2026-2028 are 4.3%, 17.6%, and 16.5%, respectively, indicating a positive outlook for the company's future performance [11].