Mindray(SZ:300760) Guotai Junan Securities·2024-04-28 08:02Investment Rating - The report maintains a "Buy" rating for Mindray Medical [3][7]. Core Views - The company's performance in 2023 met expectations, with revenue of 34.932 billion yuan (+15.04%) and net profit attributable to shareholders of 11.582 billion yuan (+20.04%). For Q1 2024, revenue reached 9.373 billion yuan (+12.06%) and net profit attributable to shareholders was 3.037 billion yuan (+20.08%) [1][2]. - The company is expected to see a gradual recovery in performance throughout the year, driven by the resumption of bidding processes and base effect [1]. - Domestic revenue for 2023 was 21.4 billion yuan (+15%), while international revenue was 13.6 billion yuan (+16%), indicating strong growth in both markets [1]. - The IVD segment led growth with revenue of 12.421 billion yuan (+21.1%), and the monitoring line achieved revenue of 15.25 billion yuan (+13.8%) [1]. Financial Summary - Revenue growth is projected at 20% for 2024 and 2025, with expected revenues of 41.928 billion yuan and 50.487 billion yuan respectively [2]. - The company’s net profit is forecasted to grow at a rate of approximately 20% annually, reaching 20.202 billion yuan by 2026 [2]. - The earnings per share (EPS) for 2024 is estimated at 11.49 yuan, increasing to 16.66 yuan by 2026 [2][3]. Market Data - The target price for the stock is set at 347.33 yuan, with the current price at 288.80 yuan [3][7]. - The stock has a market capitalization of 350.153 billion yuan, with a 52-week price range of 256.80 to 317.36 yuan [3][8]. Growth Drivers - The report highlights the rapid growth in the IVD segment and the strong performance in international markets, particularly in developing countries and North America [1]. - The company is making significant strides in high-end hospitals overseas and expanding its market share in existing hospitals [1].