Mindray(SZ:300760) Huachuang Securities·2024-04-28 23:32Investment Rating - The report maintains a "Recommended" rating for the company with a target price of 400 CNY, while the current price is 288.80 CNY [2]. Core Insights - The company achieved a revenue of 34.932 billion CNY in 2023, representing a year-on-year growth of 15.04%, and a net profit attributable to shareholders of 11.582 billion CNY, up 20.56% [3]. - In Q1 2024, the company reported a revenue of 9.372 billion CNY, a 12.06% increase year-on-year, and a net profit of 3.160 billion CNY, reflecting a growth of 22.90% [3]. - The company's life information and support business saw a revenue of 15.252 billion CNY in 2023, growing by 13.81%, with minimally invasive surgery revenue exceeding 30% growth [4]. - The in-vitro diagnostics segment generated 12.421 billion CNY in revenue, marking a 21.12% increase, with significant progress in domestic installations and continued expansion in overseas markets [4]. - The medical imaging business achieved a revenue of 7.034 billion CNY, an 8.82% increase, with the domestic ultrasound market share rising to the top position [4]. - For 2024-2026, the projected net profits are 13.991 billion CNY, 16.882 billion CNY, and 20.321 billion CNY, with respective year-on-year growth rates of 20.8%, 20.7%, and 20.4% [5]. Summary by Sections Financial Performance - In 2023, total revenue was 34.932 billion CNY, with a growth rate of 15.0% and a net profit of 11.582 billion CNY, reflecting a growth rate of 20.6% [5]. - For 2024, the expected revenue is 42.102 billion CNY, with a growth rate of 20.5%, and a net profit of 13.991 billion CNY, with a growth rate of 20.8% [5]. Business Segments - Life Information and Support: Revenue of 15.252 billion CNY in 2023, with a growth of 13.81% [4]. - In-Vitro Diagnostics: Revenue of 12.421 billion CNY, growing by 21.12% [4]. - Medical Imaging: Revenue of 7.034 billion CNY, an increase of 8.82% [4]. Market Expansion - The company has successfully penetrated nearly 300 new high-end clients overseas and has over 500 existing high-end clients achieving horizontal breakthroughs [4]. - The overseas business revenue growth exceeded 20% in the second half of 2023, indicating a recovery in demand [4].