Mindray(SZ:300760)2024-04-30 08:00Investment Rating - The report maintains a "Recommended" investment rating for the company [2]. Core Insights - The company reported a revenue of 34.932 billion yuan in 2023, representing a growth of 15.04%, and a net profit of 11.582 billion yuan, up by 20.56% [1][6]. - The company's life information and support segment has entered a leading position globally, with a revenue of 15.252 billion yuan in 2023, growing by 13.81% [1]. - The in-vitro diagnostics segment achieved a revenue of 12.421 billion yuan in 2023, reflecting a growth of 21.12% [1]. - The medical imaging segment reported a revenue of 7.034 billion yuan in 2023, with an increase of 8.82% [1]. Summary by Relevant Sections Financial Performance - In 2023, the company achieved an operating income of 34.932 billion yuan, with a net profit of 11.582 billion yuan and a cash flow from operations of 11.062 billion yuan [1][7]. - For Q1 2024, the company reported an operating income of 9.373 billion yuan, a net profit of 3.160 billion yuan, and a significant increase in cash flow from operations by 114.85% [1]. Life Information and Support - The segment's revenue reached 15.252 billion yuan in 2023, with micro-invasive surgery growth exceeding 30% [1]. - Domestic growth slowed in the second half of 2023 due to procurement delays, while international revenue grew over 20% in the latter half [1]. In-Vitro Diagnostics - The segment's revenue was 12.421 billion yuan in 2023, with significant domestic growth driven by the recovery of routine medical treatments [1]. - The company successfully penetrated over 100 third-party laboratory clients in 2023, becoming the exclusive supplier for DASA in Latin America [1]. Medical Imaging - The segment generated 7.034 billion yuan in revenue in 2023, with over 20% growth in high-end models [1]. - The company became the leading player in the domestic ultrasound market and achieved a global ranking of third in ultrasound business [1]. Strategic Outlook - The company is expected to maintain a revenue growth rate of over 20% in the coming years, with net profits projected at 14.020 billion yuan for 2024, reflecting a growth of 21.04% [6][7]. - The acquisition of Shenzhen Huitai Medical will enhance the company's position in the cardiovascular device market, furthering its global leadership ambitions [6].