Mindray(SZ:300760) Soochow Securities·2024-04-30 15:00Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a total revenue of 34.93 billion yuan in 2023, representing a year-on-year growth of 15.04%, and a net profit attributable to the parent company of 11.58 billion yuan, up 20.56% year-on-year. In Q1 2024, the company reported a revenue of 9.37 billion yuan, a growth of 12.06%, and a net profit of 3.16 billion yuan, increasing by 22.90% year-on-year, which aligns with expectations [6][7] - The overseas market accelerated in 2023, with significant performance in developing countries. The domestic market generated revenue of 21.38 billion yuan, growing by 14.5%. The international market revenue reached 13.55 billion yuan, with a growth of 15.8%, and developing countries showed an impressive growth rate exceeding 20% [7] - The IVD business line outperformed other product lines in 2023, achieving a revenue of 12.42 billion yuan, up 21.12%. The international IVD segment saw a compound growth rate exceeding 30% over two years [7] - In Q1 2024, despite high base pressure, the domestic market showed single-digit growth, while IVD and MIS segments experienced significant recovery growth. The international market grew nearly 30%, with developing countries exceeding 30% growth [7] - The profit forecast for 2024-2025 has been adjusted slightly, with expected net profits of 13.96 billion yuan and 16.81 billion yuan respectively. The current market capitalization corresponds to P/E ratios of 26, 22, and 18 for the next three years [7][8] Financial Summary - Total revenue projections for 2024 and 2025 are 41.16 billion yuan and 48.69 billion yuan respectively, with net profits expected to be 13.96 billion yuan and 16.81 billion yuan [8] - The company’s gross margin is projected to be around 66% for the coming years, with a net profit margin of approximately 34% [8] - The company’s total assets are expected to grow from 47.94 billion yuan in 2023 to 108.75 billion yuan by 2026, indicating strong growth potential [8]