Mindray(SZ:300760) Orient Securities·2024-05-03 07:32Investment Rating - The report maintains a "Buy" rating for the company with a target price of 361.40 CNY, based on a 33x PE valuation for 2024 [5][3]. Core Insights - The company reported 2023 annual revenue of 34.93 billion CNY, a year-on-year increase of 15%, and a net profit attributable to shareholders of 11.58 billion CNY, up 20.6% year-on-year. For Q1 2024, revenue was 9.37 billion CNY, a 12.1% increase year-on-year, with a net profit of 3.16 billion CNY, up 22.9% year-on-year [2]. - Both domestic and international markets contributed to growth, with domestic revenue reaching 21.38 billion CNY in 2023, a 14.5% increase, and international revenue at 13.55 billion CNY, up 15.8%. The company has seen significant growth in developing countries, exceeding 20% [2]. - The company’s three main business lines continue to show strong growth, with in vitro diagnostics revenue at 12.42 billion CNY, up 21.1%, life information and support revenue at 15.25 billion CNY, up 13.8%, and medical imaging revenue at 7.03 billion CNY, up 8.8% [2]. - The company has established itself as a leading global supplier of medical devices and solutions, with products covering nearly 110,000 medical institutions in China and over 190 countries internationally. The demand for medical equipment is expected to recover gradually, with public hospital procurement activities anticipated to improve [2]. Financial Summary - The company’s revenue is projected to grow from 41.91 billion CNY in 2024 to 60.33 billion CNY in 2026, with a compound annual growth rate of approximately 20% [4]. - The net profit attributable to shareholders is expected to increase from 13.92 billion CNY in 2024 to 20.20 billion CNY in 2026, maintaining a growth rate of around 20% [4]. - The earnings per share are forecasted to rise from 11.48 CNY in 2024 to 16.66 CNY in 2026 [4].