Mindray(SZ:300760) China Post Securities·2024-05-05 15:00Investment Rating - The report assigns a "Buy" rating for the company, indicating an expected stock price increase of over 20% relative to the benchmark index within the next six months [9]. Core Insights - The company achieved a revenue of 34.93 billion yuan in 2023, representing a year-on-year growth of 15.0%. The net profit attributable to shareholders was 11.58 billion yuan, up 20.6% year-on-year [4][6]. - The domestic business is expected to recover gradually, while international growth trends are anticipated to continue. Domestic revenue grew by 14.5% in 2023, with a notable 27% increase in the first half of the year [4][5]. - The IVD product line showed strong performance with a growth rate of 21.1%, and the company is expanding its smart medical ecosystem, integrating AI and IT solutions [5][6]. Financial Performance - The company forecasts revenues of 42.03 billion yuan, 50.60 billion yuan, and 60.73 billion yuan for 2024, 2025, and 2026, respectively, with corresponding net profits of 14.03 billion yuan, 16.96 billion yuan, and 20.44 billion yuan [6][7]. - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 11.57 yuan, 13.99 yuan, and 16.86 yuan, respectively, with price-to-earnings (P/E) ratios of 26.11, 21.60, and 17.92 [6][7]. Market Position and Strategy - The company is focusing on building a long-term, differentiated overall solution by integrating AI with its medical devices, aiming to address clinical pain points effectively [5][6]. - The acquisition of Huatai Medical allows the company to enter the cardiovascular sector, enhancing its market reach and creating new growth opportunities [6].