Mindray(SZ:300760) Caixin Securities·2024-05-06 01:00Investment Rating - The investment rating for the company is "Buy" [1][6] Core Views - The company has shown steady revenue growth, with a reported revenue of 349.32 billion yuan in 2023, representing a 15.04% increase year-on-year. The net profit attributable to shareholders was 115.82 billion yuan, up 20.56% from the previous year [4][5] - The company continues to expand its high-end customer base overseas, achieving nearly 30% growth in international business in Q1 2024, with significant contributions from developing countries [5][6] - The company is positioned as a leading domestic medical device manufacturer, with strong innovation capabilities and competitive pricing, which are expected to drive further market share gains and revenue growth in the coming years [5][6] Financial Performance Summary - The company's main revenue is projected to grow from 424.97 billion yuan in 2024 to 593.81 billion yuan by 2026, with net profit expected to increase from 139.20 billion yuan to 193.61 billion yuan over the same period [4][7] - Earnings per share (EPS) are forecasted to rise from 11.48 yuan in 2024 to 15.97 yuan in 2026, indicating strong profitability growth [4][7] - The price-to-earnings (P/E) ratio is expected to decrease from 26.31 in 2024 to 18.92 in 2026, suggesting the stock may become more attractive over time [4][7] Business Segment Performance - Domestic revenue reached 213.82 billion yuan in 2023, growing by 14.54%, driven by the recovery of routine medical activities [5][6] - The IVD (in vitro diagnostics) segment showed remarkable growth, with revenue increasing by 21.11% to 124.21 billion yuan, benefiting from the recovery of demand for diagnostic reagents [5][6] - The medical imaging segment experienced slower growth due to industry policy impacts, but high-end ultrasound models saw over 20% growth domestically and over 25% growth internationally [5][6]