Mindray(SZ:300760)2024-05-07 08:02Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance in the near term [8]. Core Insights - The company's performance in 2023 and Q1 2024 met expectations, with 2023 revenue reaching 34.93 billion yuan, a 15% year-on-year increase, and net profit of 11.58 billion yuan, up 20.6% [7][9]. - The company plans to distribute approximately 1.82 billion yuan in cash dividends to shareholders, contributing to a total dividend payout of about 7.03 billion yuan for the year [7]. - In Q1 2024, the company reported revenue of 9.37 billion yuan, a 12.1% increase year-on-year, and net profit of 3.16 billion yuan, up 22.9% [7][9]. Summary by Sections Market Data - As of April 30, 2024, the closing price was 304.59 yuan, with a market capitalization of 369.3 billion yuan and a price-to-book ratio of 10.2 [3][4]. Financial Performance - The company achieved a gross margin of 66.2% in 2023, with a projected gross margin of 65% for the following years [9]. - The return on equity (ROE) was 35% in 2023, with forecasts of 32.3% for 2024 and gradually decreasing to 29% by 2026 [9]. Revenue and Profit Forecast - Revenue projections for the next three years are as follows: 42.11 billion yuan in 2024, 49.20 billion yuan in 2025, and 57.18 billion yuan in 2026, with corresponding net profit estimates of 13.85 billion yuan, 16.62 billion yuan, and 19.91 billion yuan respectively [9][10]. - The company is expected to maintain a steady growth trajectory, driven by innovation and international expansion [8].