Mindray(SZ:300760)2024-05-14 06:32Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance in the near term [6][7]. 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% [6][8]. - 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 2023 [6]. - In Q1 2024, the company reported revenue of 9.37 billion yuan, a 12.1% increase year-on-year, and a net profit of 3.16 billion yuan, up 22.9% [6][8]. Summary by Sections Financial Performance - In 2023, the company achieved total revenue of 34.93 billion yuan and a net profit of 11.58 billion yuan, with respective year-on-year growth rates of 15% and 20.6% [8]. - For Q1 2024, the company reported revenue of 9.37 billion yuan and net profit of 3.16 billion yuan, reflecting year-on-year growth rates of 12.1% and 22.9% [8]. - The company’s operating cash flow for Q1 2024 was 2.86 billion yuan, showing a significant increase of 114.8% year-on-year [6]. Market Segmentation - In 2023, the domestic market grew by 15%, with a notable 27% growth in the first half, while the international market saw a 16% increase, with a 22% growth in the second half [6]. - The IVD product line experienced a 21% growth, with international business showing a compound annual growth rate of over 30% over two years [6]. - The life information and support product line grew by 14%, and the medical imaging product line increased by 9%, with high-end ultrasound models growing over 20% [6]. Future Projections - The report slightly lowers the profit forecast for 2024-2025, estimating net profits of 13.85 billion yuan and 16.62 billion yuan, respectively [7]. - The company is projected to achieve a net profit of 19.91 billion yuan in 2026, with corresponding price-to-earnings ratios of 27, 22, and 19 for the next three years [7].