Mindray(SZ:300760) ZHONGTAI SECURITIES·2024-05-19 08:00Investment Rating - The investment rating for the company is "Buy" (maintained) with a market price of 309.00 CNY [1]. Core Insights - The company reported strong annual performance with a revenue of 34.93 billion CNY in 2023, representing a year-on-year growth of 15.04%. The net profit attributable to shareholders was 11.58 billion CNY, up 20.56% year-on-year [5][9]. - In Q1 2024, the company achieved a revenue of 9.37 billion CNY, a year-on-year increase of 12.06%, and a net profit of 3.16 billion CNY, growing 22.90% year-on-year [5][14]. - The company continues to penetrate high-end customer segments in overseas markets, with international revenue growth exceeding 20% since the second half of 2023 [18]. Summary by Sections Financial Performance - In 2023, the company achieved a total revenue of 34,931.90 million CNY, with a net profit of 11,582.23 million CNY, reflecting a growth rate of 20.56% [11]. - The company’s revenue for Q4 2023 was 7,628.10 million CNY, with a year-on-year growth of 7.90% [14]. - For Q1 2024, the revenue was 9,372.81 million CNY, with a quarter-on-quarter increase of 22.87% [14]. Business Segments - The Life Information and Support segment generated 15.25 billion CNY in 2023, growing 13.8% year-on-year, with minimally invasive surgery growth exceeding 30% [18]. - The In Vitro Diagnostics (IVD) segment reported a revenue of 12.42 billion CNY, marking a 21.1% increase year-on-year [20]. - The Medical Imaging segment achieved a revenue of 7.03 billion CNY, with high-end ultrasound models growing over 20% [23]. Market Position and Strategy - The company has become the leading domestic player in ultrasound and ranks third globally, driven by high-end product offerings [23]. - The company is focusing on expanding its international market presence, particularly in high-end hospitals in key markets like the UK, France, and Germany [18]. - The company’s strategy includes enhancing its local platform capabilities to support long-term growth in international markets [21]. Profitability and Valuation - The company’s gross margin improved to 66.16% in 2023, up 2.01 percentage points year-on-year, while the net profit margin reached 33.15%, an increase of 1.50 percentage points [16]. - The projected revenue for 2024-2026 is expected to be 41.92 billion CNY, 50.32 billion CNY, and 60.40 billion CNY, respectively, with a consistent growth rate of 20% [5][27]. - The current stock price corresponds to a P/E ratio of 27, 22, and 19 for the years 2024-2026, reflecting the company's strong market position and growth potential [5].