Mindray(SZ:300760) Guoxin Securities·2024-05-24 06:30Investment Rating - The investment rating for the company is "Buy" [1][3][15] Core Views - The company achieved a revenue growth of 15% year-on-year in 2023, with total revenue reaching 34.932 billion and net profit attributable to shareholders at 11.582 billion, reflecting a growth of 20.6% [1][5] - The company is benefiting from the new medical infrastructure in China and product upgrades, while also accelerating the expansion of high-end customers overseas [1][14] - The company is transitioning towards a digital intelligence ecosystem, enhancing its competitive edge in the medical device industry [1][14] Financial Performance Summary - In 2023, the company's revenue was 349.32 billion (+15.0%), and net profit was 115.82 billion (+20.6%) [1][5] - The first quarter of 2024 saw revenue of 93.73 billion (+12.1%) and net profit of 31.60 billion (+22.9%) [1][5] - The gross profit margin improved to 66.16% (+2.01pp), with a net profit margin of 33.15% (+1.50pp) [1][9] Business Segment Performance - The Life Information and Support segment generated revenue of 152.52 billion (+13.81%), while the In Vitro Diagnostics segment achieved 124.21 billion (+21.12%) [1][7] - The Medical Imaging segment reported revenue of 70.34 billion (+8.82%), with significant growth in high-end ultrasound products [1][7][9] Market Outlook - The company is expected to maintain strong growth, with projected net profits of 13.979 billion, 16.885 billion, and 20.301 billion for 2024, 2025, and 2026 respectively, reflecting year-on-year growth rates of 20.7%, 20.8%, and 20.2% [1][4][14] - The company is positioned to become a global leader in the medical device industry, supported by robust R&D capabilities and successful international expansion [1][14]