Mindray(SZ:300760) Changjiang Securities·2024-06-03 05:31Investment Rating - The investment rating for the company is "Buy" and is maintained [4]. Core Views - The company maintains high-quality growth, with a 2023 revenue of 34.93 billion yuan, a year-on-year increase of 15%, and a net profit attributable to shareholders of 11.58 billion yuan, up 20.6% [5][6]. - The company has made continuous breakthroughs with high-end overseas clients, covering over 80% of IDN medical networks in North America and signing agreements with two large medical networks [6][7]. - The company is expanding its smart medical ecosystem, with significant upgrades to its "Sanrui" system, achieving nearly 700 installations in domestic hospitals by the end of 2023 [6]. Financial Performance - In 2023, the company's domestic revenue reached 21.38 billion yuan, a 14.5% increase, while overseas revenue was 13.55 billion yuan, growing by 15.8% [6]. - The first quarter of 2024 saw a revenue of 9.37 billion yuan, a year-on-year increase of 12.1%, and a net profit of 3.16 billion yuan, up 22.9% [5][6]. - The operating cash flow net amount for 2023 was 2.86 billion yuan, reflecting a significant year-on-year growth of 114.8% [5]. Future Outlook - The company expects a gradual recovery in domestic public hospital bidding activities in 2024, with quarterly improvements anticipated [6]. - Forecasted net profits for 2024-2026 are 13.92 billion yuan (+20.2%), 16.79 billion yuan (+20.6%), and 20.26 billion yuan (+20.7%) respectively, with corresponding PE ratios of 26, 22, and 18 times [7].