证券研究报告 | 年报点评报告 gszqdatemark 2025 05 05 年 月 日 迈瑞医疗（300760.SZ） 政策扰动下 25Q1 短期承压，招标恢复趋势下看好业绩逐季改善 迈瑞医疗发布 2024 年度报告。2024 年公司实现营业收入 367.26 亿元，同比增长 5.14%；归母净利润 116.68 亿元，同比增长 0.74%；扣非后归母净利润 114.42 亿元， 同比增长 0.07%。分季度看，2024Q4 实现营业收入 72.41 亿元，同比下滑 5.08%；归 母净利润 10.31 亿元，同比下滑 40.99%；扣非后归母净利润 10.05 亿元，同比下滑 42.49%。 迈瑞医疗发布 2025 年度一季报。2025Q1 公司实现营业收入 82.37 亿元，同比下滑 12.12%；归母净利润 26.29 亿元，同比下滑 16.81%；扣非后归母净利润 25.31 亿元， 同比下滑 16.68%。 观点：2024 年体外诊断业务稳健增长，高端超声 A20 放量驱动医学影像板块增长， 种子业务蓄势待发，多产品线各放异彩。2025Q1 业绩阶段性承压，主要系国内政策 扰动及海外同期高基数影 ...

Investment Rating - The investment rating for the company is "Buy" [7] Core Views - The company is expected to experience a gradual improvement in performance due to a recovery in bidding trends, despite short-term pressure in Q1 2025 caused by domestic policy disruptions and high base effects from the previous year [2][3] - The in-vitro diagnostics business is showing steady growth, while the high-end ultrasound A20 is driving growth in the medical imaging segment [2] - The company is projected to achieve revenue of CNY 400.23 billion, CNY 456.94 billion, and CNY 521.36 billion for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 9.0%, 14.2%, and 14.1% [5] Summary by Sections Financial Performance - In 2024, the company achieved revenue of CNY 367.26 billion, a year-on-year increase of 5.14%, and a net profit attributable to shareholders of CNY 116.68 billion, a growth of 0.74% [1] - For Q1 2025, the company reported revenue of CNY 82.37 billion, a decline of 12.12% year-on-year, and a net profit of CNY 26.29 billion, down 16.81% [1][2] Business Segments - The life information and support business generated revenue of CNY 135.57 billion, down 11.11% year-on-year, primarily due to domestic industry regulations and delays in bidding procurement [2] - The in-vitro diagnostics segment saw revenue of CNY 137.65 billion, an increase of 10.82%, with overseas growth exceeding 30% [2] - The medical imaging segment achieved revenue of CNY 74.98 billion, a growth of 6.60%, with overseas revenue increasing by over 15% [2] Market Trends - The company is witnessing a continuous increase in overseas revenue, which reached CNY 164.34 billion in 2024, a growth of 21.28%, accounting for approximately 45% of total revenue [4] - The domestic market is expected to recover as medical equipment update projects gradually commence, with monthly bidding data showing a sustained recovery trend [3] Profitability Forecast - The company’s gross margin for Q1 2025 was reported at 62.53%, a decrease of 3.43 percentage points year-on-year, influenced by price pressures on reagents and increased competition in the domestic medical equipment market [3]

Core Viewpoint - Mindray Medical's 2024 annual report and 2025 Q1 report indicate a significant slowdown in growth, with revenue and net profit showing only single-digit increases, marking the end of eight consecutive years of double-digit growth [1] Group 1: Financial Performance - In 2024, Mindray Medical's revenue was approximately 36.726 billion yuan, a year-on-year increase of 5.14%, while net profit was about 11.668 billion yuan, up 0.74% [1] - For Q1 2025, revenue was around 8.237 billion yuan, a year-on-year decrease of 12.12%, and net profit was approximately 2.629 billion yuan, down 16.81% [1] - The company's cash flow from operating activities fell by 47.83% year-on-year to 1.494 billion yuan [1] Group 2: Business Segments - International business grew by less than 5% year-on-year, while domestic business saw a decline of over 20% [1] - In 2024, the revenue from the in-vitro diagnostics segment exceeded that of life information and support for the first time, reaching 13.765 billion yuan, a growth of 10.82%, accounting for about 37.5% of total revenue [2] Group 3: Market Trends and Future Outlook - The decline in domestic business revenue by 5.1% over the past year was attributed to weak hospital equipment procurement, which is expected to improve starting from Q3 2025 [1][2] - Mindray Medical anticipates a significant turning point in domestic business due to the gradual initiation of medical equipment update projects and improving monthly tender data [2] - The company expects revenue distribution to return to a "lower first half, higher second half" pattern in 2025, with a trend of quarterly improvement [4] Group 4: Organizational and Strategic Developments - Mindray Medical has maintained a stable workforce, with a total of 19,172 employees in 2024, a year-on-year increase of 6.25%, and no major layoffs in the past three years [4] - The company emphasizes three key transformation directions for the next five years: digitalization, streamlining, and internationalization, which are crucial for future growth [4]

Core Viewpoint - The company, Kaili Medical, reported a strong performance in Q1 2025, with a focus on high-end and specialized product development, which is expected to drive continuous revenue growth throughout the year [1][4]. Financial Performance - In Q1 2025, Kaili Medical achieved a revenue of 430 million yuan and a net profit attributable to shareholders of 8.07 million yuan, with a non-recurring net profit of 5.9981 million yuan [1]. - The company’s R&D investment in Q1 2025 was 126 million yuan, reflecting a year-on-year increase of 23.7% [2]. Product Development and Innovation - Kaili Medical launched several high-end products, including the 4K iEndo smart endoscope platform, which has received NMPA registration and is now in the market promotion phase [2]. - The iEndo platform features an independent GPU module that enhances image processing and AI computing capabilities, providing clearer and more precise imaging for clinical diagnosis [2]. - New products in the digestive and respiratory endoscope categories include advanced gastric and intestinal endoscopes, designed with ergonomic improvements to enhance usability and reduce fatigue for physicians [3]. Market Trends and Opportunities - The domestic medical equipment market is expected to grow by over 20% compared to last year, driven by government policies supporting equipment updates and procurement [1]. - The company is positioned to benefit from the increasing market share in ultrasound and endoscopy, alongside the maturation of its minimally invasive surgery and cardiovascular intervention product lines [4]. - Kaili Medical aims to establish a comprehensive multi-product line development strategy, integrating diagnostics and treatment across various specialties [4].

Investment Rating - Industry investment rating: Outperform the market (expected to outperform the CSI 300 index by more than 5% in the next 6 months) [26] Core Insights - The medical device sector is experiencing a significant recovery in bidding activities, with a notable increase in procurement scale and project implementation since 2025. The demand that was previously suppressed is now being released, leading to a faster pace of project rollouts and bidding processes [3][4] - The procurement scale for new medical devices in December 2024 reached 27.7 billion yuan, a year-on-year increase of 60%. In January, February, and March 2025, the procurement scales were 17.36 billion yuan, 11.26 billion yuan, and 13.69 billion yuan, reflecting year-on-year increases of 41%, 77%, and 108% respectively [3][4][12] - Leading companies in the medical device sector are benefiting significantly from the recovery in bidding activities, with major players showing substantial year-on-year growth in procurement amounts [4][20] Summary by Sections Medical Device Update and Bidding Recovery - Medical device updates are intensively advancing, with significant bidding recovery observed. The projects are entering the implementation phase, and many provinces are starting to conduct centralized procurement [3][11] - The bidding scale for new medical devices has shown a marked improvement, with March 2025's bidding scale nearly returning to the levels seen in March 2023 [3][11] Procurement Scale and Growth Rates - In March 2025, the procurement scale for ultrasound reached 1.548 billion yuan (yoy +145%), CT at 2.037 billion yuan (yoy +140%), MRI at 3.520 billion yuan (yoy +138%), DR at 211 million yuan (yoy +124%), DSA at 650 million yuan (yoy +107%), and gastrointestinal endoscopes at 495 million yuan (yoy +142%) [4][12][16] Investment Recommendations - The report suggests focusing on leading companies that are enhancing their high-end and intelligent medical device layouts, such as Mindray Medical, United Imaging, KaiLi Medical, and Aohua Endoscopy. The 2025 government work report indicates increased funding support for key areas of equipment updates, which is expected to positively impact industry bidding growth [5][24]