格隆汇10月11日｜中信建投证券研报指出，迈瑞医疗中报业绩符合预期。上半年业绩下滑主要受国内业 务拖累，25Q3国内收入增速有望改善，海外收入有望增速提升，25Q3将迎来业绩拐点，整体收入预计 回到正增长。Q4有望在低基数下延续增长趋势。展望明年，公司有望回归业绩稳健增长轨道。中长期 来看，公司重视研发创新和国际化，拥有高效的研发体系和优秀的渠道管理能力，外延并购有望进一步 拓展布局，加上公司国际化进度持续推进，看好公司未来加快迈向全球医疗器械Top10公司的步伐。随 着IVD海外供应链的完善，公司国际化步伐有望进一步加快。维持"买入"评级。 ...

上海活动报名： 2025医疗器械研发创新论坛 迈瑞医疗（SZSE: 300760）正 加快推进香港二次上市 的步伐。 据彭博社近日报道，公司已正式启动筹备工作，并已选定华泰证券和摩根大通作为首批承销行，协助推进相关上市事宜。消息人士透露，未来迈瑞医疗可能视进展 增加更多国际投行加入承销团队，以保障全球投资者覆盖面。 根据早前彭博社7月的报道， 此次赴港融资规模预计至少 10亿美元 （约合人民币71亿元） ，若最终落地将成为今年香港资本市场规模最大的医疗器械企业二次上 市项目之一，受到投资者高度关注。 # 迈瑞的版 图 演化 迈瑞医疗当前的业务框架清晰划分为三大支柱：生命信息与支持、体外诊断、医学影像。三条产品线共同构成其稳健的营收底盘，也构筑起与国际巨头抗衡的基本 盘。2024年，公司全年营收367亿元人民币，归母净利润约117亿元，研发投入超过40亿元，持续保持在营收占比11%左右的高位。 尤其值得注意的是迈瑞构建的"三瑞"生态体系： 瑞智联 ：设备互联互通平台，推动ICU、手术室和急救系统的系统级整合。 截至目前，华泰、摩根大通及迈瑞医疗均未对市场询问作出评论，但业内普遍认为，此举将成为迈瑞医疗国际化战略 ...

Group 1 - The core viewpoint is that medical device stocks are experiencing significant gains, with companies like United Imaging Healthcare rising over 11%, and others such as Mindray, Aimeike, Yuyue Medical, and BGI Genomics increasing by more than 4% [1] - Multiple medical-related ETFs have also seen an increase of over 3% due to market influences [1] Group 2 - Specific ETF performance includes: - Medical Device Index ETF (code: 159898) at 0.616, up 3.88% - Huatai-PineBridge Medical ETF (code: 516790) at 0.659, up 3.62% - Medical Services ETF (code: 516610) at 0.549, up 3.58% - Medical Device ETF Fund (code: 159797) at 0.864, up 3.23% - Other ETFs also showing positive growth [2] - Analysts indicate that increasing internationalization will provide more investment opportunities in the medical device sector, with several companies expected to see high growth in international business by 2025, leading to a sustained increase in revenue share [2] - The Hong Kong stock market has shown strong performance in medical devices this year, which is expected to reflect positively on the A-share market, suggesting that investment opportunities in both markets will continue to be prominent [2]

Core Viewpoint - Sanyou Medical's innovative product, the Zeus Spinal Fixation System, has successfully passed the FDA 510(k) review, marking a significant advancement in the company's international brand, Jazz Spinal System (JSS) [1] Group 1: Product Development - The Zeus Spinal Fixation System has received the FDA 510(k) special certification, indicating its compliance and readiness for the North American high-end market [1] - This certification is part of a broader series of achievements in Sanyou Medical's global strategic layout, showcasing the company's commitment to innovation in spinal implants [1] Group 2: Strategic Expansion - Sanyou Medical is leveraging its acquisition of the French orthopedic listed company, Implanet, as a key strategic foothold to accelerate its international business development [1] - The successful certification of JSS is not an isolated product breakthrough but rather a result of the company's ongoing globalization strategy [1]

Group 1 - The core viewpoint is that the medical device sector is experiencing a strong performance, with notable increases in stock prices for companies like Lepu Medical, Mindray, and United Imaging, indicating a positive market trend [1][2] - Medical-related ETFs have also seen a rise of approximately 2%, reflecting the overall strength of the sector [1][2] - Analysts suggest that increasing internationalization will provide more investment opportunities in the medical device sector, with several companies expected to achieve high growth in international business by 2025 [2] Group 2 - The performance of Hong Kong's medical device stocks has been strong this year, which is anticipated to influence the A-share market positively [2] - The investment opportunities in both A-share and Hong Kong medical device sectors are expected to continue to be prominent [2]

Core Viewpoint - The medical device sector is experiencing a significant upward trend, with multiple stocks reaching their daily limits, indicating strong investor interest and potential growth opportunities in the industry [1]. Group 1: Stock Performance - Medical device concept stocks are showing volatility with notable gains, including Shangrong Medical and Kehua Bio, both hitting the daily limit [1]. - Sino Medical also reached the daily limit during bidding, while Lideman and Zhonghong Medical increased by over 10% [1]. - Other companies such as Yangpu Medical, Nanwei Shares, BGI Genomics, and Kaili Medical saw increases of over 5% [1]. Group 2: Investment Opportunities - According to a report from CITIC Securities, future investment opportunities in the medical device sector are increasingly linked to internationalization [1]. - Several companies are expected to achieve high growth in their international business by 2025, with a continuous increase in the proportion of revenue from international operations [1]. - Companies with significant long-term potential in international business are likely to experience a revaluation of their stock prices [1].

Core Viewpoint - The report from CITIC Securities indicates that Hong Kong medical device companies are showing strong innovation, with several firms approaching profitability or experiencing rapid performance releases. [1] Group 1: Market Performance - Several medical device companies have seen over 100% increase in stock prices year-to-date due to innovative product launches, technological breakthroughs, and strong cash positions. [1] - High-growth, low-valuation leading medical device companies have also performed well this year. [1] Group 2: Investment Opportunities - CITIC Securities is optimistic about investment opportunities in the A-share medical device sector, driven by improved procurement policies, the release of innovative products, and high growth in international business. [1] - The expectation is that multiple companies will reach performance inflection points in the second half of the year, with the third quarter poised for significant growth. [1]

Core Viewpoint - The company aims to become a top 10 global medical device company by 2030, focusing on increased R&D investment, internationalization, and strategic acquisitions to enhance its core technologies and market presence [3][4]. Group 1: Strategic Goals and Implementation - The strategic goal for the next 3-5 years is to enhance R&D investment and master core technologies to achieve higher market rankings [3]. - Internationalization is a key focus, with two main paths: building teams and pursuing acquisitions [3][4]. - The company has a history of successful acquisitions that have strengthened its technology and market access, such as the acquisition of Datascope and ZONARE [3][4]. Group 2: International Market Expansion - The overseas revenue share increased from 39% to 45%, with a target of over 70% in the future, particularly in developing countries and Europe [4]. - The U.S. market, while currently representing only 6% of total sales, remains a strategic focus, with significant market share in key product categories [4][5]. Group 3: Domestic Market Outlook - Domestic business has faced pressure due to factors like centralized procurement, but a recovery is expected in Q3 2024 as medical equipment updates begin [6]. - The company anticipates a "conversion year" with a potential for growth in the latter half of the year, driven by policies like equipment replacement [6]. - The company has maintained a high win rate of 60%-70% in recent procurement projects, indicating strong competitive positioning [6].