Canadian officials are open to considering limits on how much softwood lumber can be exported to the US to try to resolve some of the trade friction between the countries, according to the leader of British Columbia https://t.co/5Qs1XRL3Gt ...

Investment Rating - The report maintains a "BUY" rating for Mindray, indicating a potential return of over 15% over the next 12 months [16]. Core Insights - Mindray's revenue for 2024 is reported at RMB 36.7 billion, reflecting a year-on-year growth of 5.1%, while the attributable net profit is RMB 11.7 billion, up 0.7% year-on-year [1][2]. - The gross profit margin (GPM) has decreased by 1.1 percentage points year-on-year to 63.1%, attributed to pricing pressures on IVD reagents and mid- to low-end medical equipment, as well as weaker IVD testing demand [1]. - Domestic revenue fell by 5.1% year-on-year to RMB 20.3 billion in 2024, with significant declines in the PMLS and MIS segments due to weak hospital procurement [8]. - Overseas revenue grew by 21.3% year-on-year to RMB 16.4 billion, accounting for 44.7% of total revenue, with Asia-Pacific being a key growth driver [8]. - The target price has been adjusted to RMB 249.19 from a previous target of RMB 328.81, reflecting a downside potential of 15.4% from the current price of RMB 215.85 [3]. Financial Summary - For FY24, revenue is projected to grow to RMB 40.2 billion in FY25, with a year-on-year growth rate of 9.4% [2][13]. - The adjusted net profit for FY25 is estimated at RMB 12.3 billion, representing a growth of 6.5% year-on-year [2][13]. - The report indicates a decline in gross profit and operating profit forecasts for FY25E, with revenue expectations revised down by approximately 7.85% [9]. Share Performance - The market capitalization of Mindray is reported at RMB 261.7 billion, with a 52-week high of RMB 324.50 and a low of RMB 211.59 [3]. - The stock has experienced a decline of 20.4% over the past six months [5]. Shareholding Structure - The major shareholders include Smartco Development Limited with 27.0% and Magnifice (HK) Limited with 24.5% [4].