迈瑞医疗 20250910 摘要 迈瑞医疗全球销售网络覆盖 190 多国家和地区，2024 年总销售额达 367 亿元人民币，海外占比近 45%，预计 2025 年海外营收有望超过国 内市场，国际化进程显著。 公司围绕生命信息支持、体外诊断、医学影像三大核心业务，2024 年 研发投入达 40 亿元，占营收近 11%，已布局业务对应的国际市场空间 超 5,700 亿元，但市占率仅为个位数，增长空间巨大。 通过系列并购，如 DataScope、Zonar、HiTest、Daxus 及惠泰医疗， 迈瑞医疗不断夯实核心领域实力，尤其在高端监护、超声影像、IVD 原 材料及心血管介入等领域。 公司积极进行数字化转型，推出睿智联、瑞影云及迈瑞质检等解决方案， 并开发 AI 解决方案，增强综合实力，形成新的业务增长点。 国内市场，2024 年收入 203 亿元，市占率约 16%，新兴业务如体外诊 断和微创外科仍有较大提升空间，设备更新政策亦推动国内销售。 国际市场营收 164 亿元，市占率低，发展中国家市场潜力巨大，预计约 为 1,300 亿元，通过品牌建设和市场发展，市占率有望对标中国市场。 IVD 业务成为第一大业务 ...

Core Viewpoint - The company is expected to see a turning point in the second half of the year driven by innovation, mergers and acquisitions, and international expansion, with a stable growth rate of around 20% in recent years and high profitability levels [1] Group 1: Financial Performance - The company's revenue and net profit attributable to shareholders are projected to grow at a CAGR of 16.7% and 23.98% respectively from 2014 to 2024 [1] - The anticipated decline in growth rate for 2024 is primarily due to tight local government finances and delays in regular bidding processes [1] - The company is expected to achieve a sequential performance increase in the second half of the year, supported by the rapid growth of medical special bonds and improvements in bidding data [1] Group 2: Business Expansion and Market Presence - By the end of 2024, the company will have covered nearly 110,000 medical institutions in China and over 190 countries and regions globally [2] - The life information and support segment, including products like monitors and anesthesia machines, remains the market leader domestically and ranks among the top three globally, with international business expected to achieve double-digit growth in 2024 [2] - The IVD segment has seen significant growth in international business, with over 30% year-on-year growth driven by deep integration and localization strategies [2] Group 3: Strategic Initiatives - The company is accelerating its AI business layout, integrating and innovating existing products, and developing the "Sanrui" digital solution to enhance product volume and penetrate high-end domestic and international markets [1][3] - The company has established 63 overseas subsidiaries and continues to pursue domestic and international acquisitions to enrich its product matrix and enhance global channel layout [3] - The company is focusing on high-end product upgrades and breakthroughs in high-end customer acquisition, with overseas market share currently at only 3% [3] Group 4: Profit Forecast - The company is projected to achieve revenues of 400.25 billion, 450.05 billion, and 512.66 billion yuan in 2025, 2026, and 2027 respectively, with year-on-year growth rates of 8.98%, 12.44%, and 13.91% [4] - The net profit attributable to shareholders is expected to reach 125.92 billion, 143.72 billion, and 165.40 billion yuan for the same years, with growth rates of 7.91%, 14.13%, and 15.09% respectively [4]