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 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [6][32][33] Core Views - The company is expected to see a turning point in domestic business in the third quarter of 2025, while international business continues to grow steadily. The revenue for the first half of 2025 was 16.743 billion yuan, down 18.5% year-on-year, with a net profit of 5.069 billion yuan, down 32.96% [1][3][32]. Summary by Sections Financial Performance - In the first half of 2025, the company achieved revenue of 16.743 billion yuan, a decrease of 18.5%, and a net profit of 5.069 billion yuan, down 32.96%. The second quarter alone saw revenue of 8.506 billion yuan, down 23.8%, and a net profit of 2.440 billion yuan, down 44.6% [1][9]. - The gross profit margin for the first half of 2025 was 61.67%, a decrease of 2.85 percentage points year-on-year. The sales expense ratio was 14.48%, the management expense ratio was 4.07%, and the R&D expense ratio was 9.60% [3][25]. Business Segments - The in-vitro diagnostics segment generated revenue of 6.423 billion yuan, down 16.11%, while international in-vitro diagnostics business saw double-digit growth, with international chemiluminescence business growing over 20% [2][14]. - The life information and support segment achieved revenue of 5.479 billion yuan, down 31.6%, with international revenue accounting for 67% [2][14]. - The medical imaging segment generated revenue of 3.312 billion yuan, down 22.51%, with international revenue accounting for 62% [2][17]. Market Outlook - The company anticipates that overall revenue will achieve positive year-on-year growth in the third quarter of 2025, with international markets accelerating growth and domestic markets showing significant improvement [1][9][32]. - The international business revenue proportion has increased to approximately 50%, with expectations for continued rapid growth in developing countries and improved profitability levels [2][25]. Investment Recommendations - The company is considered a leader in domestic medical devices with strong R&D capabilities. The integration of "Equipment + IT + AI" in its digital healthcare ecosystem is expected to redefine China's medical device global positioning [3][32]. - The profit forecast for 2025-2027 has been adjusted to 11.093 billion, 12.616 billion, and 14.501 billion yuan, respectively, with year-on-year growth rates of -4.9%, 13.7%, and 14.9% [3][32].

Core Viewpoint - Mindray Medical is planning a secondary listing in Hong Kong to raise up to $1 billion, marking a significant step in its global expansion and reflecting the changing role of domestic high-end medical device companies on the global stage [1] Group 1: Business Structure and Financial Performance - Mindray's business framework consists of three main pillars: Life Information and Support, In Vitro Diagnostics, and Medical Imaging, which together form a robust revenue base [2] - In 2024, the company reported total revenue of 36.73 billion RMB, with a net profit of approximately 11.7 billion RMB and R&D investment exceeding 4 billion RMB, maintaining a high ratio of about 11% of revenue [2] Group 2: Technological Integration and AI - Mindray has developed the "Three Rui" ecosystem, enhancing system integration capabilities and supporting hospitals' shift from single-device procurement to comprehensive solutions [5] - The launch of the "Qiyuan" critical care AI model in 2024, achieving over 95% accuracy, signifies a major milestone in the application of domestic medical AI products in clinical settings [10] Group 3: Globalization Strategy - Mindray's international strategy has evolved from exporting low-cost devices to penetrating high-end markets, with international revenue reaching 16.4 billion RMB in 2024, a 21.3% increase year-on-year [13] - The company has established localized production projects in 13 countries, transitioning from an "exporter" to a "global medical solution provider" [14] Group 4: New Growth Areas - Mindray is actively expanding into minimally invasive surgery and high-value consumables, acquiring a 24.61% stake in Huatai Medical for 6.65 billion RMB to enter the cardiovascular intervention market [15] - The minimally invasive surgery business has seen over 90% growth, with a focus on creating a "closed-loop ecosystem" through bundled sales of equipment, consumables, and algorithms [16] Group 5: Market Challenges and Competitive Landscape - The industry faces challenges from centralized procurement policies, which have significantly impacted pricing and profit margins, necessitating a balance between innovation and efficiency [17] - Domestic competitors are rapidly emerging, requiring Mindray to leverage R&D and system integration capabilities to maintain a competitive edge [17] Group 6: Strategic Timing for Hong Kong Listing - The timing of Mindray's secondary listing is influenced by external market conditions and internal business structure upgrades, aiming to enhance its global strategy [18] Group 7: Implications for the Industry - Mindray's secondary listing serves as a benchmark for the Chinese medical device industry, signaling a shift from "import substitution" to "exporting standards" [19] - The company's journey towards becoming a global player will be closely watched, with potential for other domestic firms to follow suit in various specialized fields [19][20]

Core Insights - Mindray Medical (300760) held an investor open day, highlighting its digital transformation in equipment business and expansion strategy for flow-type business [1] - The company aims to create comprehensive solutions combining "equipment + IT + AI" and "equipment + consumables" to support long-term growth [1] Business Lines Summary - The life information and support business utilizes the "Ruizhi Lian" data platform to integrate information and create digital patient profiles, with AI capabilities enhancing clinical decision-making [2] - Mindray's AI medical layout focuses on emergency, surgery, and critical care, with the "Qiyuan" critical care model expected to be released in December 2024, and additional specialized models anticipated in the next 1-2 years [2] - In the medical imaging sector, Mindray's full-stack ultrasound AI solutions significantly improve examination efficiency and diagnostic quality, exemplified by the Neuwa A20 solution for comprehensive prenatal screening [2] IVD Business Insights - Automation in the IVD sector is crucial for high-end breakthroughs, with over 200 new installations expected globally in 2024 and around 300 in 2025 [3] - The comprehensive IVD layout supports multi-disciplinary production, providing cost and iteration efficiency advantages [3] - The digital transformation is expected to drive Mindray's global high-end breakthroughs and accelerate performance growth, leading to a slight upward adjustment in profit expectations and target price to 272.90 RMB based on a 9-year DCF model [3]

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]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 272.90, reflecting a potential upside of 15.0% from the current price of RMB 237.28 [2][6]. Core Insights - The company is undergoing a digital and streamlined transformation, focusing on creating a comprehensive "equipment + IT + AI" and "equipment + consumables" solution across all departments [1]. - Key highlights include the establishment of a smart medical ecosystem based on IT and AI technologies, and the continuous expansion of business boundaries to support long-term growth [1][6]. - The report anticipates that the IT and AI business development cycle may take time to generate substantial revenue, but it will enhance product performance and competitiveness in the long run [6]. Financial Summary - Sales revenue is projected to grow from RMB 34,932 million in FY23A to RMB 49,573 million in FY27E, with a CAGR of approximately 10.9% [2][11]. - Net profit attributable to shareholders is expected to increase from RMB 11,582 million in FY23A to RMB 14,952 million in FY27E, reflecting a CAGR of about 10.3% [2][11]. - The company’s P/E ratio is forecasted to decrease from 24.8 in FY23A to 19.2 in FY27E, indicating improving valuation metrics [2][11]. Business Segments - The company is focusing on several key areas: - **Life Information and Support Business**: Utilizing AI to enhance clinical decision-making and patient care [6]. - **Ultrasound Business**: Offering AI-driven solutions to improve diagnostic efficiency and quality [6]. - **In Vitro Diagnostics (IVD)**: Expanding automated production lines and launching new products to enhance market competitiveness [6]. - **Emerging Business**: Targeting interventional and minimally invasive treatments, with plans to develop surgical robots [6]. Valuation Analysis - The DCF valuation indicates a per-share value of RMB 272.90, based on a WACC of 9.2% and a perpetual growth rate of 3.0% [8]. - The report shows a slight upward adjustment in profit expectations, reflecting confidence in the company's growth trajectory [6][10].

Investment Rating - The report assigns a "Buy" rating for the company, marking it as the first coverage [4]. Core Insights - The company is positioned as a leading global medical device enterprise, leveraging its deepened globalization strategy and digital transformation to build core competitiveness [3][12]. - The three core business segments (Life Information and Support, In Vitro Diagnostics, and Medical Imaging) maintain a strong global presence, with significant breakthroughs in high-end markets [3][12]. - The company is expected to benefit from the release of new medical infrastructure demands and equipment upgrade policies in the short term, while long-term growth will be driven by globalization penetration, high-end upgrades, and emerging sectors [3][12]. Financial Performance - Projected revenue for 2023 is 34,932 million, with a year-on-year growth rate of 15.0%. By 2027, revenue is expected to reach 51,422 million, with a growth rate of 12.4% [1]. - The net profit attributable to the parent company is forecasted to be 11,582 million in 2023, with a growth rate of 20.6%, and is expected to reach 16,500 million by 2027, with a growth rate of 15.5% [1]. - The company's return on equity (ROE) is projected to decline from 34.7% in 2023 to 21.2% in 2027, indicating a potential shift in profitability dynamics [1]. Business Strategy - The company has deepened its globalization strategy, with international business revenue expected to account for 45% in 2024, growing over 21.28% year-on-year [1][27]. - The company has established a comprehensive digital ecosystem through three smart medical solutions: "Rui Zhi Lian," "Rui Ying Yun++," and "Mai Rui Zhi Jian," enhancing diagnostic efficiency by over 30% [2][46]. - The company is actively pursuing mergers and acquisitions to strengthen its market position and fill gaps in its product offerings, particularly in the cardiovascular and IVD sectors [2][28]. Market Position - The company has achieved significant market penetration, entering 80% of the top 100 hospitals globally and ranking among the top three in several product categories [1][27]. - The company’s international revenue reached 164.3 billion in 2024, accounting for 44.7% of total revenue, highlighting the importance of overseas markets [29]. - The company has a robust R&D framework, with an investment of 40.1 billion in 2024, representing 10.9% of revenue, and has filed over 11,000 patents [2][36]. Emerging Opportunities - The company is experiencing explosive growth in emerging business areas, such as minimally invasive surgical systems, with a market share that has jumped to third in the domestic market [2][3]. - The integration of AI in medical devices is expected to drive further growth, with the global AI market projected to expand significantly, enhancing the company's competitive edge [42][46].