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迈瑞医疗海外业务成绩喜人,甬兴证券首次买入评级
Jiang Nan Shi Bao· 2025-09-28 04:08
Group 1 - The core achievement of Mindray Medical in the first half of 2025 is a 5.39% year-on-year growth in international business, with international revenue accounting for approximately 50% of total revenue, indicating a new stage in the company's internationalization process [1] - In the in vitro diagnostics (IVD) sector, Mindray Medical reported revenue of 6.424 billion yuan, with international IVD business showing double-digit growth, highlighting the company's strong competitiveness in international markets [1] - The company successfully expanded its high-end customer base by acquiring over 160 new high-end clients and achieving horizontal penetration with over 50 existing high-end clients in the in vitro diagnostics field [1] Group 2 - The life information and support business also performed well, with international revenue share rising to 67%, indicating the company's accelerated penetration into high-end medical institutions globally [1] - In the medical imaging sector, the ultra-high-end ultrasound series achieved nearly 400 million yuan in sales, nearing the total sales level of 2024, reflecting the company's ongoing breakthroughs in overseas high-end customer segments [2] - Mindray Medical's steady growth in overseas business provides strong performance support, with expectations for stable growth in net profit from 2025 to 2027, highlighting the long-term investment value of the company [2]
从设备研发到数智生态构建 迈瑞医疗2024年研发投入超40亿元
Zheng Quan Ri Bao· 2025-04-29 07:16
Core Viewpoint - Shenzhen Mindray Bio-Medical Electronics Co., Ltd. (Mindray Medical) reported a revenue of 36.726 billion yuan for 2024, marking a year-on-year growth of 5.14%, and a net profit of 11.668 billion yuan, with a growth of 0.74% [2][3] Financial Performance - The company achieved a net cash flow from operating activities of 12.432 billion yuan, reflecting a year-on-year increase of 12.38% [2] - Mindray Medical's revenue and net profit have seen continuous growth for seven consecutive years since its listing, with 2024 revenue being 2.2 times that of 2019 and net profit being 2.5 times that of 2019 [2] Business Segments - The revenue from the Life Information and Support segment reached 13.557 billion yuan, with the minimally invasive surgery business growing over 30% year-on-year [3] - The In-Vitro Diagnostics segment generated 13.765 billion yuan, showing a year-on-year growth of 10.82%, becoming the largest business segment for the first time [3] - The Medical Imaging segment reported revenue of 7.498 billion yuan, with a year-on-year increase of 6.60% [3] R&D and Innovation - Mindray Medical invested 4.008 billion yuan in R&D for 2024, accounting for 10.91% of total revenue, emphasizing its commitment to innovation [3] - The company launched the world's first clinical large model for critical care, named "Qiyuan," enhancing diagnostic precision and quality [4] Market Position and Strategy - Mindray Medical aims to break into the top 20 global medical device rankings, leveraging its competitive advantages in R&D, production, marketing, and service [2] - The company has established numerous successful cases in high-end customer groups both domestically and internationally [5] Shareholder Returns - Mindray Medical plans to distribute a cash dividend of 5.60 yuan per 10 shares, totaling 679 million yuan for 2024, with a cumulative cash dividend of 7.602 billion yuan, representing a payout ratio of 65.15% [6] - The company has consistently paid dividends for seven years without any refinancing, with total dividends reaching 34.111 billion yuan, nearly six times its IPO fundraising amount [6]