本报记者 陈婷 赵毅 深圳报道 近日，迈瑞医疗（300760.SZ）发布2024年年报及2025年一季报。年报显示，2024年，迈瑞医疗营收约 367.26亿元，同比增长5.14%，净利润约116.68亿元，同比增长0.74%，均仅录得个位数增长，结束了此 前连续八年业绩两位数增长的局面。 "环比数据显示已出现反弹信号。自去年12月份以来，医疗设备的月度招标数据呈现持续复苏态势，不 过在当前的竞争环境下，从公开招标到收入确认的时间差显著拉长，因此今年上半年国内收入实际反映 的是去年招标的大幅下滑。虽然一季度公司国内业务同比下降超过20%，但环比去年四季度增长了50% 以上。"迈瑞医疗方面对记者表示。 迈瑞医疗主要从事医疗器械的研发、制造、营销及服务，主要产品覆盖生命信息与支持、体外诊断及医 学影像三大业务领域。2024年，公司体外诊断业务收入体量首次超过生命信息与支持业务，达137.65亿 元，同比增长10.82%，占比约37.5%，其中国际体外诊断业务收入同比增长超过30%。 过去数年间，迈瑞医疗通过外延并购将其产业做大做强，同时通过自主研发强化其核心竞争力，公司迅 速成长为行业龙头企业。不过，自2020年 ...

Investment Rating - The investment rating for the company is maintained at "Buy" with a target price of RMB 328.30 [7][8]. Core Views - The company reported a revenue of RMB 367.26 billion and a net profit attributable to the parent company of RMB 116.68 billion for 2024, reflecting a year-on-year growth of 5.1% and 0.7% respectively. The profit was below market expectations due to delays in domestic equipment upgrade policies [1]. - The company is expected to achieve steady growth in 2025, driven by the acceleration of domestic equipment upgrade policies and ongoing efforts in product promotion both domestically and internationally [1]. - The company’s three core business segments are projected to perform well in 2025: 1. IVD segment revenue reached RMB 137.65 billion in 2024, with a year-on-year increase of 10.8% and strong overseas growth [2]. 2. Medical imaging segment revenue was RMB 74.98 billion, up 6.6% year-on-year, supported by the launch of high-end products [2]. 3. Life information and support segment revenue was RMB 135.57 billion, down 11.1% year-on-year, but expected to rebound in 2025 due to improving domestic policies [2]. Summary by Sections Financial Performance - The company’s revenue for 1Q25 was RMB 82.37 billion, with a net profit of RMB 26.29 billion, showing a year-on-year decline of 12.1% and 16.8% respectively, but a quarter-on-quarter increase of 13.8% and 154.9% [1]. - The company’s revenue forecast for 2025 is RMB 40.545 billion, with a projected net profit of RMB 12.84 billion, reflecting a growth of 10.04% [6]. Market Expansion - The company’s overseas revenue reached RMB 164.34 billion in 2024, growing by 21.3%, with significant contributions from the Asia-Pacific and European regions [3]. - Domestic revenue was RMB 202.92 billion, down 5.1% year-on-year, but expected to improve in 2025 due to the release of medical infrastructure orders and enhanced competitiveness [3]. Profitability and Valuation - The EPS forecast for 2025 is adjusted to RMB 10.59, with a PE ratio of 31x for 2025, leading to a target price of RMB 328.30 [4]. - The company is recognized as a leading domestic medical device manufacturer with strong brand influence and a continuously improving global sales network [4].