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 ...

Summary of Mindray Medical Conference Call Company Overview - Mindray Medical has become a leading player in the A-share medical device sector through independent research and acquisitions, covering three main business segments: life information and support, in vitro diagnostics (IVD), and medical imaging, while actively promoting high-end and international expansion [2][6][10]. Key Business Insights - **Life Information and Support**: This segment is currently under pressure, with a year-on-year decline of 11%. However, the minimally invasive surgery and international life information and support businesses are experiencing strong growth [2][8]. - **In Vitro Diagnostics (IVD)**: For the first time, IVD has surpassed life information and support as the largest revenue source, achieving revenue of 13.765 billion yuan, a year-on-year increase of 10.82%. The international IVD business has seen growth exceeding 30% [2][8][20]. - **Medical Imaging**: Revenue reached 7.498 billion yuan, with a year-on-year growth of 6.6%. The high-end ultrasound segment has achieved over 400 million yuan in revenue in its first year [2][8][19]. Market Position and Share - Mindray leads the domestic market in monitoring devices and anesthesia equipment, with a market share exceeding 50%. It ranks third globally in monitoring devices and second in the IVD market, with its chemiluminescence products being the top domestic brand [2][9][10]. International Expansion - The company has accelerated its internationalization, exporting products to over 190 countries and establishing localized production in multiple countries. Mindray has successfully entered high-end hospital markets in Europe and the U.S. [2][10][12]. Financial Projections - Expected net profits for 2025, 2026, and 2027 are projected to be 11.96 billion yuan, 13.131 billion yuan, and 15.280 billion yuan, respectively, with corresponding P/E ratios of 23x, 21x, and 18x [3][22]. Achievements and Future Growth - Since becoming the absolute leader in the domestic medical device sector in 2020, Mindray has maintained significant achievements across various fields. The company aims to sustain growth over the next decade through AI medical solutions and expanding its traditional business lines [4][17]. - The introduction of the Reizhilian, Reizhiyun, and Reizhijian AI medical solutions has enhanced monitoring and diagnostic quality, with thousands of installations across hospitals [15][16]. Challenges and Market Dynamics - The company faces challenges from market pressures, including the impact of the pandemic on revenue contributions and the effects of policy changes on the medical sector. However, it has maintained a solid performance through employee incentive plans and strategic acquisitions [5][21]. Conclusion - Mindray Medical is well-positioned for future growth, with a robust product line and competitive advantages in the medical device industry. The company maintains a "buy" rating based on its strong market position and growth potential [3][22].