随着国内市场的进一步恢复以及公司高端产品的全球市场放量，预计25Q4 公司营收同比增长有望相较 于25Q3 进一步提速。 事件： 公司发布2025 年三季报，25Q1-3 实现营业收入258.34 亿元（YoY-12.38%），归母净利润75.70 亿元 （YoY-28.83%），扣非净利润74.63 亿元（YoY-28.50%）；25Q3 实现营业收入90.91 亿元 （YoY+1.53%），归母净利润25.01 亿元（YoY-18.69%），扣非净利润25.13 亿元（YoY-17.78%）。 点评： 1. 国内业务持续复苏，海外市场增长亮眼。25Q3，随着国内医疗设备招标活动的复苏，公司国内业务 营收降幅收窄，海外业务受益于高端客户突破和本地化建设持续完善，实现同比增长12%、进一步提 速，其中欧洲市场增长超20%、独联体及中东非地区也实现了双位数增长，国内市场的恢复及海外市场 持续拓展驱动公司整体营收恢复正增长，利润端环比回升。分产线看，25Q3，1）体外诊断营收36.34 亿元（-2.8%），其中国际业务实现双位数增长，前三季度累计销售MT8000 流水线超20 套，中大样本 量客户加速突破，国内市 ...

Core Insights - Mindray Medical is addressing the "impossible triangle" in healthcare, which involves balancing quality, efficiency, and cost, through the rapid development of AI technology [2] - The company has achieved consistent revenue and net profit growth for seven consecutive years, with 2024 revenue and net profit projected to be 2.2 times and 2.5 times that of 2019, respectively [2] - The global demand for quality healthcare resources is increasing due to economic growth and an aging population, positioning Mindray Medical for sustained growth [2] Financial Performance - In 2024, Mindray Medical's revenue reached 36.726 billion yuan, a year-on-year increase of 5.14%, while net profit was 11.668 billion yuan, up 0.74% [4] - The company's operating cash flow net amount was 12.432 billion yuan, reflecting a year-on-year growth of 12.38% [4] - International revenue contributed significantly, with overseas sales amounting to 16.434 billion yuan, a 21.28% increase, accounting for 44.75% of total revenue [4][6] Market Position and Growth Strategy - Mindray Medical is capitalizing on the global healthcare industry's growth, with the global medical device market expected to reach $637 billion in 2024, growing at a CAGR of 6.99% [5] - The company has a strong presence in developing countries, with revenue from these markets reaching 10.910 billion yuan, a 24.59% increase, making up 29.71% of overall revenue [6] - The company aims to enhance its international market share, particularly in high-end markets, as current penetration remains low compared to domestic levels [6] Technological Innovation - Mindray Medical is focusing on digital intelligence to drive global expansion, with a smart medical ecosystem that has gained traction among high-end clients [7] - The company has launched several high-end products with intelligent diagnostic capabilities, including the world's first clinical severe medical model [7][8] - Mindray's AI solutions are being applied across various medical fields, enhancing diagnostic accuracy and efficiency [8] Future Outlook - The company is implementing strategies to improve profitability through high-end product offerings and increasing the share of high-margin business [10][11] - Mindray Medical's high-end ultrasound models now account for 60% of domestic revenue, with expectations for further growth in the high-end market [11] - The company is optimistic about returning to a growth trajectory, with projected net profit growth rates of 12.32%, 15.94%, and 16.59% from 2025 to 2027 [12]