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 "Recommended" rating for the company with a target price of 278 yuan [2][7]. Core Views - The company is experiencing a structural upgrade towards high-end products and is making significant progress in international markets. The total revenue for 2024 is projected to be 36.726 billion yuan, reflecting a year-on-year growth of 5.14%. The net profit attributable to the parent company is expected to be 11.668 billion yuan, with a slight increase of 0.74% [2][3]. Financial Performance Summary - **2024 Financials**: Total revenue is 36.726 billion yuan, with a year-on-year growth of 5.1%. The net profit attributable to the parent company is 11.668 billion yuan, showing a growth of 0.7% [3]. - **2025 Projections**: Expected revenue growth of 8.4% to 39.827 billion yuan and net profit growth of 7.5% to 12.545 billion yuan [3]. - **2026 and 2027 Outlook**: Revenue is projected to reach 45.883 billion yuan in 2026 and 52.779 billion yuan in 2027, with respective growth rates of 15.2% and 15.0%. Net profit is expected to be 14.832 billion yuan in 2026 and 17.233 billion yuan in 2027, with growth rates of 18.2% and 16.2% [3][8]. Market Dynamics - The international market is showing robust growth, with a 21.28% increase in 2024. The Asia-Pacific region, driven by countries like Australia, Thailand, and India, has seen nearly 40% growth. The European market has rebounded with over 30% growth [7]. - Domestic market performance has been under pressure, with a decline of 5.10% in 2024, primarily due to sluggish procurement processes. However, a rebound is anticipated in Q3 2025 as fiscal conditions improve [7]. Business Segment Performance - **IVD Business**: This segment has shown a growth of 10.82% in 2024, with international IVD growth exceeding 30%. IVD has become the largest business segment, accounting for 37.48% of total revenue [7]. - **Medical Imaging**: This segment grew by 6.60%, with international growth over 15%. The domestic high-end ultrasound market has also seen significant performance [7]. - **Life Information and Support**: This segment faced a decline of 11.11%, but international growth remains strong [7]. Valuation Metrics - The report estimates a DCF-based valuation of 337.1 billion yuan for the company, translating to a target price of approximately 278 yuan, which corresponds to a PE ratio of 27 times for 2025 [7].

作者 | 大健康萌主 数据支持 | 勾股大数 据（www.gogudata.com） 2025 年，全球医疗健康产业迎来时代大考。关税壁垒重构叠加地缘政治波动，一系列悬而未决的政策，进一步增加了行业的不确定性。 当不确定性成为新常态，成立 34 年的迈瑞医疗却交出了穿越周期的答卷： 自 2018 年上市以来，公司实现营收与归母净利润连续七年双增长， 2024 年的营收为 2019 年的 2.2 倍，归母净利润为 2019 年的 2.5 倍。 业绩的翻倍增长，无异于用 5 年时光"再造了一个迈瑞"，这在国内外宏观环境剧烈变化的挑战下尤其难得。 更难能可贵的是，在保持高强度研发投入（ 2024 年研发支出占比 10.91% ）的同时，公司持续践行高比例分红承诺，最新年度现金分红金 额蝉联行业榜首。当众多企业选择储粮过冬时，这种 " 既造血又输血 " 的双轨能力，恰恰折射出企业对未来发展空间的预判。 在产业变革与市场波动双重压力下，支撑迈瑞医疗从容前行的核心竞争力究竟是什么？ 连续七年高比例分红 01 年派现规模突破76亿元 从最新披露的分红方案可以看出，迈瑞底气十足。 根据 2024 年度分红预案显示，公司拟向全 ...

4月8日，亚太地区医疗器械行业的顶级展会——第91届中国国际医疗器械博览会（CMEF）在上海国家会展中心开幕。展会以"创新科技 智领未来"为主题，汇聚近5000家品牌企业，集中展示了医 在本次展会上，国内医疗器械龙头企业迈瑞医疗带来了40多款创新产品和解决方案。其中，最引人注目的是迈瑞启元重症大模型，作为全球首个投入临床应用的重症大模型，其助力临床全面提升 此外，依托在医疗器械行业多年的深耕，迈瑞医疗还展示了正在逐步落地的全场景AI解决方案——"数智实验室"及"瑞影生态"，这两大解决方案以"设备+IT+AI"为核心，通过AI技术赋能医疗均 从"概念"到"临床"，重构医疗AI价值 当AI成为"风口"，如何从前沿创新到临床落地，如何使用AI为核心诊疗服务，垂域与通用大模型如何协同赋能，数智创新又能否撬动"医疗不可能三角"等命题，仍是亟待全行业持续探索的重要 迈瑞医疗在CMEF展会上带来的启元重症大模型，是全球首个临床落地的重症医疗大模型。据了解，迈瑞启元重症大模型能够通过数据还原患者的数字画像，并运用重症医疗思维进行深度分析， 此次CMEF上，迈瑞医疗也带来了更多临床场景的AI解决方案——"数智实验室"和"瑞影生 ...

Core Viewpoint - The company has demonstrated resilience in the face of U.S. tariffs, maintaining a compound annual growth rate (CAGR) of 10% in its U.S. business from 2018 to 2023, with U.S. sales accounting for approximately 6% of total revenue [1][2] Group 1: Impact of Tariffs - The U.S. government announced "reciprocal tariffs" on all trade partners, including China, leading to a 2% drop in the company's stock price [1] - The company has proactively prepared for tariff impacts by stockpiling products based on anticipated orders prior to the implementation of new tariffs [1] - Despite tariffs imposed since the U.S.-China trade war began in 2018, the company has successfully expanded its U.S. market presence [1] Group 2: Financial Performance - The company's gross margin in the U.S. market has exceeded 70%, with profit margins surpassing pre-tariff levels since 2018 [2] - For the first three quarters of 2024, the company reported a revenue of 29.485 billion yuan, reflecting a year-on-year growth of 7.99% [2] - International markets have seen growth exceeding 18%, driven by high-end strategic clients and breakthroughs in various sectors, with Europe and Asia-Pacific markets growing over 30% [2] Group 3: Product Development and Market Strategy - The company is set to receive FDA approval for its ultra-high-end ultrasound product, Resona A20, which has an average selling price (ASP) double that of its predecessor [2] - The company aims to enhance its brand and technology in the U.S. market to strengthen its influence in developing countries, which account for two-thirds of its overseas revenue [2] - The company's main product lines cover three key areas: life information and support, in vitro diagnostics, and medical imaging [2]