Core Viewpoint - The company reported a decline in revenue and net profit for the first three quarters of 2025, but showed signs of recovery in Q3, particularly in overseas markets, driven by high-end product demand and domestic market recovery [1][2]. Financial Performance - For the first three quarters of 2025, the company achieved revenue of 25.834 billion yuan (YoY -12.38%) and a net profit of 7.570 billion yuan (YoY -28.83%) [1]. - In Q3 2025, revenue reached 9.091 billion yuan (YoY +1.53%) and net profit was 2.501 billion yuan (YoY -18.69%) [1]. Business Segments - Domestic business showed signs of recovery with a narrowing revenue decline, while overseas markets experienced significant growth, particularly in Europe and the CIS and Middle East regions [2]. - In Q3 2025, revenue from in vitro diagnostics was 3.634 billion yuan (YoY -2.8%), with international business achieving double-digit growth [2]. - Revenue from life information and support was 2.952 billion yuan (YoY +2.6%), with significant growth in minimally invasive surgery [2]. - Medical imaging revenue was 1.689 billion yuan, remaining stable year-on-year, with international business showing high single-digit growth [2]. Future Outlook - The company expects revenue growth to accelerate in Q4 2025 compared to Q3, driven by further recovery in the domestic market and global demand for high-end products [3]. - Continued investment in R&D, totaling 2.686 billion yuan (10.4% of revenue), is aimed at product innovation and enhancing competitiveness in both domestic and international markets [3]. Profit Forecast - Revenue projections for 2025-2027 are 35.369 billion yuan, 39.159 billion yuan, and 43.546 billion yuan, with expected growth rates of -3.70%, 10.72%, and 11.20% respectively [3]. - Net profit forecasts for the same period are 10.002 billion yuan, 11.661 billion yuan, and 13.852 billion yuan, with growth rates of -14.28%, 16.59%, and 18.79% respectively [3].

Financial Performance - In Q3 2025, the company achieved revenue of CNY 9.091 billion, a year-on-year increase of 1.53%, while net profit attributable to shareholders decreased by 18.69% [2][3] - Cumulative dividends since the IPO amount to approximately CNY 35.7 billion, which is six times the IPO fundraising amount of CNY 5.9 billion [3] International Market Performance - International business grew by 12% year-on-year in Q3, with Europe showing over 20% growth [4] - International business accounted for over 50% of total revenue, with the international in vitro diagnostics segment contributing 28% [4] Domestic Market Performance - Domestic equipment business began to recover in Q3 due to the resumption of medical device bidding activities, with a significant narrowing of revenue decline [5] - The company maintains a leading market position in several product areas, leveraging its "equipment + IT + AI" ecosystem [5] Product Line Performance - The in vitro diagnostics segment generated revenue of CNY 3.634 billion in Q3, a decline of 2.81% year-on-year, while international sales in this segment saw double-digit growth [6][7] - The life information and support segment achieved revenue of CNY 2.952 billion, with over 25% growth in minimally invasive surgery business [8][9] - The medical imaging segment reported revenue of CNY 1.689 billion, with international sales growing at a high single-digit rate [10][11] R&D Investment and New Products - R&D investment for the first three quarters of 2025 was CNY 2.686 billion, accounting for 10.40% of revenue [12] - New products launched include high-sensitivity cardiac troponin T assay kits and various imaging systems [13] Strategic Directions - The company aims to enhance its market share in the IVD sector, targeting a market share increase from 10% to 20% within three years [25] - The international market is expected to grow significantly, with a focus on localizing production and enhancing supply chain resilience [29][30] Challenges and Opportunities - The domestic IVD market faces challenges due to price pressures and competition, but there is significant potential for import substitution [26][27] - The company is positioned to leverage its strengths in R&D and product innovation to capture market opportunities [22][23]

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 ...

Group 1 - The 91st China International Medical Equipment Fair (CMEF) opened in Shanghai, showcasing nearly 5,000 brand enterprises with a theme of "Innovative Technology Leading the Future" [1] - Mindray Medical presented over 40 innovative products, including the world's first clinical application of a critical care large model, the Qiyuan model, which enhances clinical capabilities [1][3] - Mindray's AI solutions, "Digital Laboratory" and "Ruiying Ecosystem," focus on integrating "Equipment + IT + AI" to empower medical services across various clinical scenarios [5] Group 2 - The Qiyuan critical care large model has been implemented in several top medical institutions in China, marking a significant step in the application of general models in specialized medical fields [5] - Mindray's "Digital Laboratory" achieves breakthroughs in "Digital Testing," "Digital Operations," and "Digital Development" through deep integration of technology [5] - The "Ruiying Ecosystem" provides comprehensive AI solutions across obstetrics, radiology, cardiovascular, and point-of-care testing, enhancing the medical imaging digital ecosystem [5] Group 3 - Mindray has emphasized global expansion, adapting to challenges in international markets, particularly in response to recent U.S. tariff policies [7] - Despite tariffs since 2018, Mindray's U.S. business has seen a compound annual growth rate of 10% from 2018 to 2023, with U.S. sales accounting for a significant portion of total revenue [8] - The company plans to strengthen its position in the North American high-end market with products like the Resona A20, while also focusing on growth in developing countries, which account for two-thirds of overseas revenue [8]

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]