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]

证券研究报告 | 公司深度报告 2025 年 06 月 13 日 迈瑞医疗（300760.SZ） 全球化战略再升级，数智化转型驱动全球竞争力 | 财务指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 34,932 | 36,726 | 40,794 | 45,743 | 51,422 | | 增长率 yoy（%） | 15.0 | 5.1 | 11.1 | 12.1 | 12.4 | | 归母净利润（百万元） | 11,582 | 11,668 | 12,806 | 14,288 | 16,500 | | 增长率 yoy（%） | 20.6 | 0.7 | 9.7 | 11.6 | 15.5 | | ROE（%） | 34.7 | 28.8 | 24.2 | 22.3 | 21.2 | | EPS 最新摊薄（元） | 9.55 | 9.62 | 10.56 | 11.78 | 13.61 | | P/E（倍） | 24.7 | 24.5 | 22.3 | 20.0 | ...

正式报名：首届全球心血管大会 | 赠送纸质白皮书 合作伙伴征集：2025全球手术机器人大会 2025年4月28日，迈瑞医疗发布2024年年报以及2025年第一季度季报。2024年年度营业收入达到 367.3亿元 ，2025年第一季度营业收入达到 82.4亿 元。 公司预计2025年上下半年的收入将回归到 "前低后高" 的历史常态分布，并呈现出逐季度环比改善的趋势，其中营业收入同比增速将从三季度开始迎来重大 拐点。 # 2024年报数据 迈瑞医疗主要产品覆盖三大 业务 领域， 生命信息与支持、体外诊断以及医学 影像， 叠加"三瑞"智慧生态系统和垂域AI大模型，为医疗机构提供提升整体 诊疗能力的数智化方案。 生命信息与支持 报告期内，公司生命信息与支持业务实现营业收入约 135.57亿元 ，同比 减少11.11%， 其中微创外科业务同比增长超过30%，国际生命信息与支持业务实 现了同比双位数增长。 | | 2024 年 | 2023 年 | 本年比上年增减 | 2022 年 | | --- | --- | --- | --- | --- | | 营业收入(元) | 36,725,749,548.00 | 34,9 ...

Group 1: Poly Developments - Poly Developments reported a net profit of 5 billion yuan for 2024, a decrease of 58.6% year-on-year [1] - The company achieved total revenue of 311.67 billion yuan in 2024, down 10% from the previous year [2] - The gross profit margin for settlements was 14%, a decline of 2 percentage points compared to the same period last year [1][2] - The company signed a total area of 17.9661 million square meters, a decrease of 24.7% year-on-year, while sales contracts amounted to 323.029 billion yuan, down 23.5% [2] - The company maintained a cash balance of 134.2 billion yuan at the end of the year, with a net cash flow from operating activities of 6.257 billion yuan [3] Group 2: Mindray Medical - Mindray Medical reported a revenue of 36.726 billion yuan for 2024, an increase of 5.14% year-on-year [5][6] - The net profit attributable to shareholders was 11.668 billion yuan, a slight increase of 0.74% compared to the previous year [5][6] - The company's cash flow from operating activities was not disclosed in the provided data [6] Group 3: Unisplendour - Unisplendour announced plans to issue H-shares and apply for listing on the Hong Kong Stock Exchange [9] - The company achieved a revenue of 79.024 billion yuan in 2024, a growth of 2.22% year-on-year [10] - The net profit attributable to shareholders was 1.572 billion yuan, a decrease of 25.23% compared to the previous year [10] Group 4: SF Holding - SF Holding reported a revenue of 69.849 billion yuan for the first quarter, an increase of 6.9% year-on-year [17][18] - The net profit attributable to shareholders was 2.234 billion yuan, reflecting a growth of 16.9% compared to the same period last year [17][18] - The company plans to repurchase shares worth between 500 million and 1 billion yuan [17] Group 5: Qingdao Beer - Qingdao Beer reported a revenue of 10.445 billion yuan for the first quarter, a growth of 2.91% year-on-year [20][21] - The net profit attributable to shareholders was 1.710 billion yuan, an increase of 7.08% compared to the previous year [20][21] Group 6: China State Construction - China State Construction reported a revenue of 555.3 billion yuan for the first quarter, a growth of 1.1% year-on-year [23] - The net profit attributable to shareholders was 15.01 billion yuan, reflecting a growth of 0.6% compared to the same period last year [23] Group 7: WuXi AppTec - WuXi AppTec reported a revenue of 9.655 billion yuan for the first quarter, a growth of 20.96% year-on-year [24] - The net profit attributable to shareholders was 3.672 billion yuan, a significant increase of 89.06% compared to the previous year [24] Group 8: China Nuclear Power - China Nuclear Power reported a revenue of 20.273 billion yuan for the first quarter, a growth of 12.7% year-on-year [25] - The net profit attributable to shareholders was 3.137 billion yuan, reflecting a growth of 2.55% compared to the same period last year [25] Group 9: Haitian Flavoring - Haitian Flavoring reported a revenue of 8.315 billion yuan for the first quarter, a growth of 8.08% year-on-year [26] - The net profit attributable to shareholders was 2.202 billion yuan, an increase of 14.77% compared to the previous year [26] Group 10: Yunnan Baiyao - Yunnan Baiyao reported a revenue of 10.841 billion yuan for the first quarter, a growth of 0.62% year-on-year [27] - The net profit attributable to shareholders was 1.935 billion yuan, reflecting a growth of 13.67% compared to the same period last year [27]

mindray迈瑞 300760.SZ 图读懂 迈瑞医疗2024年年报 & 2025年一季报 生命科技如此亲近 业绩亮点 逆流而上 稳健增长 | 2024年度 | | | | | | --- | --- | --- | --- | --- | | | | | | 单位:亿元 | | 营业收入 | | 303.7 | 349.3 | 367.3 | | 367.3亿元 | | | | | | 同比增长 | | | | | | 5.1%) | | 2022 | 2023 | 2024 | | 归母净利润 | 116.7亿元 | | | | | | | 96.1 | 115.8 116.7 | | | 同比增长 | 剔除财务费用影响后 归母净利润同比增长 | | | | | 0.7% 4.4% ↑ | | 2022 | 2023 | 2024 | | 经营性现金流净额 | | | | | | 124.3亿元 | | 121.4 | 110.6 | 124.3 | | 同比增长 | | | | | | 12.4% ↑ | | 2022 | 2023 | 2024 | | | | | *2024年1月-12月 | | ...

报名：首届全球眼科大会 | 议程更新 报名：首届全球心血管大会 | 奖项申报 报名：首届全球骨科大会 | 奖项评选 合作伙伴征集：2025全球手术机器人大会 2025年4月8日至11日， 第91届中国国际医疗器械（春季）博览会（CMEF） 将在上海国家会展中心拉开帷幕。作为亚太地区规模最大的医疗科技展会，CMEF始终 是行业风向标，不仅汇聚全球创新技术，更见证着产业发展的新趋势。本届展会预计吸引 全球30多个国家和地区的近 5000家 企业，携 数万款 前沿产品集中亮相 ，以"创新科技，智领未来"为主题，共同探讨医疗科技的突破与未来。 CMEF不仅是一场产品与技术的集中展示，更是医疗行业生态的一次深度联动。从人工智能驱动的医学影像，到手术机器人赋能精准医疗，从智慧医院建设，到国 产医疗设备的崛起，CMEF2025通过高规格论坛、产业对话和技术展示，构建起全方位的交流平台，为行业发展提供新的思路与动能。 在这一医疗科技的年度盛会上，哪些企业将携最新技术亮相？哪些创新产品值得重点关注？ 思宇梳理了本届CMEF的亮点企业，一起来看它们如何在这场科技盛宴 中抢占先机！ P.S. 展位图附于文末，感兴趣的读者可按图索骥 ...