Core Viewpoint - The company is focusing on identifying its shortcomings in product development and sales as it expands its digital and streamlined business, considering both internal growth and potential acquisitions to address these gaps [1][2]. Group 1: Product Development - The company has enhanced its research capabilities in information technology and high-consumption areas through self-built teams and investments, reducing the urgency for external demands [1]. - Future needs in new or niche areas may require external acquisitions to strengthen capabilities [1]. Group 2: Sales Strategy - The company recognizes the need to improve its solution marketing capabilities, which differ from simple equipment sales and require tailored solutions based on customer needs and information technology levels [2]. - There are existing gaps in local delivery and sales channels for high-value consumables in overseas markets, prompting the company to consider both internal development and acquisitions, such as the acquisition of DiaSys for its global production and logistics capabilities [2]. Group 3: Business Growth and AI Integration - The company's IVD (in vitro diagnostics) business is projected to be a key growth driver, with expected revenue of 13.765 billion yuan in 2024, marking it as the largest business segment [2]. - The company has successfully penetrated international markets, achieving over 30% year-on-year growth in international IVD revenue [2]. - AI technology is being integrated across the company's three main business lines, enhancing product performance and market competitiveness, with notable innovations such as the clinical application of AI models and comprehensive solutions in medical imaging [3].

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company is expected to see a turning point in its domestic business in 2025 due to the anticipated recovery in local special bonds and monthly bidding for various medical devices, despite short-term impacts from tight local finances and delays in regular tenders [1] - The international market is projected to grow significantly, driven by the company's continued penetration into high-end customer segments and balanced revenue distribution across major global regions, particularly in developing countries and Europe [1] - The company is expected to maintain steady long-term growth, supported by the global medical infrastructure wave and expansion into high-end markets [5] Business Segmentation and Highlights - **Life Information and Support Segment**: Revenue decreased by 11.1% in 2024, with minimally invasive surgery business growing over 30%. Internationally, this segment achieved double-digit growth [2] - **In Vitro Diagnostics Segment**: Revenue grew by 10.8% in 2024, surpassing the Life Information and Support segment for the first time. Internationally, this segment saw growth exceeding 30% [3] - **Medical Imaging Segment**: Revenue increased by 6.6% in 2024, with international business growing over 15%. The high-end ultrasound system Resona A20 generated over 400 million yuan in its first year [3] Profitability Analysis - The company's gross margin for 2024 was 63.1%, a decrease of 3.0 percentage points year-on-year, while the net profit margin was 32.0%, down 1.2 percentage points [4] - Operating cash flow for 2024 was 12.43 billion yuan, a year-on-year increase of 12.4%, representing 102.8% of net operating income [4] - Profitability is expected to improve slightly from 2025 to 2027, driven by an increase in high-end product sales and stable operating expense ratios [4] Financial Forecast and Valuation - The company is projected to maintain stable growth from 2025 to 2027, with expected revenues of 40.33 billion yuan in 2025, 45.76 billion yuan in 2026, and 52.50 billion yuan in 2027, reflecting growth rates of 9.82%, 13.46%, and 14.72% respectively [12] - The estimated earnings per share (EPS) for 2025 is 10.61 yuan, with a price-to-earnings (P/E) ratio of 21.86 [10][12]

数据来源：聚源 -36% -24% -12% 0% 12% 24% 2024-05 2024-09 2025-01 迈瑞医疗 沪深300 相关研究报告 医药生物/医疗器械 迈瑞医疗（300760.SZ） 国内市场蓄势待发，海外业务高歌猛进 2025 年 05 月 22 日 投资评级：买入（维持） | 日期 | 2025/5/21 | | --- | --- | | 当前股价(元) | 226.67 | | 一年最高最低(元) | 351.60/206.80 | | 总市值(亿元) | 2,748.24 | | 流通市值(亿元) | 2,748.19 | | 总股本(亿股) | 12.12 | | 流通股本(亿股) | 12.12 | | 近 3 个月换手率(%) | 29.21 | 股价走势图 《高耗+设备整体解决方案落地与数 智化发展可期—公司信息更新报告》 -2024.6.18 Yoy ——公司信息更新报告 | 余汝意（分析师） | 石启正（联系人） | | --- | --- | | yuruyi@kysec.cn | shiqizheng@kysec.cn | | 证书编号：S079052307000 ...

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]

Core Viewpoint - The company reported mixed financial results for 2024 and Q1 2025, with a slight increase in annual revenue but significant declines in quarterly performance, indicating challenges in domestic operations while showing growth in international markets [1][2]. Group 1: Financial Performance - In 2024, the company achieved revenue of 36.726 billion yuan (+5.14%) and a net profit of 11.668 billion yuan (+0.74%), with a decline in Q4 2024 revenue to 7.241 billion yuan (-5.08%) and net profit to 1.031 billion yuan (-40.99%) [1]. - For Q1 2025, revenue was 8.237 billion yuan (-12.12%) and net profit was 2.629 billion yuan (-16.81%), indicating ongoing pressure in domestic operations [1]. Group 2: Domestic and International Market Dynamics - Domestic revenue for 2024 was 20.29 billion yuan (-5.1%), impacted by tight local finances and delays in regular bidding, but is expected to recover by Q3 2025 as fiscal support increases [2]. - International revenue for 2024 reached 16.434 billion yuan (+21.3%), with significant growth in the Asia-Pacific region (nearly 40%) and over 30% rebound in Europe, contributing to an increase in international revenue share to approximately 47% in Q1 2025 [2]. Group 3: Product Segments and Growth Drivers - The IVD segment generated revenue of 13.76 billion yuan (+10.8%), benefiting from domestic market shifts and overseas collaboration, achieving over 30% growth [3]. - Medical imaging revenue was 7.5 billion yuan (+6.6%), with a market share exceeding 30% due to the launch of high-end products [3]. - The life information and support segment saw revenue of 13.56 billion yuan (-11.1%), with micro-invasive surgery maintaining over 30% growth despite domestic procurement delays [3]. Group 4: Research and Development Initiatives - The company invested 4 billion yuan in R&D (10.9% of revenue) in 2024, launching several advanced products and AI solutions to enhance product offerings and market penetration [4]. - The company aims for significant revenue growth in the coming years, projecting total revenues of 39.881 billion yuan, 45.542 billion yuan, and 52.536 billion yuan for 2025-2027, with corresponding net profits of 12.542 billion yuan, 14.585 billion yuan, and 17.081 billion yuan [4].

Market Overview - Global markets showed mixed performance with the Hang Seng Index closing at 22,008, up 0.16% year-to-date increase of 29.10% [1] - The US markets continued to rebound, with the Dow Jones up 0.75% and the S&P 500 up 0.58%, reflecting a year-to-date increase of 7.53% and 16.58% respectively [1][3] Industry Insights - The equipment manufacturing sector reported Q1 2025 earnings, with SANY Heavy Industry exceeding expectations with a 56% year-on-year profit increase, driven by an 18% revenue growth [4] - The pharmaceutical company WuXi AppTec reported a strong Q1 2025, with revenue up 21% to 9.65 billion yuan and a non-IFRS net profit increase of 40% to 2.68 billion yuan [4][6] - Mindray Medical's revenue for 2024 was 36.7 billion yuan, a 5.1% increase, but faced challenges in the domestic market with a 12.1% decline in Q1 2025 revenue [7][8] Company Analysis - WuXi AppTec maintained its full-year guidance despite macro uncertainties, expecting a 10-15% revenue growth in its continuing operations for 2025 [4][6] - Mindray Medical's overseas revenue grew by 21.3% in 2024, accounting for 44.7% of total revenue, indicating strong international market performance [7] - Luckin Coffee reported a 41% year-on-year sales increase in Q1 2025, driven by strong same-store sales growth and rapid store expansion [11][12] Investment Ratings - SANY Heavy Industry is rated as a "Buy" with a focus on its excavator business cycle and overseas growth potential [4] - WuXi AppTec is also rated as a "Buy," with a target price of 77.22 yuan, reflecting confidence in its growth despite external challenges [6] - Mindray Medical is rated as a "Buy," with a target price of 249.19 yuan, anticipating recovery in domestic sales in the latter half of 2025 [8]

Investment Rating - The report maintains a "BUY" rating for Mindray, indicating a potential return of over 15% over the next 12 months [16]. Core Insights - Mindray's revenue for 2024 is reported at RMB 36.7 billion, reflecting a year-on-year growth of 5.1%, while the attributable net profit is RMB 11.7 billion, up 0.7% year-on-year [1][2]. - The gross profit margin (GPM) has decreased by 1.1 percentage points year-on-year to 63.1%, attributed to pricing pressures on IVD reagents and mid- to low-end medical equipment, as well as weaker IVD testing demand [1]. - Domestic revenue fell by 5.1% year-on-year to RMB 20.3 billion in 2024, with significant declines in the PMLS and MIS segments due to weak hospital procurement [8]. - Overseas revenue grew by 21.3% year-on-year to RMB 16.4 billion, accounting for 44.7% of total revenue, with Asia-Pacific being a key growth driver [8]. - The target price has been adjusted to RMB 249.19 from a previous target of RMB 328.81, reflecting a downside potential of 15.4% from the current price of RMB 215.85 [3]. Financial Summary - For FY24, revenue is projected to grow to RMB 40.2 billion in FY25, with a year-on-year growth rate of 9.4% [2][13]. - The adjusted net profit for FY25 is estimated at RMB 12.3 billion, representing a growth of 6.5% year-on-year [2][13]. - The report indicates a decline in gross profit and operating profit forecasts for FY25E, with revenue expectations revised down by approximately 7.85% [9]. Share Performance - The market capitalization of Mindray is reported at RMB 261.7 billion, with a 52-week high of RMB 324.50 and a low of RMB 211.59 [3]. - The stock has experienced a decline of 20.4% over the past six months [5]. Shareholding Structure - The major shareholders include Smartco Development Limited with 27.0% and Magnifice (HK) Limited with 24.5% [4].

Financial Performance - In 2024, the company achieved total revenue of 36.726 billion CNY, a year-on-year increase of 5.14% [2] - The net profit attributable to shareholders was 11.668 billion CNY, up 0.74% year-on-year; excluding financial expenses, the net profit growth was 4.36% [2] - Operating cash flow reached 12.432 billion CNY, reflecting a year-on-year increase of 12.38% [2] - For Q1 2025, total revenue was 8.237 billion CNY, a decline of 12.12% compared to the same period last year, with net profit down 16.81% [9] Dividend Distribution - The company plans to distribute 679 million CNY (including tax) as dividends for 2024, with a cumulative cash dividend of 7.602 billion CNY, representing a payout ratio of 65.15% [3] - A proposal for a mid-year dividend of 1.71 billion CNY (including tax) for 2025 is also in place, pending shareholder approval [3] Market Performance International Market - The international market grew by 21.28% in 2024, with the Asia-Pacific region seeing nearly 40% growth driven by countries like Australia, Thailand, and India [4] - International revenue accounted for approximately 45% of total revenue, with high-potential segments like minimally invasive surgery and cardiovascular care nearing 10% of international income [4] Domestic Market - The domestic market experienced a decline of 5.10% due to sluggish hospital equipment procurement and the impact of DRG 2.0 [4] - A recovery is anticipated in Q3 2025 as local fiscal pressures ease and medical equipment projects are initiated [4] Product Line Performance In Vitro Diagnostics (IVD) - The IVD segment grew by 10.82% in 2024, with international IVD growth exceeding 30% [5] - IVD revenue now constitutes 37.48% of total company revenue, surpassing the life information and support segment [5] Medical Imaging - The medical imaging segment grew by 6.60%, with international growth over 15% [7] - The launch of the high-end Resona A20 ultrasound is expected to enhance market presence [7] Life Information and Support - This segment saw a decline of 11.11%, although international growth was in double digits [8] - The company maintains a leading market share in domestic monitoring and respiratory devices despite challenges [8] Research and Development - R&D investment for 2024 was 4.008 billion CNY, accounting for 10.91% of revenue, while Q1 2025 saw 847 million CNY in R&D, representing 10.28% of revenue [11] - New product launches include advanced systems in life information and support, IVD, and medical imaging [12][13] Sustainability Efforts - The company received an AA rating from MSCI ESG and was included in the S&P Global Sustainable Development Yearbook [14] - Carbon emissions intensity decreased by 11.6% compared to 2021, with ongoing projects contributing to sustainability goals [15] Future Outlook - The company anticipates a significant recovery in domestic revenue starting Q3 2025, driven by the resumption of medical equipment projects [10] - Long-term growth strategies focus on digitalization, internationalization, and enhancing the supply chain to adapt to changing market conditions [24][25]

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3月24日，为期三天的 第二十二届中国国际检验医学暨输血仪器试剂博览会（CACLP） 在杭州大会展中心正式落下帷幕。 此次大会，迈瑞医疗发布了 MT 8000S独立式智能样本处理系统 ，覆盖从样本签收到上机检测前的所有处理环节，通过数字视觉和模型算法，确保整个样本处理 过程处于IT+AI控制之下。另外，迈瑞还发布了 全新一代H-120全自动糖化血红蛋白分析仪、CX—9000高端凝血分析仪和MN 2880全自动核酸提纯及实时荧光 PCR分析系统 （分子诊断领域的重要产品，定义核酸检测新常规）。 作为全球体外诊断（IVD）行业极具影响力的盛会之一，本届展会以" 以创新的力量，助力IVD产业健康发展 "为主题，全方位展示了体外诊断领域的最新技术和产 品。随着人工智能、大数据、物联网等技术的迅猛发展，智能化诊断成为本届展会的最大亮点。 此次大会， 丹纳赫、罗氏、雅培、豪洛捷等 国际巨头携最新研发成果强势登场，全方位覆盖仪器、试剂、原材料等关键展区。从前 ...