证券研究报告 | 2025年09月04日 毛净利率下滑，经营性现金流保持健康。2025 年上半年公司毛利率为 61.67% （经追溯调整-2.85pp），各核心业务均有不同程度下滑。销售费用率 14.48% （经追溯调整+1.92pp），管理费用率 4.07%（+0.07pp），研发费用率 9.60% （+0.95pp），财务费用率-2.00%（-0.58pp），销售净利率 31.25%（-5.65pp）。 2025 年上半年公司经营性现金流净额为 39.22 亿（-53.83%），与归母净利 润的比值为 77%，保持健康水平。 投资建议：国内业务在第三季度有望迎来拐点，国际业务延续稳健增长趋势。 考虑国内业务仍处于市场环境和医疗政策影响下的调整期，下调盈利预测， 预 计 2025-27 年 归 母 净 利 润 为 110.93/126.16/145.01 亿 （ 原 为 124.11/141.03/161.88 亿），同比增速-4.9%/13.7%/14.9%，当前股价对应 PE 为 26.9/23.7/20.6x。公司作为国产医疗器械龙头，研发实力强劲，"设 备+IT+AI"的数智化布局有望重新定义中国医 ...

Core Insights - The medical device industry is facing challenges due to global trade tensions, tariff disputes, and delays in revenue recognition from equipment updates, leading to a normalization of industry growth [2] - Mindray Medical's 2025 semi-annual report shows international business revenue reached 8.332 billion yuan, accounting for 50% of total revenue, indicating a balanced domestic and international market presence [2] - The company's in vitro diagnostic (IVD) business generated revenue of 6.424 billion yuan, with international IVD business experiencing double-digit growth and international chemiluminescence business growing over 20% [2] Group 1: International Expansion and Market Performance - Mindray Medical has made significant strides in international markets, achieving over 210 high-end customer breakthroughs in the IVD field, including 160 new high-end clients and 50 existing clients expanding their product lines [3] - The company has successfully established partnerships with major healthcare institutions in various countries, such as Spain, Italy, South Korea, and Turkey, showcasing its ability to compete effectively in local markets [3][4] - In Romania, Mindray's technology has improved clinical efficiency by reducing sample testing time by 30%, further establishing its competitive edge in the international laboratory automation sector [5] Group 2: Market Potential and Growth Drivers - The global medical device market is projected to grow from $623 billion in 2024 to over $869 billion by 2030, with the IVD sector expected to grow faster than the industry average due to factors like aging populations and rising chronic disease rates [6] - Developing markets, particularly in Southeast Asia and Latin America, present significant opportunities for Mindray, as these regions are experiencing rapid improvements in healthcare infrastructure and demand for mid-to-high-end IVD equipment is growing over 10% annually [6] - Mindray's current global market share is less than 5%, indicating substantial room for growth, especially in developing countries where it could achieve annual growth rates of 15% to 20% in the next 3 to 5 years [6] Group 3: Policy Support and Domestic Market Dynamics - The National Medical Products Administration has introduced measures to support high-end medical device companies in expanding internationally, aligning with the government's goal of increasing medical device investment by 25% by 2027 [7] - In the domestic market, Mindray's ultrasound equipment has seen explosive growth, with cumulative winning bids reaching 1.742 billion yuan in the first five months of 2025, a 116% year-on-year increase [7] - Mindray's average market share in core IVD sectors remains low at 10%, while international brands dominate the high-end market with over 70% share, indicating significant potential for domestic expansion [7] Group 4: Strategic Acquisitions and Innovation - Mindray's global strategy relies on both independent innovation and strategic acquisitions, with acquisitions serving as a key accelerator for entering high-end markets and overcoming technological barriers [8] - The acquisition of HyTest Ltd. has enabled Mindray to gain control over critical raw materials for chemiluminescence, significantly enhancing the performance of its diagnostic reagents [9] - The acquisition of DiaSys has facilitated Mindray's localization efforts in Europe, with 40% of its European IVD revenue coming from locally produced products, driving growth in the region [10][11] Group 5: Future Outlook and Strategic Direction - Mindray aims to leverage its platform advantages and continue focusing on independent research and development while exploring external acquisition opportunities to enhance its core technology and supply chain stability [12] - The company's development trajectory reflects the broader trend of Chinese enterprises expanding globally, contributing to the global medical device landscape with innovative solutions [12]