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迈瑞医疗(300760):24年国内短期承压 海外收入高增长
Xin Lang Cai Jing· 2025-05-07 08:44
Core Insights - The company reported a total revenue of 36.73 billion yuan in 2024, representing a 5.1% increase, and a net profit attributable to shareholders of 11.67 billion yuan, up 0.7% [1] - In Q1 2025, the company experienced a revenue decline of 12.1% to 8.24 billion yuan and a net profit decrease of 16.8% to 2.63 billion yuan [1] - The company’s domestic business faced short-term pressure, while overseas revenue showed significant growth [1] Financial Performance - Quarterly revenue for 2024 was as follows: Q1: 9.37 billion yuan (+12.1%), Q2: 11.16 billion yuan (+10.3%), Q3: 8.95 billion yuan (+1.4%), Q4: 7.24 billion yuan (-5.1%) [1] - Quarterly net profit for 2024 was: Q1: 3.16 billion yuan (+22.9%), Q2: 4.4 billion yuan (+13.7%), Q3: 3.08 billion yuan (-9.3%), Q4: 1.03 billion yuan (-41%) [1] - The gross margin for 2024 was 63.1%, a decrease of 3 percentage points year-on-year due to accounting adjustments [1] Business Segments - The in-vitro diagnostics (IVD) segment achieved revenue of 13.77 billion yuan in 2024, a year-on-year increase of 10.82%, with international IVD business growing over 30% [2] - The life information and support business generated 13.56 billion yuan, a decline of 11.11%, while minimally invasive surgery business grew over 30% [1][2] - The medical imaging segment reported revenue of 7.5 billion yuan, a 6.6% increase, with international medical imaging business growing over 15% [2] Research and Development - The company has filed a total of 11,773 patents, including 8,435 invention patents, and has been granted 5,786 patents, with 2,850 being invention patents [3] - New products launched include advanced systems in life information, IVD, and medical imaging, showcasing continuous investment in R&D [3] Future Outlook - The company forecasts net profits of 13.17 billion yuan, 15.27 billion yuan, and 17.58 billion yuan for 2025 to 2027, with corresponding EPS of 10.86, 12.6, and 14.5 yuan [4] - A valuation of 25 times for 2025 is suggested, leading to a target stock price of 271.5 yuan, maintaining a "buy" rating [4]
迈瑞医疗(300760):25Q1业绩短期承压 看好创新+出海驱动业绩逐季度修复
Xin Lang Cai Jing· 2025-05-02 06:51
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].
迈瑞医疗(300760) - 2025年4月29日投资者关系活动记录表
2025-04-29 01:16
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]