Mindray(SZ:300760)2026-01-05 15:42Summary of Key Points from the Conference Call on Medical Devices and Brain-Computer Interfaces Industry Overview - The medical device sector is expected to see improvements in bidding processes in 2025, leading to stable or accelerated revenue growth for leading companies like United Imaging and Mindray in 2026. The new equipment update projects are set to be implemented in Q3 2025, suggesting a "front low, back high" growth pattern for next year's performance [1][2][3]. - The high-value consumables sector is anticipated to recover in valuation and performance due to optimized procurement policies, although the timing of performance turning points may vary among companies [1][3]. - The IVD (in vitro diagnostics) sector is expected to see a reduction in the impact of procurement policies by 2026, with companies like Mindray, New Industries, and United Imaging benefiting from enhanced product competitiveness and international market expansion [1][3]. Key Companies and Their Prospects - Mindray Medical: Currently at a long-cycle turning point, with positive revenue growth expected to continue. The company is transitioning from a device-centric model to focus more on IVD and other business lines, aiming to increase its overseas market share from over 40% to nearly 60% [1][7][8]. - New Industries: The company has seen its overseas business share rise to over 40%, maintaining a growth rate of 25%-30% annually, with a projected growth rate of 20%-25% for 2025. The gross margin for overseas revenue is also improving, from 50% in 2023 to 68% in the first half of 2025 [2][9]. - Huatai Medical: Expected to achieve significant revenue and net profit growth in 2026, particularly in its electrophysiology business, which is projected to see a substantial increase in procedure volumes due to procurement policy changes [1][14]. Investment Opportunities in Brain-Computer Interfaces (BCI) - The BCI sector is gaining traction as a significant investment area, with companies like Neuralink conducting clinical trials and advancing their technology. Domestic firms such as Xiangyu Medical and Sanbo Neuroscience are expected to accelerate their clinical trials and achieve more results in 2026 [2][4][18]. - Notable companies in the BCI field include Micron Medical, which has established a brain-machine research institute and reported a revenue of 760 million CNY in 2024, and New Wei Medical, which has turned profitable and is expected to see significant profit growth in the coming years [11][20]. Market Characteristics and Trends - The Hong Kong medical device sector is characterized by strong innovation, with many companies reaching a breakeven point and entering a phase of rapid profit release. Companies like MicroPort and MicroPort Robotics are highlighted as long-term investment opportunities [2][12]. - The low-value consumables sector is expected to grow steadily domestically, while international expansion will depend on the progress of domestic companies' overseas production capacity and changes in tariffs [17]. Conclusion - The medical device and BCI sectors are poised for recovery and growth, driven by policy improvements, strategic company adjustments, and international market expansion. Investors are encouraged to focus on companies with strong fundamentals and rapid commercialization processes, such as Mindray, Huatai Medical, and emerging players in the BCI space [2][24].