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（ [Table_StockNameRptType] 300760） 公司点评 海外市场支撑业绩增长，IVD 成为公司第一大业务 | 投资评级：买入（维持） [Table_Rank] | | | | --- | --- | --- | | 报告日期： | 2025-05-07 | | | [Table_BaseData] 收盘价（元） | | 220.24 | | 近 12 个月最高/最低（元） | | 351.60/ | | | | 206.80 | | 总股本（百万股） | 1,212 | | | 流通股本（百万股） | | 1,212 | | 流通股比例（%） | | 100.00 | | 总市值（亿元） | | 2,670 | | 流通市值（亿元） | | 2,670 | [公司价格与沪深 Table_Chart] 300 走势比较 -40% -24% -7% 10% 26% 5/24 8/24 11/24 2/25 迈瑞医疗 沪深300 [Table_Author] 分析师：谭国超 执业证书号：S0010521120002 邮箱：tangc@hazq.com 分析师：李婵 执业证书号：S00 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 36.726 billion yuan in 2024, a year-on-year increase of 5.14%, and a net profit attributable to shareholders of 11.668 billion yuan, up 0.74% year-on-year. In Q1 2025, the company achieved a revenue of 8.237 billion yuan, down 12.12% year-on-year, and a net profit of 2.629 billion yuan, down 16.81% year-on-year [4][5] - Domestic growth is under pressure, while the overseas market continues to show high growth. In 2024, domestic revenue was approximately 20.29 billion yuan, accounting for about 55.3% of total revenue, down 5.1% year-on-year. Conversely, overseas revenue was about 16.43 billion yuan, accounting for approximately 44.7%, with a year-on-year growth of about 21.3% [5][6] - The in-vitro diagnostics (IVD) segment has become the company's largest business, generating revenue of 13.765 billion yuan in 2024, a year-on-year increase of 10.82%. The international IVD business grew over 30% year-on-year [7][8] Summary by Sections Financial Performance - In 2024, the company achieved a total revenue of 36.726 billion yuan, with a year-on-year growth of 5.14%. The net profit attributable to shareholders was 11.668 billion yuan, reflecting a 0.74% increase year-on-year. For Q1 2025, revenue was 8.237 billion yuan, down 12.12% year-on-year, and net profit was 2.629 billion yuan, down 16.81% year-on-year [4][5][11] Market Dynamics - Domestic revenue faced a decline due to weak hospital equipment procurement and the impact of DRG 2.0. However, recovery is expected in the domestic market by Q3 2025 due to easing fiscal constraints and the initiation of medical equipment upgrade projects [5][6] - The overseas market showed robust growth, particularly in the Asia-Pacific region, which grew nearly 40% year-on-year, and Europe, which rebounded with over 30% growth [5][6] Business Transformation - The company is accelerating its transition to a more streamlined business model, with IVD becoming the primary revenue driver. The installation of laboratory automation systems and high-speed chemical luminescence instruments has been significant, with nearly 190 systems installed in 2024 [7][8] - The company has established localized production projects in 13 countries, enhancing its international market penetration and supporting growth in the IVD segment [8][9] Future Outlook - Revenue projections for 2025-2027 are 40.928 billion yuan, 48.212 billion yuan, and 56.881 billion yuan, with expected year-on-year growth rates of 11.4%, 17.8%, and 18.0%, respectively. Net profit is projected to reach 13.203 billion yuan, 15.688 billion yuan, and 18.629 billion yuan during the same period [9][11]

Investment Rating - The investment rating for Mindray Medical (300760) is not explicitly stated in the provided documents, but the analysis suggests a positive outlook based on growth in international markets and product advancements [1][2]. Core Insights - The report highlights that Mindray Medical achieved a revenue of 36.726 billion yuan in 2024, representing a year-over-year growth of 5.14%. The net profit attributable to the parent company was 11.668 billion yuan, with a slight increase of 0.74% [1]. - The domestic market faced challenges due to weak hospital procurement demand, while international markets benefited from localization efforts and high-end breakthroughs, leading to a 21.28% increase in international revenue [2]. - The IVD (In Vitro Diagnostics) segment remains a key growth driver, with a revenue increase of 10.82% in 2024, and significant international growth exceeding 30% [2][3]. Summary by Sections Financial Performance - In 2024, Mindray Medical's total revenue was 36.726 billion yuan, with a net profit of 11.668 billion yuan. The first quarter of 2025 saw a revenue of 8.237 billion yuan, down 12.12% year-over-year, and a net profit of 2.629 billion yuan, down 16.81% [1][2]. - The projected revenues for 2025-2027 are 40.422 billion yuan, 45.799 billion yuan, and 52.473 billion yuan, with corresponding growth rates of 10.1%, 13.3%, and 14.6% [5]. Business Segments - The IVD business generated 13.765 billion yuan in 2024, marking a 10.82% increase and solidifying its position as the largest business segment. International IVD revenue grew over 30% [2][3]. - The medical imaging segment achieved a revenue of 7.498 billion yuan in 2024, with international growth exceeding 15% [2]. - The life information and support segment faced a decline of 11.11% in revenue, but international markets showed double-digit growth due to high-end customer breakthroughs [2]. Market Dynamics - The report indicates that the domestic market is under pressure, but the international market is thriving due to localization and high-end product breakthroughs, with Asia-Pacific and European regions showing growth rates of 40% and 30%, respectively [2]. - The integration of AI technology across all business lines is expected to enhance competitiveness and market share, with significant advancements in IVD, medical imaging, and life information segments [2][3].

Core Viewpoint - The company reported a revenue of 36.7 billion yuan for 2024, reflecting a year-on-year increase of 5.14%, while the net profit attributable to shareholders was 11.7 billion yuan, up 0.74% year-on-year. However, the first quarter of 2025 saw a decline in revenue and net profit compared to the previous year [1][2]. Revenue Performance - In 2024, the company achieved a total revenue of 36.7 billion yuan, with a year-on-year growth of 5.14%, and a net profit of 11.7 billion yuan, which is a slight increase of 0.74% year-on-year [1][2]. - The revenue breakdown shows that the life information and support products generated 13.6 billion yuan (down 11.11% year-on-year), while the in-vitro diagnostics segment brought in 13.8 billion yuan (up 10.82% year-on-year), and the medical imaging segment contributed 7.5 billion yuan (up 6.60% year-on-year) [2]. - Domestic revenue was 20.3 billion yuan (down 5.10% year-on-year), while overseas revenue reached 16.4 billion yuan (up 21.28% year-on-year), indicating strong growth from international markets [2]. Profitability and Cost Structure - The company's gross margin for 2024 was 63.11%, a decrease of 3.05 percentage points year-on-year, and the net profit margin was 31.97%, down 1.18 percentage points year-on-year [3]. - The operating expense ratio was 27.63%, a slight decrease of 0.43 percentage points year-on-year, with the sales expense ratio at 14.38% (down 1.94 percentage points), management expense ratio at 4.36% (stable), and financial expense ratio at -1.09% (up 1.36 percentage points) [3]. - The R&D expense ratio was 9.98%, an increase of 0.16 percentage points year-on-year, highlighting the company's commitment to innovation [3]. Future Outlook - The company expects revenues for 2025, 2026, and 2027 to be 41.01 billion yuan, 46.23 billion yuan, and 52.16 billion yuan, respectively, with year-on-year growth rates of 11.65%, 12.75%, and 12.81% [4]. - The net profit projections for the same years are 12.99 billion yuan, 14.95 billion yuan, and 16.94 billion yuan, with growth rates of 11.31%, 15.10%, and 13.32% [4]. - Earnings per share (EPS) are forecasted to be 10.71 yuan, 12.33 yuan, and 13.97 yuan for the years 2025, 2026, and 2027, respectively [5].

Investment Rating - The investment rating for the company is "Buy-A" with a 6-month target price of 263.83 CNY [4][10]. Core Views - The company reported a revenue of 36.726 billion CNY in 2024, representing a year-on-year growth of 5.14%, while the net profit attributable to shareholders was 11.668 billion CNY, a growth of 0.74% [1]. - The first quarter of 2025 showed a revenue of 8.237 billion CNY, a year-on-year decline of 12.12% but a quarter-on-quarter increase of 13.76% [1]. - The recovery in bidding activities since the end of 2024 is expected to gradually improve the company's performance [2]. - The company is positioned as a leader in industry digitalization, leveraging AI to enhance business expansion and innovate its business model [4][9]. Financial Performance Summary - In 2024, the company's revenue from life information and support business was 13.557 billion CNY, down 11.11% year-on-year, while the minimally invasive surgery segment grew over 30% [3]. - The in-vitro diagnostics business generated 13.765 billion CNY in 2024, marking a year-on-year increase of 10.82% [3]. - The medical imaging business achieved a revenue of 7.498 billion CNY in 2024, with international sales growing over 15% [3]. - The company expects revenue growth rates of 10.5%, 15.5%, and 14.6% for 2025 to 2027, respectively, with net profit growth rates of 9.7%, 15.3%, and 15.0% [10].

Investment Rating - The investment rating for the company is "Buy-A" with a 6-month target price of 263.83 CNY [4][10]. Core Views - The company reported a revenue of 36.726 billion CNY in 2024, a year-on-year increase of 5.14%, and a net profit of 11.668 billion CNY, up 0.74% year-on-year [1]. - The first quarter of 2025 showed a revenue of 8.237 billion CNY, a year-on-year decrease of 12.12%, but a quarter-on-quarter increase of 13.76% [1]. - The recovery in bidding activities since the end of 2024 is expected to gradually improve the company's performance [2]. - The company is positioned as a leader in industry digitization, leveraging AI to enhance business expansion and innovate its business model [4][9]. Financial Performance Summary - In 2024, the company's revenue from life information and support business was 13.557 billion CNY, a decrease of 11.11%, while the minimally invasive surgery segment grew over 30% [3]. - The in-vitro diagnostics business generated 13.765 billion CNY in 2024, marking a year-on-year growth of 10.82% [3]. - The medical imaging business achieved a revenue of 7.498 billion CNY in 2024, with a growth of 6.60% year-on-year [3]. - The company expects revenue growth rates of 10.5%, 15.5%, and 14.6% for 2025 to 2027, respectively, with net profit growth rates of 9.7%, 15.3%, and 15.0% [10].

证券研究报告 | 年报点评报告 gszqdatemark 2025 05 05 年 月 日 迈瑞医疗（300760.SZ） 政策扰动下 25Q1 短期承压，招标恢复趋势下看好业绩逐季改善 迈瑞医疗发布 2024 年度报告。2024 年公司实现营业收入 367.26 亿元，同比增长 5.14%；归母净利润 116.68 亿元，同比增长 0.74%；扣非后归母净利润 114.42 亿元， 同比增长 0.07%。分季度看，2024Q4 实现营业收入 72.41 亿元，同比下滑 5.08%；归 母净利润 10.31 亿元，同比下滑 40.99%；扣非后归母净利润 10.05 亿元，同比下滑 42.49%。 迈瑞医疗发布 2025 年度一季报。2025Q1 公司实现营业收入 82.37 亿元，同比下滑 12.12%；归母净利润 26.29 亿元，同比下滑 16.81%；扣非后归母净利润 25.31 亿元， 同比下滑 16.68%。 观点：2024 年体外诊断业务稳健增长，高端超声 A20 放量驱动医学影像板块增长， 种子业务蓄势待发，多产品线各放异彩。2025Q1 业绩阶段性承压，主要系国内政策 扰动及海外同期高基数影 ...

迈瑞医疗（300760.SZ） 政策扰动下 25Q1 短期承压，招标恢复趋势下看好业绩逐季改善 迈瑞医疗发布 2024 年度报告。2024 年公司实现营业收入 367.26 亿元，同比增长 5.14%；归母净利润 116.68 亿元，同比增长 0.74%；扣非后归母净利润 114.42 亿元， 同比增长 0.07%。分季度看，2024Q4 实现营业收入 72.41 亿元，同比下滑 5.08%；归 母净利润 10.31 亿元，同比下滑 40.99%；扣非后归母净利润 10.05 亿元，同比下滑 42.49%。 迈瑞医疗发布 2025 年度一季报。2025Q1 公司实现营业收入 82.37 亿元，同比下滑 12.12%；归母净利润 26.29 亿元，同比下滑 16.81%；扣非后归母净利润 25.31 亿元， 同比下滑 16.68%。 观点：2024 年体外诊断业务稳健增长，高端超声 A20 放量驱动医学影像板块增长， 种子业务蓄势待发，多产品线各放异彩。2025Q1 业绩阶段性承压，主要系国内政策 扰动及海外同期高基数影响，预计 2025Q3 迎来重大拐点。海外收入占比持续提升， 高端客户群不断突破，奠定长远增 ...

事件： 受地方财政、医疗专项债资金紧张以及常规招标延迟等影响，2024 年国内营收202.9 亿元（-5.1%）， 25Q1 起财政支持规模快速增长，招标持续恢复，但考虑到收入确认周期因素，国内业务持续承压，有 望从25Q3 恢复正增长；海外市场持续拓展，2024 年营收164.34 元（+21.3%），占比增至45%左右，其 中亚太区增长亮眼、近40%，欧洲实现超30%的反弹式增长，25Q1 海外业务持续增长、占比提升至约 47%，本地化建设+出海产品矩阵高端化升级赋能国际业务稳健增长。 2. 体外诊断、微创外科引领增长，产品结构高端升级驱动国内外高端客户突破。2024 年，1）IVD 板块 营收137.6 亿元（+10.8%），国内受DRG2.0 落地、集采降价等影响，同时也借力集采加速国产替代， 公司发光跃居国内第三、生化占比超15%，海外市场协同本地化布局和DiaSys 整合，持续突破大样本量 客户，实现超30%增长；2）医学影像营收75 亿元（+6.6%），国内受益于超高端Resona A20 放量、高 端及超高端贡献六成收入，公司市占率提升至超30%，海外市场主要仍以中低端为主、市占率较低，随 着 ...