Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase of over 15% compared to the CSI 300 index in the next six months [4][8]. Core Views - The company's international business continues to grow rapidly, benefiting from breakthroughs with high-end strategic clients and large sample laboratories, with international revenue growth exceeding 18% in the first three quarters of 2024 [1][2]. - Domestic business growth has been temporarily constrained due to industry environment impacts, but there is optimism for a rebound as equipment update policies are gradually implemented [1][4]. - The company reported a revenue of 29.485 billion yuan in the first three quarters of 2024, a year-on-year increase of 7.99%, and a net profit of 10.637 billion yuan, up 8.16% year-on-year [1][3]. Financial Summary - Revenue projections for 2024-2026 are 38.052 billion, 44.687 billion, and 52.021 billion yuan, with year-on-year growth rates of 9%, 17%, and 16% respectively [4][5]. - The net profit for the same period is expected to be 13.129 billion, 15.567 billion, and 18.316 billion yuan, reflecting growth rates of 13%, 19%, and 18% respectively [4][5]. - The company's overall net profit margin improved by 0.28 percentage points to 36.30% in the first three quarters of 2024, despite a decline in gross margin due to accounting changes [3][4]. Business Segments - The IVD (In Vitro Diagnostics) business saw revenue growth exceeding 20% year-on-year in the first three quarters of 2024, with international IVD revenue growing over 30% [1][4]. - The medical imaging segment experienced over 10% growth, driven by the launch of high-end ultrasound products [1][4]. - The PMLS (Patient Monitoring and Life Support) business faced a decline of over 10% domestically, but international sales grew by over 10% [1][4].

Investment Rating - The report maintains a "Buy" rating for the company [1][7][10] Core Views - The company has shown a solid performance in its IVD business, with a notable increase in international revenue, while domestic business faces some pressure [4][5] - The company is expected to achieve revenue growth from 394.56 billion yuan in 2024 to 558.68 billion yuan in 2026, with corresponding net profits increasing from 138.21 billion yuan to 188.10 billion yuan [3][8] - The target stock price is set between 331.75 yuan and 398.10 yuan based on a projected P/E ratio of 25-30 times for 2025 [7] Financial Performance Summary - For the first three quarters of 2024, the company achieved revenue of 294.8 billion yuan, a year-on-year increase of 7.8%, and a net profit of 106.4 billion yuan, up 8.2% [3][4] - The company’s Q3 2024 revenue was 89.5 billion yuan, showing a 1.4% year-on-year growth, while net profit decreased by 9.3% [3][4] - R&D investment reached 28.4 billion yuan in the first three quarters of 2024, accounting for 9.6% of revenue, indicating a strong commitment to innovation [5][8] Market and Business Outlook - International revenue grew by 18.3% year-on-year in the first three quarters of 2024, with significant growth in regions like Europe and Latin America [4] - Domestic revenue growth slowed to 1.9% in the first three quarters of 2024, with a 9.7% decline in Q3, primarily due to sluggish public hospital tenders and weak non-essential medical demand [4] - The report anticipates a gradual recovery in the domestic market due to improved tender activities and accelerated issuance of special medical bonds [4]

Investment Rating - The report maintains an "Accumulate" rating for the company [2] Core Views - The company has shown steady performance with a revenue growth of 7.99% and a net profit growth of 8.16% in the first three quarters of 2024 [3] - The slowdown in growth is attributed to multiple external factors affecting the domestic medical device industry, including procurement delays and low non-essential medical demand [4] - The company emphasizes shareholder returns through significant dividend payouts, distributing approximately 2 billion yuan in cash dividends for Q3 2024, which is over 65% of the net profit for the quarter [5] Financial Performance - For the first three quarters of 2024, the company achieved a revenue of 29.485 billion yuan and a net profit of 10.637 billion yuan [3] - The operating cash flow for the first three quarters increased by 42.5% year-on-year, indicating robust performance [5] - The gross margin for the first three quarters was 64.87%, a decrease of 1.25 percentage points year-on-year, while the net margin improved by 0.28 percentage points to 36.30% [4] Regional and Product Performance - International sales grew over 18% in the first three quarters, with Europe and Asia-Pacific markets exceeding 30% growth [6] - The in-vitro diagnostics segment saw growth of over 20%, benefiting from local production and laboratory breakthroughs [6] - The life information and support segment experienced a decline of over 10% domestically, while international sales grew over 10% [6] Future Projections - The revenue forecasts for 2024, 2025, and 2026 have been adjusted to 36.6 billion yuan, 41.36 billion yuan, and 46.24 billion yuan respectively [7] - The net profit forecasts for the same years are revised to 12.524 billion yuan, 14.76 billion yuan, and 16.964 billion yuan respectively [7]

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company reported a total revenue of 29.49 billion yuan for the first three quarters of 2024, representing an 8% increase year-on-year, with a net profit attributable to shareholders of 10.64 billion yuan, up 8.2% [2] - The third quarter of 2024 faced short-term pressure, but overseas IVD (in vitro diagnostics) business grew rapidly, with international IVD business achieving over 30% growth due to local production and large sample laboratory breakthroughs [3] - The company continues to invest heavily in R&D, focusing on product innovation and upgrades, particularly in high-end fields, and has launched multiple scenario solutions within its "Rui Zhi Lian" ecosystem [4] Financial Summary - For 2024, the company expects net profits of 13.21 billion yuan, 15.52 billion yuan, and 18.44 billion yuan for the years 2024, 2025, and 2026 respectively, with corresponding EPS of 10.9, 12.8, and 15.21 yuan [4] - The projected revenue for 2024 is 38.03 billion yuan, with a growth rate of 8.86%, and the net profit growth rate is expected to be 14.08% [4] - The company reported a significant increase in operating cash flow, with a net cash flow of 11.07 billion yuan, up 42.5% [2] Business Segments - The international IVD business saw over 30% growth, while the domestic market for chemical luminescence, biochemistry, and coagulation businesses steadily increased market share [3] - The medical imaging business achieved over 10% growth, primarily due to the launch of the high-end full-body ultrasound device Resona A20 [3] - The life information and support business experienced a decline of over 10%, with international markets showing growth due to ongoing cooperation with high-end strategic customers [3]

证券代码：300760 证券简称：迈瑞医疗 公告编号：2024-050 深圳迈瑞生物医疗电子股份有限公司 关于控股股东部分股份质押和解除质押的公告 | 股东名称 | 是否为控股 股东或第一 大股东及其 | 本次解除质 | 占其所持股 | 占公司总股 | | | | 解除日期 | 质权人 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 一致行动人 | 押股份数量 （股） | 份比例 | 本比例 | 起始日 | | | | | | Magnifice （HK） | 是 | 7,850,000 | 2.64% | 0.65% | 2024 月 22 | 年 3 日 | 2024 月 | 年 11 5 日 | 招商银行股 份有限公司 纽约分行 | | | | 1,200,000 | 0.40% | 0.10% | 2023 月 6 | 年 1 日 | 2024 月 | 年 11 5 日 | 平安银行股 份有限公司 | | | | | | | | | | | 深圳分行 | | 合计 | | 9,050,000 | 3.05% | 0 ...

[Table_MainInfo] 公司研究/医药与健康护理/医疗保健设备与用品 证券研究报告 迈瑞医疗（300760）公司季报点评 2024 年 11 月 05 日 [Table_InvestInfo] 投资评级 优于大市 维持 | --- | --- | |-------------------------------------------------------|---------------| | 股票数据 | | | 11 [ Table_StockInfo 月 05 日收盘价（元） ] | 278.91 | | 52 周股价波动（元） | 221.66-351.60 | | 总股本 / 流通 A 股（百万股） | 1212/1212 | | 总市值 / 流通市值（百万元） | 338162/338162 | | 相关研究 | | | [Table_ReportInfo] 《高分红、强投入，公司稳健前行》 | 2024.05.10 | | 《归母净利润稳健增长，国际市场环比加速》 | | | 2023.12.25 | | 市场表现 [Table_QuoteInfo] -25.71% -16.71% ...

证 券 研 究 报 告 迈瑞医疗（300760）2024 年三季报点评 推荐（维持） 国际市场持续发力，IVD 业务增速领跑 目标价：329 元 当前价：271.08 元 事项： ❖ 公司发布 24 年三季报，前三季度营业收入 294.8 亿元（+8.0%）；归母净利润 106.4 亿元（+8.2%），剔除汇兑损益影响后的增速为 11.0%。单 Q3 营业收入 89.5 亿元（+1.4%），归母净利润 30.8 亿元（-9.3%），单 Q3 归母净利率 34.4%， 仍高于 2023 全年净利率水平。 评论： ❖ 国际市场持续发力，国内市场暂承压。分区域看，2024Q1-3 国际市场收入 120.2 亿元（+18.3%），其中欧洲和亚太市场增长均超过了 30%，单 Q3 国际市场收 入同比增长 18.6%。2024Q1-3 国内市场收入 174.7 亿元（+1.9%），主要由于医 疗领域整顿和医疗设备更新项目等多因素影响。导致医院采购推迟，同时医院 建设资金紧张和非刚性医疗需求低迷 ❖ IVD 业务增速领跑三大产线，国际 IVD 业务高增长。2024Q1-3，IVD 产线收 入 114.0 亿元（+20.9% ...

迈瑞医疗(300760) 证券研究报告 | 公司点评 | 医疗器械 | --- | --- | |-------------------------------|-------------------------| | | 报告日期:2024年11月04日 | | 国内收入波动,不改长期投资价值 | | 投资要点 □ 业绩表现: 2024Q1-3，收入 294.8 亿元， YOY 8.0%; 归母净利润 106.4 亿元， YOY 8.2%, 别除汇兑损益影响后的增速为 11%; 扣非归母净利润 104.4 亿元, YOY 7.8%｡ 2024Q3,收入 89.5 亿元,YOY 1.4%;归母净利润 30.8 亿元,YOY -9.3%,扣非 归母净利润 30.6亿元，YOY -8.6%。 □ 成长性:国内收入波动,不改长期投资价值 2024Q1-3 业务拆分: 1分区域:国内市场前三季度增长 1.9%,第三李度下滑 9.7%。公立医院招标低 位运行,非刚性医疗需求疲软,使国内市场整体承压。国际市场前三季度增长 18.3%,第三季度增长 18.6%,主要受益于海外高端战略客户和中大样本量实验 室的持续突破,以及 ...

上 市 公 司 证 券 研 究 报 告 医药生物 2024 年 11 月 03 日 迈瑞医疗 (300760) ——国内监护线承压，IVD、海外和新产品持续高增长 | --- | --- | |-----------------------------|-------------------------------| | 市场数据： | 2024 年 11 月 01 日 | | 收盘价（元） | 266.25 | | 一年内最高/最低（元） | 351.60/221.66 | | 市净率 | 8.7 | | 息率（分红/股价） | 3.70 | | 流通 A 股市值（百万元） | 322,812 | | 上证指数/深证成指 | 3,272.01/10,455.50 | | --- | --- | |------------------------------|-------------------------------| | | | | 基础数据 : | 2024 年 09 月 30 日 | | 每股净资产（元） | 30.59 | | 资产负债率 % | 27.06 | | 总股本/流通 A 股（百万） ...

Investment Rating - The report maintains a "Recommended" rating for the company [1][4]. Core Views - The company has shown steady growth in overseas markets while domestic business is affected by demand fluctuations. The report anticipates a recovery in domestic procurement in Q4 2024 [1]. - For the first three quarters of 2024, the company achieved a revenue of 29.485 billion yuan, a year-on-year increase of 7.99%, and a net profit attributable to shareholders of 10.637 billion yuan, up 8.16% [1]. - The international market revenue grew over 18% year-on-year, with Europe and Asia-Pacific markets exceeding 30% growth, driven by high-end strategic clients and large sample laboratories [1]. Summary by Sections Financial Performance - In Q3 2024, the company reported revenue of 8.954 billion yuan, a slight increase of 1.43%, but net profit decreased by 9.31% to 3.076 billion yuan [1]. - The operating cash flow for the first nine months of 2024 was 11.073 billion yuan, reflecting a significant increase of 42.50% [1]. Domestic and International Business - Domestic revenue growth was less than 2% due to delays in procurement and tight hospital funding, but a recovery is expected as equipment update policies take effect [1]. - The company’s in vitro diagnostics segment grew over 20% in the first nine months of 2024, with international market growth exceeding 30% [1]. Product Development and R&D - The company invested approximately 2.843 billion yuan in R&D, accounting for 9.64% of revenue, ensuring continuous breakthroughs in high-end fields [1]. - New product launches in Q3 2024 included 10 chemical luminescence immunoassay reagents and several new medical imaging products [1]. Dividend Policy - The company plans to distribute a cash dividend of 16.50 yuan per 10 shares, with a payout ratio exceeding 65%, raising the total dividend amount to 31.723 billion yuan [4].