Mindray(300760) 新浪财经·2025-05-06 02:52Core 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].