Mindray(300760) 新浪财经·2025-05-07 08:44Core 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]