Mindray(300760) 国盛证券·2024-11-03 23:08Investment Rating - The report maintains a "Buy" rating for the company [3] Core Views - The overseas market shows strong growth, while domestic revenue is temporarily under pressure due to delays in hospital procurement. However, with the recovery of bidding activities and the acceleration of medical special bond issuance, domestic growth is expected to resume [1] - The IVD business leads growth, with continuous high-end upgrades in ultrasound structures and an increase in market share across three major segments. The company has also announced a second dividend distribution this year, emphasizing its commitment to shareholder returns [1] Financial Performance Summary - For Q1-Q3 2024, the company achieved revenue of 29.485 billion yuan, a year-on-year increase of 7.99%, and a net profit of 10.637 billion yuan, up 8.16% year-on-year. In Q3 alone, revenue was 8.954 billion yuan, a 1.43% increase year-on-year, while net profit decreased by 9.31% [1] - The overseas revenue for Q1-Q3 grew by 18.3%, with Q3 alone seeing an 18.6% increase, driven by breakthroughs in high-end strategic customers and seed businesses [1] - Domestic revenue for Q1-Q3 grew by 1.9%, but Q3 saw a decline of 9.7% due to industry restructuring and delays in procurement [1] Business Segment Performance - The IVD segment saw a year-on-year growth of 20.9% in Q1-Q3, with its revenue share reaching 39%, surpassing the life information and support segment. The chemical luminescence business grew by over 20% [1] - The medical imaging segment reported an 11.4% growth in ultrasound imaging revenue for Q1-Q3, with both overseas and domestic revenues increasing by over 10% [1] - The life information and support segment experienced an 11.7% decline in Q1-Q3, with overseas markets growing over 10% while domestic markets faced a decline of over 20% due to procurement delays [1] Research and Development - The company places a strong emphasis on R&D innovation, launching several new products across its three major product lines in Q3 2024 [1] Dividend Distribution - The company announced a second interim profit distribution plan for 2024, distributing a cash dividend of 16.50 yuan per 10 shares, totaling 2.001 billion yuan, bringing the cumulative dividend total to 31.723 billion yuan [1] Profit Forecast and Investment Advice - Revenue forecasts for 2024-2026 are 39.429 billion yuan, 47.234 billion yuan, and 56.621 billion yuan, with year-on-year growth rates of 12.9%, 19.8%, and 19.9% respectively. Net profit forecasts are 13.151 billion yuan, 15.881 billion yuan, and 19.232 billion yuan, with corresponding growth rates of 13.5%, 20.8%, and 21.1% [2][1]