Mindray(300760) 西南证券·2024-11-07 04:25Investment 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]