Mindray(300760) 东吴证券·2025-04-29 11:22Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is experiencing short-term pressure but is expected to improve gradually quarter by quarter [1] - In 2024, the company achieved total revenue of 36.726 billion yuan, a year-on-year increase of 5.14%, and a net profit attributable to shareholders of 11.668 billion yuan, a year-on-year increase of 0.74% [7] - The company anticipates a turning point in 2025, despite short-term challenges in the domestic market [7] Financial Performance Summary - Total revenue projections for the company are as follows: 39.369 billion yuan in 2025, 45.061 billion yuan in 2026, and 52.403 billion yuan in 2027, with respective year-on-year growth rates of 7.20%, 14.46%, and 16.29% [1] - Net profit attributable to shareholders is projected to be 11.960 billion yuan in 2025, 13.131 billion yuan in 2026, and 15.280 billion yuan in 2027, with year-on-year growth rates of 2.50%, 9.79%, and 16.37% [1] - The latest diluted EPS is expected to be 9.86 yuan in 2025, 10.83 yuan in 2026, and 12.60 yuan in 2027 [1] Business Segment Performance - The Life Information and Support business generated revenue of 13.557 billion yuan in 2024, a decrease of 11.11% year-on-year, while the International Life Information and Support business saw double-digit growth [7] - The In Vitro Diagnostics (IVD) business achieved revenue of 13.765 billion yuan, a year-on-year increase of 10.82%, marking its first time exceeding the Life Information and Support business in revenue [7] - The Medical Imaging segment generated revenue of 7.498 billion yuan, with international business growth exceeding 15% [7] - The Electrophysiology and Vascular Intervention segment generated revenue of 1.439 billion yuan, with the acquisition of control over Huitai Medical to enhance cardiovascular segment capabilities [7] Innovation and Growth Drivers - The company launched several innovative products in 2024, including advanced medical systems and AI-driven solutions to improve patient care and operational efficiency [7] - The company maintains a strong competitive position due to its diverse product lines and continuous innovation [7]