> **来源：[研报客](https://pc.yanbaoke.cn)** # Mindray (300760 CH) Summary ## Core Content Mindray, a leading Chinese healthcare technology company, reported its first-quarter 2026 (1Q26) results, showing revenue of RMB8.35bn (+1.4% YoY) and attributable net profit of RMB2.3bn (-11.3% YoY). The results were largely in line with expectations. The company's overseas and emerging markets continued to drive growth, while the domestic business faced near-term challenges due to channel destocking. ## Main Points - **Overseas Business Growth**: - Overseas revenue increased by $15.7\%$ YoY to RMB4.45bn, representing $53\%$ of total revenue in 1Q26. - Europe showed strong growth, with revenue increasing over $25\%$ YoY, driven by rapid penetration into high-end accounts in key markets like the UK, France, Germany, and Italy. - Emerging markets recovered, up $15\%$ YoY, with India and Mexico each growing more than $30\%$ YoY. - IVD, PMLS, and medical imaging segments saw growth of $>20\%$, $15\%$, and $>10\%$ YoY, respectively. - **Domestic Business Performance**: - Domestic revenue declined $11.1\%$ YoY to RMB3.9bn in 1Q26, primarily due to channel destocking in PMLS and MIS. - Domestic CLIA revenue increased by $\sim 10\%$ YoY, despite VBP-related price pressure, due to deeper penetration into large hospital accounts. - Mindray's share in core IVD categories (CLIA, chemistry, coagulation) increased from $10\%$ in 1H25 to $13\%$ in 1Q26. - The MT8000 TLA system completed over 80 installations, supporting reagent pull-through. - Domestic emerging businesses increased over $18\%$ YoY and accounted for $23\%$ of domestic revenue. - **Emerging Businesses**: - Revenue from emerging businesses reached RMB1.4bn in 1Q26, up $18.2\%$ YoY. - IVD and emerging businesses together accounted for nearly $40\%$ of overseas revenue and over $70\%$ of domestic revenue, indicating a shift toward recurring, consumables-based revenue. - **Earnings Forecast**: - The analyst maintains FY26-28E revenue forecasts and derives a target price of RMB204.54 using a 9-year DCF model (WACC: $9.1\%$, terminal growth: $3.0\%$). - The company's FY26E revenue is expected to be RMB35.7bn, with YoY growth of $7.3\%$. - Net profit is forecasted to be RMB8.0bn in FY26E, with a YoY growth of $-1.4\%$. - EPS is expected to reach RMB6.62 in FY26E, with a P/E ratio of 24.3. - **Valuation and Investment Outlook**: - The current price is RMB161.11, with a potential upside of 27.0% to the target price. - The analyst maintains a "BUY" rating for the stock, suggesting a potential return of over 15% over the next 12 months. ## Key Information - **Market Cap**: RMB195,336.4 million - **Average 3-Month Turnover**: RMB1,221.1 million - **52-Week High/Low**: RMB248.24/RMB156.30 - **Total Issued Shares**: 1,212.4 million - **DCF per Share**: RMB204.54 - **Net Debt to Equity Ratio**: $-20,933$ million - **Minority Interest**: RMB5,823 million - **Equity Value**: RMB247,990 million - **Net Profit Margins**: RMB22.48% (FY26E), RMB23.63% (FY27E), RMB24.00% (FY28E) - **Operating Margins**: RMB29.76% (FY26E), RMB30.36% (FY27E), RMB30.80% (FY28E) - **Gross Profit Margins**: RMB59.05% (FY26E), RMB58.95% (FY27E), RMB58.93% (FY28E) - **ROE**: 20.1% (FY26E), 21.1% (FY27E), 21.5% (FY28E) ## Financial Highlights - **Revenue Growth**: - FY24A: 5.1% - FY25A: $-9.4\%$ - FY26E: 7.3% - FY27E: 10.2% - FY28E: 10.5% - **Net Profit Growth**: - FY24A: 0.7% - FY25A: $-30.3\%$ - FY26E: $-1.4\%$ - FY27E: 15.9% - FY28E: 12.2% - **EPS Growth**: - FY24A: RMB6.71 - FY25A: RMB6.62 - FY26E: RMB7.67 - FY27E: RMB8.61 - **P/E Ratio**: - FY24A: 16.7 - FY25A: 24.0 - FY26E: 24.3 - FY27E: 21.0 - FY28E: 18.7 ## Analyst Certification and Ratings - The analyst certifies that the views expressed in the report reflect personal views and are not influenced by compensation. - The analyst confirms no trading in the stock covered in the report within 30 days prior to the report date and will not trade within 3 business days after. - The company is rated "BUY" by CMBIGM, indicating potential return of over 15% over the next 12 months. ## Risk and Disclosure - The report contains risks and is not suitable for all investors. - CMBIGM does not provide individually tailored investment advice. - Past performance does not guarantee future results. - The report is for the use of intended recipients only and may not be reproduced or distributed without consent. ## Important Disclosures - The report is prepared for the purpose of supplying information to clients and is not an offer or solicitation to buy or sell any security. - CMBIGM is not liable for any loss or damage incurred from reliance on the report. - The information is based on publicly available data and is subject to change. - CMBIGM may issue other reports with different conclusions based on different assumptions and analytical methods. - The report may contain conflicts of interest due to CMBIGM's market-making activities. ## Distribution Restrictions - The report is distributed to persons falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 in the UK. - In the US, the report is distributed solely to "major US institutional investors". - In Singapore, the report is distributed by CMBI (Singapore) Pte. Limited (CMBISG), an exempt financial adviser, and is subject to Singapore's Securities and Futures Act.