In the latest month as of August 27, data from the choice system shows that Mindray Medical received 27 buy ratings and 4 overweight ratings. Of course, the core are two words "buy". At the same time, he also received surveys from 476 institutions and became the runner-up in the monthly survey, second only to Rongbai Technology, which ranked first among all A shares .
Brokerages are collectively enthusiastic about Mindray Medical because of its super performance in new medical infrastructure and globalization. The research report contains such keywords: three main businesses go hand in hand, steady performance growth, continued support from new medical infrastructure, and international high-end The market is accelerating its breakthrough...
In the A-share market, where institutional investors continue to dominate pricing, the more stocks covered by brokerage research reports, generally means the higher the investment value. If there is no profit, you can’t start early. Brokerage analysts invest time and energy to find value stocks and make investment references for investors such as institutions. According to
's latest semi-annual report, Mindray Medical has been deeply involved in the new domestic medical infrastructure, and has also closely followed overseas medical needs to make up for its shortcomings. It has continued to break through high-end customer groups and achieved steady growth in performance. According to the core data of
, in the first half of the year, Mindray Medical’s revenue was 15.36 billion yuan, a year-on-year increase of 20.2%; the net profit attributable to the parent company was 5.29 billion yuan, a year-on-year increase of 21.7%, and after non-discounting, it was 5.25 billion yuan, a year-on-year increase of 21.8%.
(Picture note: Mindray Medical performance data, pictures come from official information)
Since the 2018 annual report, Mindray Medical’s annual revenue and net profit growth rates have all been above 20%. Such stable growth performance is rare in any industry in any capital market in the world.
Looking at the domestic medical device market, there are few companies that have crossed the cycle like Mindray Medical. They can not only persevere and thrive in the "poor and white" environment, but also seize opportunities and ride the wind in the industry. .
Looking forward to the future, whether it is the new domestic medical infrastructure or the global medical shortcomings, it shows the vast space and high prosperity of the medical device industry. Among them, companies with real hard power are expected to benefit in the long term.
Mindray Medical is moving forward with a sword, and has set the goal of entering the top 20 global medical devices in 5-10 years. After achieving the goal of entering the top 20 in the world, the company also has the goal of breaking through the top 10.
New domestic medical infrastructure: Steady growth of more than 20% in three major businesses
"Drinking alcohol and taking medicine" was once a popular trend in A-shares. The pharmaceutical and liquor industries have also seen a number of big bull stocks. For example, liquor companies have gone out of Kweichow Moutai and Wuliangye ; medicine has gone out of Hengrui Medicine , WuXi AppTec , Mindray Medical, etc.
In the past two years, investors have been worried about the public welfare and centralized procurement of the pharmaceutical industry. CXO (pharmaceutical outsourcing) and innovative drugs have stalled, and the market has turned its attention to a certain track - new medical infrastructure.
Starting from 2020, the construction of new medical infrastructure projects is in full swing, showing four major characteristics:
First, it is policy-driven. The National Development and Reform Commission, the National Health Commission and others issued the "Implementation Plan for the Construction of a High-Quality and Efficient Medical and Health Service System during the "14th Five-Year Plan"" and the "Thousand County Project" County Hospital Comprehensive Capacity Improvement Plan (2021-2025)", etc. to guide and promote new medical technologies. Infrastructure.
Second, the pace is accelerating. Data from Orient Securities shows that from 2020 to 2021, the number of domestic hospital construction projects of various types increased by 43.3% and 29.1% year-on-year respectively; in the first five months of 2022, a total of 337 projects were approved, a year-on-year increase of 54.6%.
The third is domestic expansion. The "14th Five-Year Plan for the Development of the Medical Equipment Industry" jointly issued by 10 departments including the National Development and Reform Commission, the Ministry of Science and Technology, and the Ministry of Finance pointed out that we will adhere to self-reliance and self-reliance, strive to break through bottlenecks in technical equipment, accelerate the completion of shortcomings in high-end medical equipment, and actively promote the industry. develops with high quality.
In May 2022, Anhui Provincial Department of Finance and other departments issued the "Notice on Regulating Matters Related to Government Procurement of Imported Products by Public Medical Institutions", clarifying that starting from June 1 this year, public medical institutions are not allowed to purchase imported products without approval.
Data from iResearch Research Institute shows that about one-third of domestic medical device categories have a domestic production rate of less than 50%, including ultrasound, CT and other medical equipment, high-value consumables such as balloons and staplers, and IVD (in vitro diagnostic products) Entering the golden period of domestic expansion.
fourth is the vast space. New medical infrastructure will be the main theme of the medical and health service system during the "14th Five-Year Plan" period. Orient Securities estimates based on relevant documents that during the "14th Five-Year Plan" period, the central budget investment in medical and health service construction alone will exceed 130 billion yuan, and pointed out that in the actual construction investment process, the central budget generally accounts for about 10% of project investment.
Big water raises big fish. The vast space for new medical infrastructure will fully benefit Mindray Medical, which is deeply involved in it.
In the first half of the year, Mindray Medical’s domestic market revenue achieved a rapid growth of 21.8%. Looking at business segments, Mindray Medical is not “specialist”: the domestic “troika” of life information and support, in vitro diagnostics and medical imaging all grew by more than 20%.
(Picture note: Mindray Medical’s R&D results in the first half of the year, the picture comes from official information)
In terms of domestic market layout, Mindray Medical’s products cover nearly 110,000 medical institutions and more than 99% of tertiary hospitals , and the product penetration rate has been further improved. Some business products lead the world.
As of the end of June 2022, the market space to be released by new medical infrastructure will exceed 22 billion yuan. Mindray Medical has promising growth prospects with its strong product competitiveness, complete hospital-level overall solutions and "Three Rui" ecological IT solutions .
(Picture note: Mindray Medical's "Ruizhilian IT Solution", the picture comes from official information)
Opportunities will always favor those who are prepared, to be precise, those who are capable. Behind the growth of Mindray Medical lies the hard power built up by insisting on innovative research and development for more than 30 years. It is also a typical example of the rise of China's intelligent manufacturing.
In the domestic market, Mindray Medical is firmly the leader. In the global market, Mindray Medical also has the strength to compete with international giants.
Global Medical Complements Weaknesses: International high-end customers quickly break through
to participate in global competition. For entrepreneurs, it is the courage to be enterprising and daring to take on responsibilities. For enterprises, it is the inevitable path to break through, catch up and surpass.
Mindray Medical's globalization is not simply about external sales and exporting products, but the establishment of a global supply chain system to achieve global manufacturing, global marketing, global R&D and global services.
(Picture note: Mindray Medical Global R&D Network, pictures from official information)
In the first half of the year, Mindray Medical achieved more than 400 new high-end customers in the international market, and nearly 400 existing high-end customers achieved horizontal breakthroughs. In 2021, Mindray Medical has gained more than 700 new high-end customers.
As of the end of June 2022, Mindray Medical has subsidiaries in about 40 overseas countries, and its products are exported to more than 190 countries and regions. Mindray Medical has also become a long-term partner of leading medical institutions in the United States, Britain, Italy, Germany, France and other countries. In terms of
performance, revenue in the international market increased by 17.7% in the first half of the year, with growth of nearly 30% in the second quarter. Benefiting from the complete recovery of international regular business, International In Vitro Diagnostics and Medical Imaging grew by nearly 60% and nearly 25% respectively in the first half of the year. International Life Information and Support also returned to a growth rate of nearly 20% in the second quarter.
In addition to the three major business lines, in the first half of the year, the two major seed businesses of AED and minimally invasive surgery also grew rapidly, of which the minimally invasive surgery business more than doubled; AED has sales in the UK, France, the Netherlands, , Italy, Norway. European countries such as have achieved large-scale installations.
In the past few decades, the global high-end medical device market has been monopolized by international giants such as Medtronic, Siemens , Philips , Johnson & Johnson , and there are many experts in developed countries in Europe and the United States.
Today, the key to Mindray Medical being able to compete with top players in the global market lies in its continuous patent innovation and technological upgrading, which are required courses for establishing a global supply chain system.
html For more than 0 years, Mindray has insisted on investing about 10% of its revenue in research and development every year. In the first half of 2022, it invested 1.46 billion yuan in research and development, a year-on-year increase of 25%.(Picture note: Mindray Medical R&D investment data, the picture comes from official information)
Despite the investment, there are results, and Mindray Medical’s warehouse is full and profitable. As of the end of June 2022, Mindray Medical has applied for a total of 7,955 patents, including 5,708 invention patents; a total of 3,797 authorized patents, including 1,801 invention patents. The
patent represents the hard power of technological innovation and is the support for Mindray Medical to enter the top 20 in the world. According to data from
iResearch Research Institute, the global medical device industry market size will be 3,499.8 billion yuan in 2020, a year-on-year increase of 4.6%. It is expected to reach 4,188.5 billion yuan by 2025, with a compound growth rate of 4.5% from 2014 to 2020.
Domestically, the medical device market size in 2020 is approximately 811.8 billion yuan, a year-on-year increase of 15.5%, which is nearly 4 times the global medical device growth rate. It is expected that the total market size will be close to one trillion yuan in 2021, and will remain rapid in the future. Expansion situation. According to
data, the global market space is vast, and the focus of the global market is China, and the focus of the Chinese market is Mindray.
Currently, Mindray Medical has deployed three major production lines and four high-potential businesses, with corresponding domestic and international accessible market spaces of 120 billion yuan and 710 billion yuan respectively, and its domestic and international revenue in 2021 will be approximately It is 15.3 billion yuan and 10 billion yuan.
With the global development of Mindray Medical, in the future, it is expected that "the sea is as wide as a fish can leap, and the sky is as high as a bird can fly." With the rapid growth in recent years, Mindray Medical is getting closer and closer to its goal of becoming one of the top 20 companies in the world.
The "Top 100 Medical Device Companies List" released by QMED, an authoritative foreign third-party website, shows that in 2019 and 2020, the list of giants has not changed much, and the performance growth rate has slowed down. Mindray Medical's revenue in 2019 ranked 34th. With continued high growth in the past two years, its ranking will become higher and higher.
Standing in the further future, Mindray Medical has a broad market space and has technological hard power comparable to that of international giants, creating realistic conditions for steady performance growth. In the eyes of brokerage analysts, companies like Mindray Medical have profound investment value.
The market is a voting machine in the short term and a weighing machine in the long term. Mindray Medical's performance is growing steadily. We will wait and see whether the future valuation will be verified by the buying and holding calls of securities analysts.
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