海外力量抵消国内软弱

Mindray (300760 CH) Overseasstrengthoffsetsdomesticsoftness Target PriceRMB249.21(Previous TPRMB279.70)Up/Downside15.0%Current PriceRMB216.69 Mindray reported 9M25 revenue of RMB25.8bn, downby12.4% YoY.Revenuein 3Q25reached RMB9.1bn, upby 1.5% YoY,indicatingaturnaround driven byacceleratingoverseas growth andmilddomesticrecovery. Overseas revenuerose 12% YoY to RMB4.6bnin 3Q, with revenue from Europe up by 29%.Domestic revenue fell by 7% YoYin 3Q,whilethe decline narrowed notablycompared to 1H25.We anticipate a further acceleration in growth in 4Q25,supported bythe ongoing recovery in domestic equipment procurement, solidoverseas momentum, and a favorable base effect. China Healthcare Jill WU, CFA(852) 3900 0842jillwu@cmbi.com.hk IVD: solid overseas growth;acceleratedTLAinstallation.In 3Q25, IVDsegment reported revenue of RMB3.6bn, down by 3% YoY, with overseasIVDrevenue achieving double-digit growth.TLA(Total LaboratoryAutomation) installations continued to accelerate.In 9M25,180 units of theMT8000 TLA were installed in China, and full-year domestic deploymentsareexpected to exceed 200 units,per company guidance.OverseasMT8000 sales surpassed 20 units,which has metthe full-year target.Weexpect TLA systems to enhance Mindray’s penetration into leading domestichospitals and medium-to-high throughput labs overseas, supporting long-term IVD growth. Cathy WANG(852) 3916 1729cathywang@cmbi.com.hk Stock Data Source: FactSet MIS:continued high-end upgrade.MIS segment reported revenue ofRMB1.7bn in 3Q25,roughly flat YoY. Overseas MIS grew at a high single-digit rate, whilesales ofultra-high-end productsdoubled in9M25. Weseesignificantpotential formarketshare gainsinhigh-end and ultra-high-endultrasound,both domestically and internationally,driven by the risingadoption of Resona A20/ Nuewa A20 and upcoming launches in thepremium portfolio. Shareholding Structure Profitability under headwinds.Mindray’sattributable net margindeclinedto 29.3% in 9M25, down7pptsYoY, mainly due to domestic pricing pressurefromvolume-based procurement(VBP)and intensified competition.Increasedinvestment in overseas expansion also led to an increase inselling expenses.Going forward, we expect greater in-house reagent rawmaterialproduction,a higher mix of high-end products,and growingoverseas contribution to partly offset domestic margin pressure and supportsound long-term profitability. Maintain BUY.Givencontinued demand andpricing pressure in the IVDsegment,we revisedown our 2025E-27Eforecasts and lowerour targetprice to RMB249.21based on a 9-year DCF model(WACC: 9.1%, terminalgrowth:3.0%). Source: FactSet Disclosures& Disclaimers Analyst CertificationThe research analyst who is primary responsible for the content of this research report, in whole or in part, certifies thatwith respect to the securities or issuer that the analyst covered in this report: (1) all of the views expressed accurately reflect his or her personal views about the subject securities or issuer; and (2)no part of his or her compensation was, is, or will be, directly or indirectly, related to the specific views expressed by that analyst in this report.Besides, the analyst confirms that neither the analyst nor his/her associates (as defined in the code of conduct issued by The Hong Kong Securities andFutures Commission) (1) have dealt in or traded in the stock(s) covered in this research report within 30 calendar days prior to thedate of issue of this report; (2) willdeal in or trade in the stock(s) covered in this research report 3 business days after the date of issue of this report; (3) serve as an officer of any of the HongKong listed companies covered in this report; and (4) have any financial interests in the Hong Kong listed companies coveredin this report. CMBIGM RatingsBUY :Stock with potential return of over 15% over next 12 months: Stock with potential return of +15% to-10% over next 12 months: Stock with potential loss of over 10% over next 12 months: Stock is not rated byCMBIGM HOLDSELLNOT RATED :Industry expected to outperform the relevant broad market benchmark over next 12 months:Industry expected to perform in-line with the relevant broad market benchmark over next 12 months:Industry expected to underperform the relevant broad market benchmark over next 12 months CMB InternationalGlobal MarketsLimited Address: 45/F, Champion Tower, 3 Garden Road, Hong Kong, Tel: (852) 3900 0888 Fax: (852) 3900 0800CMB InternationalGlobal MarketsLimited (“CMBIGM”) is a wholly owned subsidiary of CMB International Capital Corporation Limited (a wholly ownedsubsidiary of China Merchants Bank) Important DisclosuresThere are risks involved in transacting in any securities. The information contained in this report may not be suitable forthe purposes of all investors.CMBIGM does not provide individually tailored investment advice. This report has been prepared without regard to the individual investment objectives, financial positionor special req