1Q26在同一条线；海外和新兴业务推动增长

businesses driving growth 1Q26in line;overseas and emergingbusinesses drivinggrowth Target PriceRMB204.54Up/DownsideCurrent PriceRMB161.11 Mindray reported 1Q26 revenue of RMB8.35bn (+1.4% YoY) andattributablenet profit of RMB2.3bn(-11.3% YoY),largely in line with our expectations.Overseas business remains the major growth driver with robust momentum inEuropeand developing markets.Domestic business still faced near-termheadwinds from channel destockingin 1Q26.We maintain ourFY26Erevenueforecast, expectinga return to positive domestic growthin 2026E. China Healthcare Jill WU, CFA(852) 3900 0842jillwu@cmbi.com.hk Rapidoverseasgrowthled by Europeand emerging markets.Overseasrevenueincreased15.7% YoY to RMB4.45bn,representing53% of totalrevenue in 1Q26.Revenue fromEurope grew more than 25% YoY, with keymarketsincluding the UK, France, Germany, and Italy delivering rapidgrowthas penetration into high-end accounts accelerated.Emergingmarkets also recovered, up 15% YoY, with India and Mexico each growing Cathy WANG(852)3916 1729cathywang@cmbi.com.hk Domesticbusiness remained under pressure but is expected torecoverin 2026E.Domestic revenue declined 11.1% YoY to RMB3.9bnin1Q26, primarily due to channel destockingin PMLS and MIS. However,domestic CLIA revenue increased by ~10% YoY in 1Q26 despite VBP-related price pressure,driven by further penetration into large hospitalaccounts.Consequently, Mindray’sshare incore IVDcategories(CLIA,chemistry, coagulation)rose from 10% in 1H25 to 13% in 1Q26,accordingtoMindray’s 1Q26 report.The MT8000 TLA system completed over 80installations in 1Q26, whichshould support reagent pull-through goingforward. Moreover, domestic emerging businesses increased over 18% YoY Shareholding Structure Emerging businesses grew rapidly.Revenue from emerging businessesreached RMB1.4bnin 1Q26, up 18.2% YoY. Notably, IVD and emergingbusinesses together accounted for nearly 40% ofoverseasrevenue andmorethan 70%of domestic revenue,highlighting steady progress in Source: FactSet Maintain BUY.Wemaintainour FY26-28E earnings forecastsandderiveourtarget price ofRMB204.54based on a 9-year DCF model (WACC:9.1%, Disclosures& Disclaimers Analyst Certification The 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 issuerthat the analyst covered in thisreport: (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 and Futures Commission) (1) have dealt in or traded in the stock(s) covered inthis research report within 30 calendar days prior to the date 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 theHongKong 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 monthsHOLD: Stock withpotential return of +15% to-10% over next 12 monthsSELL: Stock with potential loss of over 10% over next 12 monthsNOT RATED: Stock is not rated byCMBIGM Important Disclosures There are risks involved in transacting in any securities. The information contained in this report may not be suitable forthe purposes of all investors.CMBIGMdoes not provide individually tailored investment advice. This report has been prepared without regard to the individual investment objectives, financial positionor special requirements. Past performance has no indication of future performance, and actual events may differ materially from that which is contained in thereport.The value of, and returns from, any investments are uncertain and are not guaranteed and may fluctuate as a result of their dependence on the or its affiliate(s) to whom it is distributed. This report is not and should not be construed as an offer or solicitation tobuy or sell any security or any interest insecurities or enter into any transaction.NeitherCMBIGMnor any of its affiliates, shareholders, agents, consultants, directors, officers or employees shall beliable for any loss, damage or expense whatsoever, whether direct or consequential, incurred in relying on the information contained in this report.Anyonemaking use of the information contained in this report does so entirely at their own risk. CMBIGMhas exerted every effort in its capacity to ensure, but not to guarantee, their accuracy, completeness, timeliness or correctness.CMBIGMprovidesthe information, advices and forecasts on an "AS IS" basis.T