Clear signals of performance stabilization! Mindray receives "Buy" ratings from multiple securities firms

Recently, Mindray Medical released its 2025 annual report and 2026 first quarter report, with overall performance meeting market expectations. On May 27, Changjiang Securities published a research report indicating that Mindray Medical's overseas business is steadily growing, domestic business is gradually recovering, and the market share of core segments continues to rise. They are optimistic about the company's future development and maintain a "Buy" rating. Notably, since the performance disclosure, more than a dozen brokerages, including China International Capital Corporation, CITIC Securities, CITIC Jianzhong, Zhongtai Securities, and Soochow Securities, have followed suit, unanimously optimistic about the company's development prospects.

From an overall performance perspective, Mindray Medical is gradually emerging from the adjustment cycle, with a stable growth trend. In 2025, the company achieved operating revenue of 33.282 billion yuan, and in the first quarter of 2026, revenue was 8.352 billion yuan, a slight year-on-year increase of 1.39%, with clear signals of performance bottoming out. Each main business segment has its highlights, working together to solidify the foundation. Life information and support products, with their excellent quality, have seen market shares of key products such as monitors, defibrillators, anesthesia machines, and ventilators rank among the top three globally, with overseas market share still lower than domestic, indicating that the overseas market is expected to maintain stable and rapid growth in the future; the IVD business performed well, achieving revenue of 3.193 billion yuan in the first quarter, a year-on-year increase of 4.96%, with domestic market share in biochemistry/immunology/coagulation rising to 13%, with a mid-term target of 20% by 2028; the medical imaging segment's ultra-high-end ultrasound products have experienced explosive growth, with revenue growth exceeding 70% year-on-year in 2025, becoming a new highlight among traditional businesses.

Emerging businesses have become the company's most dynamic growth engine. In 2025, related business revenue increased by 38.85% year-on-year, and in the first quarter of 2026, it maintained a growth rate of 18.22%, with multiple tracks such as minimally invasive surgery, interventional therapy, and animal healthcare flourishing, successfully creating a second growth curve and opening up new space for the company's long-term development.

Deepening the global market is Mindray Medical's core competitiveness in navigating industry cycles. Currently, the company's overseas revenue proportion has surpassed 53%, with overseas revenue of 17.650 billion yuan in 2025, a year-on-year increase of 7.40%; in the first quarter of 2026, overseas revenue was 4.449 billion yuan, a year-on-year increase of 15.70%, with a growth rate of 20% in USD terms, and the European market growing over 25%, showing strong overseas growth momentum. Relying on its global subsidiaries, localized production bases, and mature direct sales network, the company continues to deepen its focus on the high-end market, adding nearly 90 new international key strategic customers in 2025, including 17 of the world's top 100 hospitals, with accelerated breakthroughs in the high-end market and continuously strengthening global barriers.

The domestic market is also experiencing a recovery turning point. Affected by the industry's phase adjustment, domestic business faced short-term pressure previously, but now the industry trough has passed, and market demand is gradually recovering. Changjiang Securities predicts that in the next two years, the company will be in an opportunity period to seize market share and accelerate performance, expecting domestic business to return to positive growth in 2026, and from 2027 onwards, it is expected to enter a stable and favorable rapid growth channel. The combined share of IVD and emerging businesses accounts for nearly 70% of domestic revenue, providing solid support for the company's long-term rapid development In terms of profit forecasts, Changjiang Securities expects the company's net profit attributable to shareholders to be RMB 8.29 billion, RMB 9.91 billion, and RMB 11.87 billion for the years 2026-2028, with corresponding PE ratios of 23 times, 19 times, and 16 times, indicating significant valuation attractiveness and ample margin of safety.

Overall, Mindray holds multiple advantages in technology, channels, and products, with a triple resonance of high growth overseas, recovery domestically, and new business expansion. This time, Changjiang Securities maintains a buy rating, which also represents the common view of mainstream institutions. Several brokerages are optimistic, fully confirming the company's hard-core strength and long-term investment value as a leader in the medical device industry, with the potential for simultaneous improvement in performance and valuation in the future