【行业研究报告】迈瑞医疗-Overseas strength offsets domestic softness

Overseasstrengthoffsetsdomesticsoftness
Mindrayreported9M25revenueofRMB25.8bn,downby12.4%YoY.Revenue
in3Q25reachedRMB9.1bn,upby1.5%YoY,indicatingaturnarounddrivenby
acceleratingoverseasgrowthandmilddomesticrecovery.Overseasrevenue
rose12%YoYtoRMB4.6bnin3Q,withrevenuefromEuropeupby29%.
Domesticrevenuefellby7%YoYin3Q,whilethedeclinenarrowednotably
comparedto1H25.Weanticipateafurtheraccelerationingrowthin4Q25,
supportedbytheongoingrecoveryindomesticequipmentprocurement,solid
overseasmomentum,andafavorablebaseeffect.
IVD:solidoverseasgrowth;acceleratedTLAinstallation.In3Q25,IVD
segmentreportedrevenueofRMB3.6bn,downby3%YoY,withoverseas
segmentreportedrevenueofRMB3.6bn,downby3%YoY,withoverseas
IVDrevenueachievingdouble-digitgrowth.TLA(TotalLaboratory
Automation)installationscontinuedtoaccelerate.In9M25,180unitsofthe
MT8000TLAwereinstalledinChina,andfull-yeardomesticdeployments
areexpectedtoexceed200units,percompanyguidance.Overseas
MT8000salessurpassed20units,whichhasmetthefull-yeartarget.We
expectTLAsystemstoenhanceMindray’spenetrationintoleadingdomestic
hospitalsandmedium-to-highthroughputlabsoverseas,supportinglong-
termIVDgrowth.
MIS:continuedhigh-endupgrade.MISsegmentreportedrevenueof
RMB1.7bnin3Q25,roughlyflatYoY.OverseasMISgrewatahighsingle-
digitrate,whilesalesofultra-high-endproductsdoubledin9M25.Wesee
significantpotentialformarketsharegainsinhigh-endandultra-high-end
ultrasound,bothdomesticallyandinternationally,drivenbytherising
adoptionofResonaA20/NuewaA20andupcominglaunchesinthe
premiumportfolio.
Profitabilityunderheadwinds.Mindray’sattributablenetmargindeclined
to29.3%in9M25,down7pptsYoY,mainlyduetodomesticpricingpressure
fromvolume-basedprocurement(VBP)andintensifiedcompetition.
Increasedinvestmentinoverseasexpansionalsoledtoanincreasein
sellingexpenses.Goingforward,weexpectgreaterin-housereagentraw
materialproduction,ahighermixofhigh-endproducts,andgrowing
overseascontributiontopartlyoffsetdomesticmarginpressureandsupport
soundlong-termprofitability.
MaintainBUY.GivencontinueddemandandpricingpressureintheIVD
segment,werevisedownour2025E-27Eforecastsandlowerourtarget
pricetoRMB249.21basedona9-yearDCFmodel(WACC:9.1%,terminal
growth:3.0%).