The seemingly unsatisfactory Mindray Medical

Looking at the companies with the largest market value in the world, they are all global businesses. If you see this clearly, you will know what companies to invest in. Medical and pharmaceuticals have not been able to perform well for more than a year. As long as the company data is competitive, the development fundamentals of companies are good. , that is a good company.

1. Main accounting data and financial indicators

1.1 Operational data (main data)


The domestic growth continues the steady trend, the growth rate of the overseas market has recovered brightly, and the platform has outstanding advantages: the company’s revenue and profit in the first half of 2022 have achieved a year-on-year growth rate of more than 20%, continuing the company’s past steady growth trend. In the first half of 2022, the company’s gross profit margin of sales is about 64.13%, the net profit margin of sales is about 34.45%, the weighted ROE level is about 18.67%, and the net cash flow generated by operating activities is about 4.077 billion yuan. The quality of operation is still excellent.

In terms of regions, in the first half of 2022, the revenue in China was about 9.277 billion yuan, a year-on-year increase of about 21.82%, of which 2022Q2 achieved revenue of 5.102 billion yuan, a year-on-year increase of 15.29%, and the company’s domestic market share further increased.

In the first half of 2022, the overseas market achieved revenue of 6.079 billion yuan, a year-on-year growth rate of 17.74%, significantly higher than the growth rate in 2021 (the year-on-year growth rate in 2021 is about 0.96%). Among them, the North American region achieved revenue of 1.260 billion yuan, a year-on-year growth rate of about 36.87%, and the Latin American region achieved revenue of about 1.112 billion yuan, a year-on-year growth rate of about 28.11%. In terms of quarters, in 2022Q2, the company’s overseas market achieved revenue of 3.311 billion yuan, and the year-on-year growth rate further increased to 28.72%.

The three major production lines maintained a good growth trend: IVD business growth was impressive: (1) The revenue of life information and support business was 6.77 billion yuan, a year-on-year increase of 12.47%, thanks to the promotion of new domestic medical infrastructure and the breakthrough of overseas high-end customers , the life information and support business has maintained a good growth under the disturbance of the epidemic. Among them, the seed business has grown rapidly, minimally invasive surgery has doubled, and AED has achieved large-scale installations in many European countries; (2) IVD business revenue was 5.14 billion Yuan, a year-on-year increase of +29.82%, which is due to the recovery of overseas conventional reagent consumption and the rapid spread of blockbuster products. Among them, the BC-7500 series completed the installation of 1,000 units in the first half of the year. Overseas, the company’s penetration in high-end hospitals and large chain laboratories has significantly accelerated; domestically, the company’s blood cell business market share has steadfastly ranked first in China; (3) The medical imaging business revenue was 3.26 billion yuan, a year-on-year increase of +22.20%. Thanks to the pick-up in ultrasound procurement activities and the breakthrough of high-end customers at home and abroad brought about by the rapid increase in the volume of the new high-end ultrasound R series and the new mid-to-high-end ultrasound I series, the medical imaging business has achieved rapid growth, of which high-end ultrasound accounted for 4% of domestic ultrasound revenue. The proportion has exceeded half.

The high-end customer base continues to break through, and the international business has greatly improved: In 2022H1, the company has broken through more than 400 new high-end customers in the international market, and nearly 400 existing high-end customers have achieved horizontal breakthroughs. Among them, the North American IDN medical alliance has continued to achieve breakthroughs, covering nearly 80% of the IDN medical alliances; Europe has exceeded 100 high-end customers; in developing countries, the company has broken through the largest private hospital group in Mexico, including the Angel Hospital Group. More than 300 high-end customers. Benefiting from this, business in the international market in 2022H1 increased by 17.7% year-on-year, and in 2022Q2, it increased by nearly 30% year-on-year; in 2022H1, the North American market achieved a rapid growth of 36.9% due to major breakthroughs in high-end medical consortium customers. It has achieved a rapid growth of 26.6% after recovery. If the new crown-related products such as monitors, ventilators, and infusion pumps are excluded, the international market has grown by more than 40% year-on-year, and the international life information and support production line has increased by more than 50% year-on-year.

1.2 Assets and Liabilities (Main Data)

The scale of assets and the amount of debt maintain the status quo, and the asset-liability ratio remains at a normal level: as of the end of June 2022, the total assets were 38.636 billion yuan, an increase of 1.4% over the end of the previous year, and a year-on-year growth rate of 13.95; the total accounts receivable was 3.134 billion yuan, an increase of At the end of the year, it increased by 88.95%, with a year-on-year growth rate of 67.59%; the total inventory was 3.943 billion yuan, a year-on-year increase of 10.59% and a year-on-year growth rate of 17.07%; the total advance receipts/contract liabilities were 2.009 billion yuan, a year-on-year decrease of 16.58%, a year-on-year decrease of 12.19 %; the total liabilities were 11.427 billion yuan, an increase of 2.62% over the end of the previous year, and a year-on-year growth rate of 22.40%; the company’s asset-liability ratio was 29.58%, an increase of 0.35% over the end of the previous year, a year-on-year decrease of 13.87%.

2. Financial forecast (main data)


In the first half of 2022, the company invested about 1.456 billion yuan in research and development (included in research and development expenses of 13.50

100 million yuan), a year-on-year increase of 25.01%, and high-end products continue to achieve breakthroughs. As of June 2022

On the 30th, the company applied for a total of 5,708 invention patents and authorized 1,801 invention patents. In the field of in vitro diagnosis, a new generation of medium-speed automatic biochemical analyzer BS-600M, a new generation of high-end coagulation analyzer CX-9000, and a small biochemical immune assembly line M1000 have been launched; in the field of medical imaging, a professional ophthalmic color Doppler ultrasound “cassia” has been launched. ZS3Ocular”, non-invasive quantitative liver ultrasound instrument “Feiji Hepatus6/5”, basic color ultrasound mid-to-high-end solution ConsonaN9 and other products; in the field of life information and support, the HyBaseV8/V6 electric comprehensive operating table, SV70 non-invasive ventilator, and laparoscope matching were launched. Reusable equipment and other products; in the field of smart medical care, “Ruizhilian” has newly signed more than 80 hospitals, and “Ruiying Cloud++” has added nearly 800 sets of installed machines. Based on the MPI medical product innovation system, the company has always maintained close coordination between R&D and production, and its comprehensive competitive advantage has been further highlighted.

3. Financial ratios

2. Conclusion:

As a leader in domestic medical devices (a truly international enterprise), the company continues to increase investment in research and development, accelerate the launch of new products, and continue to increase the volume of overseas products. (1) The company’s emerging businesses are developing well, and the three main lines of business are growing steadily; (2) ) In the context of the new global medical infrastructure in the epidemic era, the company can quickly seize the market with its strong innovation and high cost performance, and its performance is expected to usher in a new round of growth. (3) From the perspective of the company’s accessible market , As of the 2022 interim report, the market space to be released for new medical infrastructure in China has exceeded 22 billion yuan, and growth in the second half of the year and in the future can still be expected.

3. Risk warning:

The progress of new product development and promotion is less than expected, and the risk of international trade friction;

market environment risk;

The release of new infrastructure orders is less than expected risk;

Product development is less than expected risk.

$ Mindray Medical (SZ300760) $ $ British Medical (SZ300677) $ $ Tencent Holdings (00700) $ Apple & tsla

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