In the past October, A shares have gone out of a magnificent market.The attention of the stock market has also risen, and often searches for the list.
But the pharmaceutical industry that has always been from cattle stocks seems a little silent.The only small composition related to medicine is "Someone summarized more than 20 small compositions in the market today, and came to a conclusion: to squat medicine. Because 20 small compositions, one is not related to medicine."
With the gradual release of the third quarterly report, everyone found that the cold winter of the pharmaceutical industry seems to have come earlier than previous years.
According to the statistics of CITIC Construction Investment, the third quarter revenue of the pharmaceutical industry decreased by 0.2%and 2.9%, respectively.Fall 13.5%and 20.8%.
For example, "Good Student" Mai Rui Medical, which has been able to maintain a stable growth of more than 20%since its listing.However, in the first three quarters of 2024, the company realized operating income of 29.48 billion yuan, an increase of 8.0%year -on -year; the net profit attributable to the mother was 10.64 billion yuan, an increase of 8.2%year -on -year.The net flow was 11.07 billion yuan, an increase of 42.5%year -on -year.
From the semi -annual report to break the 20%"Gang", to the growth rate of profit in the third quarter, further declined.Cant help but be suspicious, can Mai Rui still fight?
Crossing the cycle
To answer this question, First of all, you must figure out why Micori Medical Care"Survival".
At the performance explanation meeting, the management explained by the management is "the rectification of the domestic medical industry has led to delay in hospital procurement, insufficient local debt and fiscal funds, which leads to delay in the construction of hospital construction.And the demand for non -rigid medical care. "
This is also well understood. This year, the State has launched medical equipment to replace the new support policies, which is naturally good for the medical device industry.Whether it is the top three hospitals or the grass -roots county hospitals, the requirements for updating the qualified medical equipment can get fiscal subsidies after the process.But this has also led to the slowdown of the hospitals procurement rhythm.
Picture Source: Southwest Securities
According to statistics from medical decoration, as of the end of September, Medical Equipment Update Approval Projects have exceeded 1,000.In terms of scale, the total amount of budget exceeded 412 billion yuan.According to the calculation of the number of medical clothes, the first batch of equipment updates are expected to drive 60 billion yuan in medical equipment procurement scale.According to the forecast of Southwest Securities, the demand for equipment renewal will begin to land in the fourth quarter of 2024, and it will have a positive impact on 2025.
For investors, tracking the high -frequency data such as the quarterly report is a daily work.But we need to realize that three months of financial data cannot completely reflect the operation of the enterprise.
Mai Rui Medical has gone through 33 years since its establishment in 1991.During this period, Mai Rui Medical has passed countless difficulties and dangers, crossing several cycles, and will return to the rapidly growing track after a short period of time.This eventually grew into a leading company in domestic medical devices and entered the top 30 of the global medical device industry.
Core power
At present, Micoricans goal has not changed -advance to advance to the first 20 global medical equipmentpowerful.
The core motivation to achieve this goal is written in the quarterly report.
First of all, Mindrays in vitro diagnostic business still grows at high speed. In the first three quarters, revenue achieved 11.40 billion yuan, an increase of 20.9%year -on -year. For the first time, the income scale exceeded the life information and the support sector, and the proportion of the companys overall revenue reached 38.7%, becoming the largest income sector.
With the continuous efforts of McRC Medicals online products such as chemical glow, biochemistry, coagulation and other products, the companys IVD products have begun to enter the domestic top three hospitals.
The full laboratory automation system (Total Laboratory Automation), it is expected to realize the annual installation of more than 150.The market share of the chemical emission market will once again exceed a imported brand and become the third in the country.
A few years ago, Mai Rui Medical proposed a strategy of transformation to consumables related business.In the first half of this year, among the revenue of Mindrays domestic business, the proportion of consumables related to IVD reagents accounted for more than 50%.With the continuous landing of the IVD collection, the concentration of the industry and the domesticization rate are expected to accelerate.At present, the IVD business of Mai Rui Medical has a market share of less than 15%in the country, and there is huge room for growth in the future.
Following the high -speed growth of overseas markets.
The international market increased by 18.6%year -on -year in the third quarter, of which the European market increased by nearly 30%year -on -year.Focus on France, Italy, Spain, Brazil, Mexico, Indonesia, etc. far exceed the average growth rate.
This continuous rapid growth is mainly driven by the following three highlights.
Technical Innovation and Customer Breakthrough: Life Information and Support, Medical Imaging Product Line and its supporting digital intelligence systems have achieved world -class first -classThe level has promoted the rapid growth of overseas high -end strategic customers. The growth rate of these customers (excluding the United States) in the first three quarters exceeded 60%.At present, the company has been installed in the top hospitals in the United Kingdom, France, Italy, Spain and other countries, and high -end strategic customers have increased to 14%of international revenue.
The construction of the international IVD platform accelerates: At present, 9 countries have launched localized production, of which eight involved IVD products.At the same time, the company is also increasing investment in IT systems, logistics networks, and clinical service teams to promote the transformation of international IVD business to medium and large sample customers.The growth rate of international IVD business in the first three quarters exceeded 30%, and the proportion of international revenue also increased to 28%.
The high -speed growth of the seed business : As the products are gradually complete and mature, seed medical, minimally invasive surgery, AED and other seed services have begun to volume in the international market.In the first three quarters of this year, international minimally invasive surgery and AED growth rates exceeded 50%, international animal medical growth rate exceeded 30%, and seed business accounted for more than 10%of international revenue.
Expossed growth
The core logic of future growth is increased the increaseR & D innovation.
In the first three quarters of 2024, the companys R & D investment reached 2.843 billion yuan, accounting for 9.64%of operating income, breaking through in various fields.
Especially it is expected that it will be released at the end of 2024 to release the intensive medical decision auxiliary system (that is, CIS) based on the AI model.For the first time, the leap from functional machine to smart machines.
The characteristics of strict compliance and track of the medical device industry have also made mergers and acquisitions an important means of external innovation in enterprises.
In terms of mergers and acquisitions, Mai Rui can be called the benchmark of domestic medical device companies. For example, in order to enhance the ability of immunomagrass materials in the field of in vitro, Mai Rui Medical acquired the worlds world -renowned enterprise sea peptide creatures in 2021, and realized the autonomous control of core technologies in the field of chemical light -emitting raw materials.
In addition, the company has purchased 75%equity of Diasys, and has made up for the "lack of corners" on overseas supply chain platforms, laying a solidityThe foundation.
In January 2024, Mai Rui Medical was in the trough of the industry, and cash acquired the control of domestic electrical physiological leader Huitai Medical, and thus entered the cardiovascular field.At present, the integration is good.
After the acquisition of Huitai Medical, the goodwill of Mai Rui Medical reached 11.206 billion yuan.This also makes some investors worry.After all, the higher the goodwill, the greater the impairment risk facing enterprises.
Due to the frequent problems of goodwill impairment, the China Securities Regulatory Commission released the "Accounting Supervision Risk Tips No. 8 -Goodwill Important" in November 2018. It clearly requires strengthening to strengthen strengtheningThe supervision of goodwill impairment requires enterprises to conduct regular or timely goodwill impairment tests, and perform impairment testing at least each year.
So, in early 2019, the annual report of the A -share annual report can be called "Tian Lei".4.06 billion goodwill impairment, the annual report directly lost 7 billion.Since then, goodwill has become a negative term in A shares.
But goodwill is actually an external expression form of the core ability of the enterprise.Especially in the medical device industry, the industry giants Midunli, Simerfei, and Danna have been in goodwill in recent years.Being able to maintain such a high goodwill, It is the "record can be checked" by these mergers and acquisitions kings on the financial statements.
This is not difficult to understand. A high -quality asset is unlikely to be sold at the price of net assets, and the premium paid by the buyer is goodwill.It is a goodwwill in the future, the pricing of the coordinated effect after the merger, and the recognition of the core ability of the acquisition of assets.
If the mergers and acquisitions are well integrated, there is no need to worry too much about goodwill impairment.Mai Rui Medical has come all the way and has conducted many mergers and acquisitions. Among them, there are major multinational mergers and acquisitions, and they have achieved very good results.In Mai Rui history, only two goodwill impairment was mentioned in 2015 and 2019, and the total impairment was about 153 million yuan, which had a small impact on the current performance.
On September 25, 2024, the CSRC issued the "Opinions on Deepening the Reorganization of M & A and Reorganization of Listed Companies" to encourage listed companies to carry out industrial integration and upgrade.For Mai Rui Medical, wanting to eventually enter the worlds top ten, extension growth is the only way.
Tailing
Following the enlightenment of the intermediate report, Mai Rui Medical continued to announce the third quarter report to all shareholders.Large dividends -a total of 2 billion yuan, which pays 16.5 yuan per 10 shares. In 2024, the two medium -term dividend ratio reached 65.1%.
Mindray Medical has been steadily increasing the annual dividend rate since its listing.According to statistics, in the past five years, only 133 companies have been able to achieve continuous dividend growth.
Since its listing in 2018, plus the second mid -term dividend of 2024 implemented this plan, the total amount of dividends of Mai Rui Medical reached 31.72 billion (including repurchase 2 billion shares of repurchase shares.Yuan), the dividend financing ratio has exceeded 500%, and the actual actions have interpreted what the quality return is doubled.
There are many grand narratives about this round of "bull market", but whether it is "new innovation", "domestic expansion", or "shareholders return", "merger and reorganization", Mai Rui Medical gave excellent answers.
Author: Wang Jiayue
Visual design:Shu Rui
Responsible editor: Wang Jiayue
