Oriental Securities: Maintains Buy rating on Mindray Medical, target price of 308.48 yuan.

The research report by Orient Securities pointed out that Mindray Medical achieved a net profit attributable to shareholders of 5.07 billion yuan in the first half of 2025. In terms of regions, the domestic business in the first half of 2025 achieved revenue of 8.41 billion yuan, mainly due to the significant lengthening of the cycle from domestic public bidding to revenue recognition. However, the medical equipment bidding activities in the first half of 2025 have gradually resumed, and the domestic market will significantly improve in the third quarter, reaching a turning point. The international business in the first half of 2025 achieved revenue of 8.33 billion yuan. Although facing many challenges in overseas environments, thanks to continuous breakthroughs in the company's overseas high-end customer base and gradual improvement in local platforms, the overseas business performed well. The company's ultra-high-end ultrasound series has been successively launched overseas, with international revenue accounting for 62%. In the domestic market, the revenue share of high-end and ultra-high-end ultrasound models exceeds 60%, driving market share increase through high-end promotion. In the fields of life information support and medical imaging, the company launched specialized plasma electrosection solutions, mid-range portable color ultrasound MX/ME Elite Edition, and other new products to consolidate its market position. Based on the valuation of comparable companies, a 32 times PE ratio is given to the company in 2025, corresponding to a target price of 308.48 yuan, maintaining a "buy" rating.