On April 19, Shenzhen Mindray Bio-Medical Electronics Co.Ltd(300760) released its annual report for 2021. The company achieved an operating revenue of 25.270 billion yuan, an increase of 20.18% year-on-year; The net profit attributable to the parent company was 8.002 billion yuan, with a year-on-year increase of 20.19%. The net cash flow from operating activities reached 8.999 billion yuan. It is planned to distribute a cash dividend of 35 yuan (including tax) for every 10 shares to all shareholders.
On the same day, Shenzhen Mindray Bio-Medical Electronics Co.Ltd(300760) released the first quarterly report of 2022, continuing the growth trend of 2021. In the first quarter of 2022, the company achieved an operating revenue of 6.943 billion yuan, a year-on-year increase of 20.10%; The net profit attributable to the parent company was 2.105 billion yuan, a year-on-year increase of 22.74%. The profit growth is faster than the revenue growth, which is mainly due to the continuous and stable growth of the company’s operating revenue, which has brought the continuous embodiment of the scale effect, so the net interest rate has been optimized.
As the world’s leading supplier of medical devices and solutions, Shenzhen Mindray Bio-Medical Electronics Co.Ltd(300760) main products cover three fields: life information and support, in vitro diagnosis and medical imaging. Since its listing in 2018, Shenzhen Mindray Bio-Medical Electronics Co.Ltd(300760) ‘s operating revenue and net profit attributable to its parent company have maintained a stable growth of more than 20%. In 2021 and the first quarter of 2022, Shenzhen Mindray Bio-Medical Electronics Co.Ltd(300760) achieved a high growth rate on the basis of the high base in 2020, which verified the company’s forward-looking judgment and grasp of the development trend of the medical device industry, and benefited from the continuous increase of R & D investment throughout the year. In 2021, Shenzhen Mindray Bio-Medical Electronics Co.Ltd(300760) R & D investment reached 2.726 billion yuan, a year-on-year increase of 30.08%.
During the reporting period, Shenzhen Mindray Bio-Medical Electronics Co.Ltd(300760) three main businesses achieved double-digit growth, including in vitro diagnosis business and medical imaging business.
In the field of in vitro diagnosis, Shenzhen Mindray Bio-Medical Electronics Co.Ltd(300760) achieved an operating revenue of 8.449 billion yuan, with a year-on-year increase of 27.12%. Its blood cell business surpassed the imported brand for the first time and became the first in China. It is worth mentioning that Shenzhen Mindray Bio-Medical Electronics Co.Ltd(300760) acquired 100% equity of hytest of Finland for 545 million euros in 2021. Through this acquisition, Shenzhen Mindray Bio-Medical Electronics Co.Ltd(300760) strengthened the core R & D capacity of chemiluminescence products and raw materials, optimized the global layout of upstream and downstream industrial chains, and is expected to further expand its competitive advantage in markets outside China.
In the field of medical imaging, Shenzhen Mindray Bio-Medical Electronics Co.Ltd(300760) won an operating revenue of 5.426 billion yuan, an increase of 29.29% year-on-year Shenzhen Mindray Bio-Medical Electronics Co.Ltd(300760) said that the ultrasonic procurement activities that have returned to normal have driven the high restorative growth in this field.
As a business area with large demand during the epidemic, the life information and support business also achieved double-digit growth at the high base growth level in 2020, with an operating revenue of 11.153 billion yuan in the current period, a year-on-year increase of 11.47% Shenzhen Mindray Bio-Medical Electronics Co.Ltd(300760) said that this was mainly due to the gradual development of China’s new medical infrastructure led by the expansion of large public hospitals. In addition, non epidemic related products restrained by the epidemic in this field also gradually recovered during the reporting period, in which AED and minimally invasive surgery have achieved rapid growth.
Shenzhen Mindray Bio-Medical Electronics Co.Ltd(300760) for a long time, cultivating independent R & D capability is providing strong support for the steady growth of the three main businesses. In 2021, Shenzhen Mindray Bio-Medical Electronics Co.Ltd(300760) r & D investment was RMB 2.726 billion, a year-on-year increase of 30.08%, accounting for 10.79% of the current revenue.
With the high proportion of R & D investment, Shenzhen Mindray Bio-Medical Electronics Co.Ltd(300760) the products continue to enrich and innovate, especially in high-end products. While the original three product lines are bringing forth new ones, Shenzhen Mindray Bio-Medical Electronics Co.Ltd(300760) the “SanRui” ecosystem composed of “ruizhilian”, “ruiyingyun + +” and “meiruizhijian” laboratories is also constantly improving and upgrading, aiming to help the hospital build an intelligent diagnosis and treatment ecosystem.
The high proportion of R & D investment is also reflected in the number of patents of Shenzhen Mindray Bio-Medical Electronics Co.Ltd(300760) . By the end of 2021, the company had applied for 7418 patents, including 5308 invention patents; A total of 3437 patents were authorized, including 1618 invention patents.
At present, the company has established an R & D innovation platform based on global resource allocation, with ten R & D centers and a total of 3492 R & D engineers, distributed in Shenzhen, Wuhan, Nanjing, Beijing, Xi’an, Chengdu, Silicon Valley, New Jersey, Seattle and Europe. During the reporting period, the construction of Wuhan Research Institute project progressed smoothly and will become the second largest R & D center of Shenzhen Mindray Bio-Medical Electronics Co.Ltd(300760) in the future.
At present, Shenzhen Mindray Bio-Medical Electronics Co.Ltd(300760) ‘s products cover nearly 110000 medical institutions and more than 99% of the top three hospitals in China, and the product penetration rate is further improved. During the reporting period, Shenzhen Mindray Bio-Medical Electronics Co.Ltd(300760) ‘s market share of monitors, ventilators, defibrillators, anesthesia machines, infusion pumps, lamp bed towers, etc. all ranked first in China; The blood cell business surpassed the imported brand for the first time and became the first in China; Ultrasound business surpassed imported brands for the first time and became the second largest in China.
Internationally, based on the fact that the total number of global high-end customers exceeded 700 in 2020, Mindray has further achieved a breakthrough of more than 730 global high-end customers in North America, Europe and emerging countries, and has achieved a horizontal breakthrough of products in 700 of the existing high-end customers.
In the future, Shenzhen Mindray Bio-Medical Electronics Co.Ltd(300760) will firmly grasp the important strategic opportunity in the new development stage and forge ahead towards the excellence pursuit of “the top 20 global medical devices”.
