On the evening of April 19, Shenzhen Mindray Bio-Medical Electronics Co.Ltd(300760) ( Shenzhen Mindray Bio-Medical Electronics Co.Ltd(300760) . SZ) released the annual report of 2021. The data showed that the company achieved an operating revenue of 25.270 billion yuan in 2021, a year-on-year increase of 20.18%; The net profit attributable to the parent company was 8.002 billion yuan, a year-on-year increase of 20.19%; The net cash flow from operating activities reached 8.999 billion yuan, and 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, which continued the growth trend of 2021. The first quarterly report shows that 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 rate is faster than the income, which is mainly due to the continuous and stable growth of the company’s operating income, 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%. It is worth noting that 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, thanks to 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%.
three main businesses grew steadily
According to the annual report, Shenzhen Mindray Bio-Medical Electronics Co.Ltd(300760) three main businesses have achieved double-digit growth, including in vitro diagnosis business and medical imaging business.
In terms of business lines, 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 and became the first in China for the first time. The rapid growth of in vitro diagnosis business revenue is due to the continuous recovery of routine diagnosis and treatment, physical examination and surgery worldwide, and the significant recovery of routine reagent consumption; On the other hand, thanks to the rapid increase of bc-7500crp, a popular new product of automatic blood cell analyzer, it has driven the rapid growth of in vitro diagnosis business.
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. Specifically, in the Chinese market, Shenzhen Mindray Bio-Medical Electronics Co.Ltd(300760) in the hospital, the traditional ultrasound departments and emerging clinical departments accelerated to achieve high-end breakthroughs, and the proportion of secondary and tertiary hospitals in China’s ultrasound revenue increased year by year. In the international market, during the anti epidemic period, the company completed the installation of a large number of high-end customers in Europe, CIS, Latin America and other markets with MX and me series of high-end portable ultrasound, superimposed with the heavy launch of the new medium and high-end desktop ultrasound i9 series, and Shenzhen Mindray Bio-Medical Electronics Co.Ltd(300760) ‘s ultrasound business has started the journey of breaking through to high-end customers in an all-round way.
In the field of life information and support, as the business area with the largest demand during the epidemic in 2020, the life information and support business also achieved double-digit growth at the growth level of the high base 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, including AED and minimally invasive surgery.
domestic and overseas high-end customer base continues to break through
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 North America, the company has successfully achieved breakthroughs in more high-end customer groups, including the University of Washington Medical Center, St. Bernard medical center, chambers Memorial Hospital, Phoebe Putney medical center, Mount Sinai Chicago hospital, etc; In Europe, it has broken through about 130 new high-end customers (including high-end laboratories). In addition, about 250 existing high-end customers have achieved horizontal breakthroughs in more products; In emerging market countries, more than 600 new high-end customers have broken through. In addition, more than 450 existing high-end customers have achieved horizontal breakthroughs in more products.
Shenzhen Mindray Bio-Medical Electronics Co.Ltd(300760) said that the company’s products have entered overseas high-end hospitals on a large scale, which has established a reliable and high-quality global brand image for the company. The competitiveness of Mindray’s products has been further reflected, which also proves that the company has the ability to compete with international first-line medical device enterprises in the global market. Under the background of global economic risks and increasing government financial pressure, Mindray’s cost-effective product advantages will be further reflected, and the company will usher in better development opportunities in the international market in the future.
