Company Coverage
Shenzhen Mindray Bio-Medical Electronics (300760 CH) - 9M26: Results In Line; Overseas And Emerging Businesses To Continue Driving Growth In 2027
BUY (Maintained)
Current price:
Target price:
Upside:
Previous TP :
Rmb181.75
Rmb210.00
+15.5%
Rmb195.00
Analyst
Analyst
Highlights
- Mindray’s 9M26 revenue rose 4.9% yoy to Rmb27.1b and adjusted net earnings declined 2.8% yoy to Rmb7.3b, in line with our full-year growth estimates.
- 3Q26 revenue growth slowed to 2.9% and earnings declined by 1.6% yoy on forex losses. On a constant currency basis, 3Q26 revenue grew 6.0% yoy. Overseas revenue rose 11.0% yoy in 9M26 to account for 53% of sales.
- Mindray expects the overseas and emerging businesses to continue to drive growth in 2027.
- Maintain BUY with a higher target price of Rmb210.00.
Analysis
- 9M26 results in line. Shenzhen Mindray Bio-Medical Electronics’ (Mindray) reported 3Q26 revenue rose 2.9% yoy to Rmb9.35b and adjusted net profit fell 1.6% yoy to Rmb2.47b. In 9M26, revenue rose 4.9% yoy to Rmb27.10b and adjusted net profit dropped 2.8% yoy to Rmb7.26b. Mindray declared a third interim dividend of Rmb1.30/share. The 9M26 results are in line with our full-year growth estimates.
Highlights
- Mindray’s 9M26 revenue rose 4.9% yoy to Rmb27.1b and adjusted net earnings declined 2.8% yoy to Rmb7.3b, in line with our full-year growth estimates.
- 3Q26 revenue growth slowed to 2.9% and earnings declined by 1.6% yoy on forex losses. On a constant currency basis, 3Q26 revenue grew 6.0% yoy. Overseas revenue rose 11.0% yoy in 9M26 to account for 53% of sales.
- Mindray expects the overseas and emerging businesses to continue to drive growth in 2027.
- Maintain BUY with a higher target price of Rmb210.00.
Analysis
- 9M26 results in line. Shenzhen Mindray Bio-Medical Electronics’ (Mindray) reported 3Q26 revenue rose 2.9% yoy to Rmb9.35b and adjusted net profit fell 1.6% yoy to Rmb2.47b. In 9M26, revenue rose 4.9% yoy to Rmb27.10b and adjusted net profit dropped 2.8% yoy to Rmb7.26b. Mindray declared a third interim dividend of Rmb1.30/share. The 9M26 results are in line with our full-year growth estimates.
BUY (Maintained)
Current price:
Target price:
Upside:
Previous TP :
Rmb181.75
Rmb210.00
+15.5%
Rmb195.00
Analyst
Analyst
IMPORTANT NOTICE - DISCLOSURES AND DISCLAIMERS
This report is provided subject to, and must be read together with, the full Disclosures / Disclaimers available at this link, which are incorporated by reference into this report. In particular, this report is intended for general circulation and informational purposes only and does not constitute personal investment advice or a recommendation to buy or sell any investment product or security. You should independently evaluate the information and, where necessary, seek advice from a qualified financial adviser regarding the suitability of any investment. Analyst certifications required under applicable regulations, including SEC Regulation AC (where relevant), are included in this report. By accessing, receiving or using this report, you acknowledge that you have read, understood and agreed to be bound by the Disclosures / Disclaimers, as may be amended, supplemented or updated from time to time.
Related articles
2 Nov 2026
Kweichow Moutai (600519 CH) - 3Q26: Results In Line; Direct Sales Up 40% On i-Moutai Growth
2 Nov 2026
China Tourism Group Duty Free (601888 CH) - 3Q26: Results Miss Expectations
2 Nov 2026
Weichai Power (2338 HK) - 3Q26: In Line; Power And Energy Remain The Growth Engines; Upgrade To BUY
Our latest research
2 Nov 2026
China Tourism Group Duty Free (601888 CH) - 3Q26: Results Miss Expectations
2 Nov 2026
Inner Mongolia Yili Industrial Group (600887 CH) - 3Q26: Revenue Misses But Operating Margin Expansion Continues; Reiterates MSD Revenue Growth Target For 2026
2 Nov 2026