研報掘金丨華安證券:邁瑞醫療海外拓展漸入佳境,維持“買入”評級
華安證券研報指出,邁瑞醫療(300760.SZ)24年歸母淨利潤116.68億元,同比+0.74%;2025年一季度實現歸母淨利潤26.29億元,同比-16.81%。國內增長承壓,海外市場保持高增長。隨着2025年以來地方財政資金緊張的緩解、醫療專項債發行規模的反彈、發改委主導的醫療設備更新項目啓動,預計國內市場將於今年第三季度增速回正,實現反彈。隨着持續深入的本地化平臺建設,預計未來幾年公司國際業務的收入佔比有望不斷提升。今年中美關稅2.0 有望爲生化免疫產品帶來國內高端客戶更多的進口替代機會。考慮到公司綜合實力強,品牌力突出,國內市場隨行業需求恢復而保持穩健增長,海外拓展漸入佳境,維持“買入”評級。
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