年一月中国医药行业分析报告（英文）.pdfVIP

CHINA MacVisit 16 January 2009 Mindray Medical International Ltd MR US Not rated China’s leading domestic medical device manufacturer Stock price as of 12/01/2009 US$ 17.68 Mindray dominates the Chinese market for low to mid-end medical equipment GICS sector Health Technology for intensive care units and is making strong inroads into the global market in Market cap US$m 1,907 ADTV last 3 months US$m 29.3 both developed and developing countries. We visited management recently 12m high/low US$ 12.31/44.41 and discussed its strong track record of gaining market share by meeting PER FY07 x 22.61 existing quality standards at lower prices and by exploiting its deeper roots in P/BV FY 08 x 6.7 and understanding of the Chinese health care sector. The company aims to continue broadening its offerings in the low to mid-range equipment market, Historical financials but to avoid spending to compete at the high end of the market. YE Dec (US$m) 2005A 2006A 2007A The company has three major business units: Patient Monitoring and Life Revenue 153.8 216.1 318.2 % growth 55% 40% 47% Support Systems, In-Vitro Diagnostic Products and Medical Imaging Systems. EBITDA 35.7 65.4 108.7 Each accounted for around one-third of the company’s revenue before it % growth 19% 83% 66% a