Medical Devices – 2Q26 Earnings Preview: Overseas Momentum Robust Across the Board

研报英文原文证据摘录

Medical Devices – 2Q26 Earnings Preview: Overseas Momentum Robust Across the Board

IdeaPreviewMto earnings

Focus KPI Focus KPI Surprise Likely impact to consensus EPS*

Mindray Bio-Medical 300760.SZ

Overseas trend and any geopolitical

impact, China channel inventory, IVD and

In-line Largely unchanged

new business outlook, 2026 guidance

update

• We expect 2Q to trend similar or slightly better than 1Q, with modest LSD% top-line growth.

• China growth to stay positive with ongoing channel inventory clearance and supported by faster IVD and new

businesses.

• Overseas growth to maintain healthy momentum in 1Q, with faster growth from EU+EM than US.

• We expect profit growth (excl. FX loss) to largely track top line, but reported net profit may be dragged by FX

loss.

Shanghai United Imaging Healthcare Co 688271.SS

Large equipment tender trend and policy

update, overseas momentum and drivers, In-line Largely unchanged

new product launches, margin outlook

• We project 15-20% revenue growth in 1H, implying similar growth in 2Q vs. 1Q.

• China growth to remain positive despite industry tender sales decline in 1H26, thanks to UIH's continuous

market share gains.

• Overseas growth well on track for 50%+ for 1H26 (27% in 1Q), suggesting robust high DD% growth achieved in

2Q26.

• We expect gross margin trends to stay largely stable, as raw material cost pressures shall be largely offset by

mix improvements.

• Net profit may largely track revenue trend for full-year 2026, balancing continuous overseas investment

against rising economics of scale.

Shenzhen New Industries 300832.SZ

China reagent pricing and volume trend,

IVD policy update, overseas momentum, Likely upside surprise Largely unchanged

analyzer and TLA installation track