CICC research reports pointed out that Shenzhen Mindray Bio-Medical Electronics (300760.SZ) performance met expectations, with the in-vitro diagnostics business becoming the largest revenue sector. Looking at the company's revenue by product line in the first three quarters, in-vitro diagnostics business revenue was 11.4 billion yuan, a year-on-year growth of 20.9%, accounting for 38.7% of the revenue, with the chemistry luminescence business growing over 20%. The company's overseas revenue maintained rapid growth mainly due to continued breakthroughs in overseas high-end strategic clients and medium- to large-size sample laboratories, and seed businesses including animal medical care, minimally invasive surgery, AED, gradually expanding. Data from September 2024 showed some recovery in bidding and purchasing activities, with a market scale of 13.632 billion yuan in September, an 8.25% year-on-year growth. In the future, with the recovery of bidding and purchasing, the equipment sector is expected to see rapid growth. In addition, the company is deeply cultivating smart healthcare, committed to building an "equipment + IT + AI" smart healthcare ecosystem. The company's "S3AI" digital solution continues to be upgraded iteratively. Bullish on the company's future development, maintaining a "buy" rating.