东方证券研报指出，迈瑞医疗2025H1实现归母净利润50.7亿元（同比-33.0%）。分地区来看，25H1国内业务实现营收84.1亿元（同比-33.4%），系国内公开招标到收入确认的周期显著拉长所致，而2025H1医疗设备招标活动已逐渐复苏，国内市场第三季度将明显改善，迎来拐点；25H1国际业务实现营收83.3亿元（同比+5.4%），虽海外环境存在诸多挑战，但得益于公司海外高端客户群的持续突破、本地化平台逐步完善等措施，海外业务表现良好。公司超高端超声系列在海外陆续上市，国际收入占比提升至62%；在国内市场，高端及超高端型号超声的收入占比超6成，高端化带动市占率提升。在生命信息与支持和医学影像领域，公司推出等离子电切专科方案、中端便携彩超MX/ME精英版等多款新品，稳固市场地位。根据可比公司估值，给予公司2025年32倍PE，对应目标价为308.48元，维持“买入”评级。
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