Investment Rating - The report gives a "Buy" rating for the company, Union Medical, marking its first coverage [2][5]. Core Views - Union Medical is positioned as a leading player in the Chinese medical imaging sector, leveraging its technological innovation and market expansion capabilities to become a significant participant in the global medical imaging industry. The company is expected to continue its strong growth trajectory, driven by increasing domestic market share and rapid overseas installations [2][3]. Summary by Sections Company Overview - Union Medical, established in 2011, focuses on the research and development of high-performance medical imaging diagnostic and treatment equipment, as well as life science instruments. The company has launched over 120 products, including MRI, CT, X-ray, and molecular imaging systems, and aims to enhance the accessibility of medical devices and services globally [11][13]. Market Position and Growth - The company has successfully broken the monopoly of international giants in the medical imaging field by introducing competitive and innovative products. Its diverse product matrix has contributed to a significant increase in market penetration both domestically and internationally [3][4]. Financial Performance - Union Medical's revenue has shown a compound annual growth rate (CAGR) of 39.90% from 2019 to 2023, with 2023 revenue reaching 11.41 billion yuan, a year-on-year increase of 23.52%. The net profit attributable to shareholders for the same year was 1.97 billion yuan, reflecting a 19.21% increase [25][28]. Future Projections - The report forecasts net profits for 2024, 2025, and 2026 to be 1.26 billion, 1.95 billion, and 2.55 billion yuan respectively, with corresponding earnings per share (EPS) of 1.53, 2.36, and 3.10 yuan. The current price-to-earnings (P/E) ratios are projected to be 86.6, 56.2, and 42.8 times for the same years [2][4]. Market Dynamics - The domestic market is experiencing a surge in demand for imaging services due to an aging population and rising chronic disease rates, while the overseas market is expanding through strategic partnerships with top international medical institutions [4][3]. Product and Technology Development - Union Medical has a robust product line that includes advanced imaging systems and software, which are essential for both clinical and research applications. The company emphasizes continuous innovation and has made significant investments in R&D to maintain its competitive edge [11][15]. Management and Governance - The company has a clear and concentrated ownership structure, with experienced management leading its strategic direction. The leadership team comprises industry veterans with extensive backgrounds in medical technology [16][22].

摘要 Q&A 联谊医疗的发展历程及其在高端医学影像设备领域的成就是什么？ 联谊医疗成立于 2011 年，经过多年的高强度研发投入，已经形成了围绕高端医 学影像设备的丰富产品线，包括 MR、CT、XR、PET MR 等诊断产品。公司在 2019 至 2023 年间实现了迅猛增长，复合收入增速接近 40%。2020 年公司扭亏 • 联影医疗 2019-2023 年收入复合增速近 40%，归母净利润复合增速近 30%， 但 2024 年国内收入受医疗规划影响承压。设备毛利率从 2019 年的 13.2% 提升至 2023 年的 47.8%，维修业务收入占比从 6%增至 12%，毛利率升至 61.7%。 • 公司股权结构相对集中，实控人薛敏间接控股 27.63%，上海国资委持股 16.38%。管理层多具专业背景及国际影像巨头工作经验。2024 年推出限制 性股票激励计划，覆盖 11.2%员工，业绩考核目标为 24-26 年营收较 23 年 分别增长不低于 20%、44%及 72.8%。 • 2019-2023 年，CT、MR、MI、XR、RT 收入复合增速分别为 41%、38%、50%、 20%、134%。截至 24 ...

公司研究 2025.02.27 联影医疗（ 688271） 公司点评报告 24Q4 业绩环比回升，看好创新驱动高端升级及海外市场拓展 方 正 证 券 研 究 所 证 券 研 究 报 告 分析师 | 周超泽 | 登记编号：S1220523070003 | | --- | --- | | 窦慧敏 | 登记编号：S1220524100005 | 联系人 唐娜 | 推 荐 | | ( | 维 持 | | ) | | | --- | --- | --- | --- | --- | --- | --- | | 公 | 司 | | 信 | 息 | | | | 行业 | | | | | | 医疗设备 | | 最新收盘价(人民币/元) | | | | | | 138 | | 总市值(亿)(元) | | | | | | 1,137.34 | | 52 周最高/最低价(元) | | | | | | 143.70/92.81 | 历史表现 -34% -23% -12% -1% 10% 21% 24/2/27 24/5/28 24/8/27 24/11/26 25/2/25 联影医疗 沪深300 数据来源：wind 方正证券研究所 《 ...

证 券 研 究 报 告 联影医疗（688271）深度研究报告 推荐（首次） 4）维保：收入占比持续提高，改善盈利能力。维保服务等经常性收入是"GPS" 收入的重要部分，且毛利率更高。公司起步晚，目前维保占比较低，随着装机 数量增加，未来有望达到 30-40%（参考 GPS），成为新增量，并改善盈利能力。 [ReportFinancialIndex] 主要财务指标 | | 2023A | 2024E | 2025E | 2026E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 11,411 | 10,300 | 12,552 | 15,188 | | 同比增速(%) | 23.5% | -9.7% | 21.9% | 21.0% | | 归母净利润(百万) | 1,975 | 1,262 | 1,885 | 2,314 | | 同比增速(%) | 19.2% | -36.1% | 49.4% | 22.8% | | 每股盈利(元) | 2.40 | 1.53 | 2.29 | 2.81 | | 市盈率(倍) | 56 | 88 | 59 | 48 | | 市净率 ...

2025 年 03 月 03 日 王睿哲 C0062@capital.com.tw 目标价(元) 155 公司基本资讯 | 产业别 | | | 医药生物 | | | --- | --- | --- | --- | --- | | A 股价(2025/2/28) | | | | 134.95 | | 上证指数(2025/2/28) | | | 10611.24 | | | 股价 12 个月高/低 | | 151.86/91.91 | | | | 总发行股数(百万) | | | | 824.16 | | A 股数(百万) | | | | 593.30 | | A 市值(亿元) | | | | 800.66 | | 主要股东 | | 联影医疗技术集 | | | | | | | 团有限公司 | | | | | | (20.33%) | | | 每股净值(元) | | | | 24.15 | | 股价/账面净值 | | | | 5.59 | | 一个月 | | 三个月 | 一年 | | | 股价涨跌(%) | 8.8 | -3.6 | | -3.3 | 近期评等 | 日期 | 收盘价 | 评级 | | --- | -- ...

证券代码： 688271 证券简称： 联影医疗 公告编号： 2025-001 上海联影医疗科技股份有限公司 2024 年度业绩快报公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 本公告所载 2024 年度主要财务数据为初步核算数据，未经会计师事务所审 计，具体数据以上海联影医疗科技股份有限公司（以下简称"公司"）2024 年年 度报告为准，提请投资者注意投资风险。 一、2024 年年度主要财务数据和指标 单位：人民币万元 | 项目 | 本报告期 | 上年同期 | 增减变动幅度（%） | | | --- | --- | --- | --- | --- | | 营业总收入 | 1,030,010.44 | 1,141,076.56 | | -9.73 | | 营业利润 | 136,635.59 | 214,151.52 | | -36.20 | | 利润总额 | 135,170.75 | 214,225.47 | | -36.90 | | 归属于母公司所有者的净利润 | 126,186.95 | 197,429.23 | ...

近10日海外机构调研股 注：本文系新闻报道，不构成投资建议，股市有风险，投资需谨慎。 从股价表现看，获海外机构调研股近10日平均上涨10.81%。其中，股价上涨的有安必平、致尚科技 等，表现最好的是安必平，累计涨幅为77.31%。股价下跌的有24只，跌幅最大的是奥来德，累计跌幅 为9.92%。 从业绩来看，近日获海外机构关注个股中，有7只公布了年度业绩（含快报），净利润增幅居前的有温 氏股份、华润三九。 公布年度业绩预告的个股有27只，业绩预告类型来看，预增8只，预盈3只，预降7只，预亏5只。以业绩 预告净利润增幅中值统计，净利润增幅最高的是思特威，年度净利润同比增长幅度为2671.00%。（数 据宝） 根据调研日期截止日统计，近10日（2月12日至2月25日），海外机构对92家上市公司进行调研，其中， 联影医疗最受关注，被44家海外机构密集调研。 证券时报•数据宝统计显示，近10日共有437家公司获机构调研，调研机构类型显示，证券公司调研达 400家，占比最多；基金公司调研317家，位列其后；海外机构共对92家上市公司进行走访。 海外机构调研榜单中，联影医疗参与调研的海外机构达到44家，最受关注；其次是澜起 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 168.08 RMB, representing a potential upside of 19.6% from the current price of 140.52 RMB [3][6][12]. Core Insights - The company is transitioning from a traditional equipment manufacturer to a smart imaging solution provider by deeply integrating AI applications into its product line, enhancing diagnostic support and data processing capabilities [1][6]. - The collaboration with its AI subsidiary, United Imaging Intelligence, is expected to strengthen the company's competitive edge in the medical imaging market, particularly through the "Device + AI" synergy [1][12]. - The report anticipates a recovery in performance due to ongoing medical equipment tender activities and a favorable policy environment for equipment upgrades and AI application penetration [13][12]. Financial Summary - **Sales Revenue (Million RMB)**: - FY22A: 9,238 - FY23A: 11,411 (27.4% YoY growth) - FY24E: 10,852 (-4.9% YoY decline) - FY25E: 13,194 (21.6% YoY growth) - FY26E: 16,097 (22.0% YoY growth) [2] - **Net Profit (Million RMB)**: - FY22A: 1,650.1 - FY23A: 1,977.8 (17.6% YoY growth) - FY24E: 1,573.1 (-20.5% YoY decline) - FY25E: 2,123.9 (35.0% YoY growth) - FY26E: 2,611.4 (23.0% YoY growth) [2] - **Adjusted Net Profit (Million RMB)**: - FY22A: 1,328 - FY23A: 1,665 - FY24E: 1,342 - FY25E: 1,962 - FY26E: 2,449 [2] - **Price-to-Earnings Ratio**: - FY23A: 58.6 - FY24E: 73.6 - FY25E: 54.5 - FY26E: 44.3 [2] Market Position and Shareholder Structure - The company has a market capitalization of approximately 106.26 billion RMB and a significant shareholder structure, with United Imaging Technology Group holding 20.3% and Shanghai United Investment Co., Ltd. holding 16.4% [3][4]. - The company has shown strong stock performance, with a 33.5% absolute return over six months [5]. AI Integration and Product Development - United Imaging Intelligence has developed over 100 AI medical products, with numerous certifications including 12 NMPA Class III certificates and 15 FDA approvals, indicating a strong competitive position in the AI medical imaging sector [6][7]. - The integration of AI algorithms into imaging devices enhances operational efficiency and image quality, positioning the company favorably in the market [8][11]. Future Outlook - The report projects a significant recovery in the company's performance in 2025, driven by a resurgence in medical equipment tenders and a supportive policy environment for AI applications in healthcare [13][12]. - The DCF model used in the report estimates a per-share value of 168.08 RMB, based on a WACC of 9.0% and a perpetual growth rate of 4.1% [18].

Investment Rating - The report assigns a "Buy" rating to the company, indicating a potential upside of 15% to 35% [4][8]. Core Insights - The company is a leading player in high-end medical equipment, with a strong focus on research and development, achieving a 40% R&D personnel ratio in 2023 and a CAGR of over 30% in R&D investment from 2020 to 2023 [4]. - The company has shown significant market share growth in key segments, with 2023 market shares of 24% for CT, 22% for MR, and 15% for DR, compared to 8% in 2019 for each category [5]. - The company is actively expanding its international business, with a 37% year-on-year growth in foreign revenue for the first three quarters of 2024, now accounting for 20% of total revenue [5]. - Maintenance service revenue has increased by 27% year-on-year, contributing 14% to total revenue, with potential for further growth as the installed base increases [5]. Summary by Sections Company Overview - The company was established in 2011 and is recognized as a leader in high-end medical devices, with products that include CT, MR, and radiation therapy equipment [4]. - The management team largely comes from major international companies, enhancing its competitive edge [4]. Financial Performance - The company reported a net profit of RMB 1,974 million in 2023, with projections of RMB 1,209 million for 2024, followed by recoveries to RMB 1,608 million in 2025 and RMB 1,972 million in 2026 [7]. - The earnings per share (EPS) for 2024 is projected at RMB 1.47, with a recovery to RMB 1.95 in 2025 and RMB 2.39 in 2026 [7]. Market Position - The company has a strong domestic market presence, with 80% of revenue coming from domestic sales in the first three quarters of 2024 [5]. - The company has successfully penetrated developed markets such as the U.S., Japan, and Europe, while also targeting emerging markets with competitive products [5].

SHANGHAI 3 Yin Chena Road M 上海市通力律师事务所关于上海联影医疗科技股份有限公司 2024 年第二次临时股东大会的法律意见书 致:上海联影医疗科技股份有限公司 上海市通力律师事务所(以下简称"本所")接受上海联影医疗科技股份有限公司 (以下简称"公司")的委托,指派本所朱晓明律师、茹秋乐律师(以下简称"本所律 师")根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司股东大会 规则》等法律法规和规范性文件(以下统称"法律法规")及《上海联影医疗科技股份 有限公司章程》(以下简称"公司章程")的规定就公司 2024 年第二次临时股东大会 (以下简称"本次股东大会")相关事宜出具法律意见。 本所律师已经对公司提供的与本次股东大会有关的法律文件及其他文件、资料予以 了核查、验证。在进行核查验证过程中,公司已向本所保证,公司提供予本所之文件中 的所有签署、盖章及印章都是真实的,所有作为正本提交给本所的文件都是真实、准确、 完整和有效的,且文件材料为副本或复印件的,其与原件一致和相符。 在本法律意见书中,本所仅对本次股东大会召集和召开的程序、出席本次股东大会 人员资格和召集人资格及 ...