Investment Rating - The report does not specify a clear investment rating for the company [1] Core Views - The company reported a revenue of 11.41 billion yuan in 2023, representing a year-on-year increase of 23.5%, and a net profit of 1.97 billion yuan, up 19.2% [2] - The first quarter of 2024 showed a revenue of 2.35 billion yuan, an increase of 6.2%, and a net profit of 360 million yuan, up 10.2% [2] - The growth in revenue is driven by both domestic and international markets, with domestic revenue at 9.5 billion yuan (+19.7%) and overseas revenue at 1.7 billion yuan (+54.0%) [2] - The company has expanded its business network to cover 65 countries and regions globally, with over 700 product registrations and certifications [2] - The release of restrictions on high-end medical equipment procurement is expected to accelerate demand for mid-to-high-end imaging equipment [2] Summary by Sections Financial Performance - In 2023, the revenue from medical imaging equipment was 9.93 billion yuan (+21.1%), maintenance service revenue was 1.07 billion yuan (+42.8%), and software revenue was 170 million yuan (+124.8%) [2] - The company expects revenues for 2024, 2025, and 2026 to be 13.9 billion yuan, 17.2 billion yuan, and 21.5 billion yuan respectively, with net profits of 2.4 billion yuan, 2.9 billion yuan, and 3.6 billion yuan [3][10] Business Segments - The revenue from imaging equipment is projected to grow at rates of 21% in 2024, 22% in 2025, and 24% in 2026, with a gross margin of approximately 47.8% [9] - Maintenance and technical service revenue is expected to grow at a compound annual growth rate (CAGR) of 30% from 2024 to 2026, with gross margins increasing to 65% by 2026 [9] - Software revenue is anticipated to grow at a CAGR of 50% during the same period, with a gross margin of 40% [9] Market Expansion - The company has achieved significant growth in overseas markets, with overseas revenue accounting for 14.7% of total revenue in 2023, an increase of 3 percentage points from 2022 [2] - The company has received multiple certifications, including CE and FDA approvals, enhancing its competitive position in both developed and emerging markets [2] Future Outlook - The company is expected to maintain a strong growth trajectory, with projected revenue growth rates of 22.25% in 2024, 23.42% in 2025, and 24.68% in 2026 [4] - The net profit growth rates are forecasted to be 20.92% in 2024, 22.77% in 2025, and 24.24% in 2026 [4]

证券代码：688271 证券简称：联影医疗 公告编号：2024-018 上海联影医疗科技股份有限公司 关于以集中竞价交易方式回购公司股份进展的公告 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、准确性和完整性承担法律责任。 重要内容提示： | 回购方案首次披露日 | 2023/8/23 | | --- | --- | | 回购方案实施期限 | 待董事会审议通过后 12 个月 | | 预计回购金额 | 40,000 元~80,000 元 | | 回购用途 | 用于员工持股计划或股权激励 | | 累计已回购股数 | 4,716,821 股 | | 累计已回购股数占总股本比例 | 0.57% | | 累计已回购金额 | 511,272,168.36 元 | | 实际回购价格区间 | 102.20 元/股~140.00 元/股 | 一、 回购股份的基本情况 2023 年 8 月 22 日，公司召开第一届董事会第二十二次会议，审议通过了《关 于以集中竞价交易方式回购公司股份方案的议案》，同意公司以集中竞价交易方式 回购公司股份，回购资金总额不低于人民币 4 亿元（ ...

Financial Performance - In 2023, the company achieved a revenue of CNY 11.411 billion, representing a year-on-year growth of 23.52%. The net profit attributable to shareholders was CNY 1.974 billion, with a growth of 19.21%. The gross margin for 2023 was 48.48%, an increase of 0.12 percentage points compared to the previous year [2][3]. - For Q1 2024, the company reported a revenue of CNY 2.350 billion, a year-on-year increase of 6.22%, and a net profit of CNY 0.363 billion, up by 10.20% [2][3]. Revenue Distribution - In 2023, domestic revenue reached CNY 9.733 billion, growing by 19.37%, while international revenue was CNY 1.03 billion, marking a 39.7% increase. The international market revenue accounted for 14.7% of total revenue, with a significant growth of 54.72% [2][3]. - Equipment revenue for 2023 was CNY 9.927 billion, up by 21.10%, while service revenue reached CNY 1.069 billion, growing by 42.78% [3][4]. Product Line Performance - The revenue breakdown by product line in 2023 included: CT revenue of CNY 4.066 billion, MR revenue of CNY 3.279 billion, MI revenue of CNY 1.552 billion, XR revenue of CNY 0.760 billion, and RT revenue of CNY 0.270 billion. MR revenue saw a notable increase of 58.5% [3][4]. - The company maintained its leading position in the Chinese market for medical imaging and radiation therapy equipment, with significant growth in high-end and ultra-high-end CT systems [3][4]. R&D and Innovation - In 2023, the company invested CNY 1.729 billion in R&D, with a workforce of 2,956 R&D personnel, accounting for 39.73% of total employees. The R&D investment is crucial for maintaining competitiveness and growth [4][5]. - The company launched over 120 innovative products by Q1 2024, with 49 products receiving CE certification and 44 products obtaining FDA approval [5][6]. Market Expansion - By the end of 2023, the company had established partnerships with over 40 institutions across more than 30 countries, contributing to over 1,300 global research publications [7][8]. - The company’s products served over 12,600 medical institutions in more than 65 countries and regions, with a focus on enhancing medical capabilities at various levels of healthcare institutions in China [8][9]. Future Outlook - The company aims to leverage technological innovations to enhance medical quality and efficiency, focusing on high intelligence, low cost, and early health solutions in the healthcare market [13][14]. - The company plans to strengthen its management system, enrich its product portfolio, and enhance brand influence to become a global leader in medical innovation [14][15].

[Table_Title] 证券研究报告 国内海外双轮驱动，数智化产品引领高质量发展 公司研究 [Table_ReportDate] 2024年05月05日 [Table_ReportType] 公司点评报告 [T事ab件le：_S公um司ma发ry布] 2023 年年度及 2024 年一季度报告，公司 2023 年度实现 [联Ta影bl医e_疗Sto(c6k8A8n2d7R1an)k ] 营业总收入 114.1 亿元，同比增长 23.5%；实现归母净利润 19.7亿元，同 投资评级 比增长19.2%；实现扣非归母净利润16.7亿元，同比增长25.4%；24年Q1 实现收入23.5亿元，同比增长6.2%；归母净利润3.6亿元，同比增长10.2%； 上次评级 扣非归母净利润3.0亿元，同比增长8.5%。 点评： [唐Ta爱b金le _ A u t h o医r]药 行业首席分析师 ➢ 持续导入数智化产品，打造高质量发展生态。公司沿产业链、创新链的 执业编号：S1500523080002 邮 箱：tangaijin@cindasc.com 脉络持续强化研发能力，全面推进包括 uAIFI Technology 磁共振 ...

Investment Rating - The investment rating for the company is "Recommended" (maintained) [2] Core Views - The company reported a revenue of 11.41 billion yuan in 2023, representing a growth of 23.52%, with a net profit of 1.97 billion yuan, up by 19.21% [1] - High-end products are accelerating in volume, with a stable domestic market share. The sales revenue from medical imaging and radiation therapy equipment reached 9.93 billion yuan, an increase of 21.10% [1] - The overseas business is experiencing rapid growth, with revenue from international markets reaching 1.66 billion yuan, up by 53.97%, accounting for 14.70% of total revenue [1] - Continuous innovation is driving industry development, with R&D investment accounting for 16.81% of revenue, and the gross profit margin for 2023 was 48.48% [1] Summary by Sections Financial Performance - In 2023, the company achieved an operating income of 11.41 billion yuan, a net profit of 1.97 billion yuan, and a cash flow from operations of 133 million yuan, which decreased by 80.59% [1] - For Q4 2023, the operating income was 3.98 billion yuan, with a net profit of 910 million yuan [1] - In Q1 2024, the operating income was 2.35 billion yuan, with a net profit of 363 million yuan [1] Product Performance - The sales revenue for medical imaging and radiation therapy equipment was 9.93 billion yuan, with significant contributions from CT, MR, MI, XR, and RT products [1] - The company maintains a strong market position, ranking second in CT and third in MR, with leading market shares in high-end imaging products [1] International Expansion - The company has expanded its international presence, achieving a revenue of 1.66 billion yuan from overseas markets, with a focus on high-end equipment [1] - The company has obtained certifications for over 700 products in more than 65 countries, enhancing its global market reach [1] Research and Development - R&D investment has increased, representing 16.81% of revenue, with nearly 120 new products launched [1] - The gross profit margin is expected to improve due to the rising proportion of high-end product sales, with a gross margin of 49.57% in Q1 2024 [1]

证券研究报告·公司点评报告·医疗器械 联影医疗（688271） 2023 年报&2024 年一季报点评：业绩符合预 2024年 04月 30日 期，海外增长强劲 证券分析师 朱国广 买入（维持） 执业证书：S0600520070004 zhugg@dwzq.com.cn [Table_EPS] 盈利预测与估值 2022A 2023A 2024E 2025E 2026E 股价走势 营业总收入（百万元） 9,238 11,411 13,776 16,689 20,346 同比（%） 27.36 23.52 20.73 21.14 21.91 联影医疗 沪深300 归母净利润（百万元） 1,656 1,974 2,256 2,705 3,142 0% -3% -6% 同比（%） 16.86 19.21 14.28 19.89 16.14 -9% -12% EPS-最新摊薄（元/股） 2.01 2.40 2.74 3.28 3.81 -- 11 85 %% -21% P/E（现价&最新摊薄） 65.99 55.35 48.44 40.40 34.79 --- 322 074 %%% [ [TT aab bl le e ...

证券研究报告·公司点评报告·医疗器械 联影医疗（688271） 2023 年报&2024 年一季报点评：业绩符合预 2024年 04月 30日 期，海外增长强劲 证券分析师 朱国广 买入（维持） 执业证书：S0600520070004 zhugg@dwzq.com.cn [Table_EPS] 盈利预测与估值 2022A 2023A 2024E 2025E 2026E 股价走势 营业总收入（百万元） 9,238 11,411 13,776 16,689 20,346 同比（%） 27.36 23.52 20.73 21.14 21.91 联影医疗 沪深300 归母净利润（百万元） 1,656 1,974 2,256 2,705 3,142 0% -3% -6% 同比（%） 16.86 19.21 14.28 19.89 16.14 -9% -12% EPS-最新摊薄（元/股） 2.01 2.40 2.74 3.28 3.81 -- 11 85 %% -21% P/E（现价&最新摊薄） 65.99 55.35 48.44 40.40 34.79 --- 322 074 %%% [ [TT aab bl le e ...

Summary of the Conference Call for United Imaging Healthcare Company Overview - **Company**: United Imaging Healthcare - **Industry**: Medical Equipment Financial Performance - **2023 Revenue**: 11.411 billion CNY (+23.52%) - **Net Profit**: 1.974 billion CNY (+19.21%) - **Net Profit (Excluding Non-recurring Items)**: 1.665 billion CNY (+23.38%) - **Q4 2023 Revenue**: 3.978 billion CNY (+17.72%) - **Q4 2023 Net Profit**: 910 million CNY (+20.17%) - **Q4 2023 Net Profit (Excluding Non-recurring Items)**: 836 million CNY (+37.55%) - **Q1 2024 Revenue**: 2.350 billion CNY (+6.22%) - **Q1 2024 Net Profit**: 363 million CNY (+10.20%) - **Q1 2024 Net Profit (Excluding Non-recurring Items)**: 300 million CNY (+8.52%) - **International Business Growth**: Nearly 50% YoY, with international revenue accounting for over 15% of total revenue [2][2][2] Market Performance - **Domestic Market Revenue (2023)**: 9.733 billion CNY (+19.37%) - **International Market Revenue (2023)**: 1.678 billion CNY (+54.72%) - **International Market Revenue Share**: Increased to 14.7% [2][2] - **Regional Performance**: - **Asia-Pacific Revenue**: 786 million CNY (+78.6%) - **North America Revenue**: 421 million CNY (+5.9%) - **Europe Revenue**: 332 million CNY (+157.05%) - **Other Regions Revenue**: 138 million CNY (+17.7%) [2][2] Product Line Performance - **CT Revenue (2023)**: 4.066 billion CNY (+58.5%) - **MR Revenue (2023)**: 3.279 billion CNY (+33.03%) - **MI Revenue (2023)**: 1.552 billion CNY (+15.65%) - **XR Revenue (2023)**: 760 million CNY (+7.66%) - **RT Revenue (2023)**: 270 million CNY (+2.72%) [3][3] - **Market Share**: - PETCT, MI, and XR ranked first in domestic new market share - MR ranked third in the 5T high-field MRI market [3][3] Innovation and R&D - **Innovative Products**: Over 120 new products launched, with 49 receiving CE certification and 44 receiving FDA 510K approval [4][4] - **Patents**: Nearly 8,500 patent applications submitted, with 82% being invention patents; 4,134 patents granted [5][5] - **R&D Investment**: Total R&D expenditure of 1.919 billion CNY, with 2,956 R&D personnel (39.73% of total staff) [3][3] Global Strategy and Market Expansion - **Global Market Coverage**: Nearly 70 countries and regions, with over 12,600 medical and research institutions served [6][6] - **Key Markets**: - **United States**: Coverage in over half of the states, with significant growth potential - **Europe**: Progress in Western European markets such as France, the UK, and Germany - **Asia-Pacific and Emerging Markets**: Focus on brand establishment and market penetration [7][7] Management and Operational Strategy - **Operational Improvements**: Strengthening operations and management to support global strategy, including consulting with international firms [8][8] - **Service Network**: Global service team of over 1,000 personnel established [8][8] Future Trends and Outlook - **Technological Transformation**: Emphasis on smart technology integration in products to meet market demands [9][9] - **Market Leadership Goals**: Aim for absolute leadership in the domestic market, particularly in high-end and ultra-high-end products [9][9] - **Overall Assessment**: United Imaging Healthcare is positioned as a leading medical device company with robust growth potential and strong governance, despite some performance fluctuations due to external factors [9][9]

证券研究报告 公 2024年04月30日 司 报 告 联影医疗(688271) │ 行 业： 医药生物/医疗器械 公 投资评级： 买入（维持） 司 年 高端产品持续突破，海外业务高速增长 当前价格： 132.56元 报 目标价格： 159.71元 点 事件： 评 基本数据 公司发布2023年年报和2024年一季报。2023年公司实现营业收入114.11 总股本/流通股本(百万股) 824.16/592.23 亿元，同比增长23.52%；归母净利润19.74亿元，同比增长19.21%；扣 非归母净利润16.65亿元，同比增长25.38%。2024Q1实现营收23.50亿 流通A股市值(百万元) 78,506.03 元，同比增长6.22%；归母净利润3.63亿元，同比增长10.20%；扣非归 每股净资产(元) 23.33 母净利润3.00亿元，同比增长8.52%。业绩符合市场预期。 资产负债率(%) 23.98  持续突破创新边界，中高端新品持续放量 一年内最高/最低(元) 159.32/101.36 2023年公司研发投入19.19亿元，同比增长30.84%；研发投入占营业收 入比例为16.81%；共计20余 ...

2024年4月28日 公司研究 业绩符合预期，海外收入占比持续提升 ——联影医疗（688271.SH）2023 年报和 2024 年一季报点评 买入（维持） 要点 当前价：129.10元 事件： 作者 公司发布23年年报和24年一季报：23年实现营业收入114.11亿元，同比增长 分析师：吴佳青 23.52%；归母净利润19.74亿元，同比增长19.21%；扣非归母净利润为16.65亿 执业证书编号：S0930519120001 021-52523697 元，同比增长25.38%。24Q1：实现营业收入23.50亿元，同比增长6.22%，实现 wujiaqing@ebscn.com 归母净利润3.63亿元，同比增长10.20%，扣非归母净利润3.00亿元，同比增长 8.52%。业绩符合市场预期。 市场数据 点评： 总股本(亿股) 8.24 MR、XR收入高速增长，CT、MI收入稳定增长：公司23年设备收入达到99.27亿 总市值(亿元)： 1063.99 元，同比增长 21.10%，公司不断加大研发投入，推出多款新产品，各业务线收入 一年最低/最高(元)： 101.36/159.32 近3月换手率： 16.8 ...