Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 162.81 RMB, indicating a potential upside of 24.6% from the current price of 130.62 RMB [3][16]. Core Insights - The company is actively expanding its global business, showcasing advanced self-developed ultrasound platforms and prototypes, aiming for comprehensive clinical coverage across various medical fields [1]. - The company has successfully signed contracts or installed nearly 300 high-end machines in over 40 countries this year, with expectations to exceed 3,000 overseas installations by the end of 2024 [1]. - Ongoing research collaborations with top global clinical experts are driving innovation and enhancing the company's brand image in international markets [1]. - The company is building a resilient global supply chain and production network to mitigate geopolitical challenges, with plans for new production bases in Southeast Asia and Latin America by 2025-2027 [1]. Financial Summary - The company’s revenue is projected to grow from 10,852 million RMB in FY24E to 17,448 million RMB in FY26E, with a notable increase in adjusted net profit from 1,541 million RMB in FY24E to 2,740 million RMB in FY26E [5][10]. - The adjusted net profit margin is expected to improve from 14.20% in FY24E to 15.70% in FY26E, reflecting operational efficiency [5][10]. - The company’s DCF analysis indicates a present value of equity at 134,183 million RMB, with a calculated DCF per share value of 162.81 RMB [7][6].

Investment Rating - The report maintains an "Accumulate" rating for the company [2][3]. Core Viewpoints - Short-term performance fluctuations do not alter long-term market demand, as the company continues to invest in business expansion, particularly overseas, despite a decline in business volume due to market conditions [3]. - The company is a leading domestic player in the medical imaging equipment sector, which has high technical barriers and significant market capacity, and is expected to increase its market share domestically while expanding its overseas business [3]. - The earnings forecast has been adjusted, with expected EPS for 2024, 2025, and 2026 being 1.85, 2.77, and 3.39 yuan respectively, corresponding to P/E ratios of 65.1, 43.3, and 35.5 based on the closing price on November 6, 2024 [3]. Financial Summary - For the first three quarters of 2024, the company reported revenue of 6.954 billion yuan, a year-on-year decrease of 6.43%, and a net profit attributable to shareholders of 671 million yuan, down 36.94% year-on-year [4]. - The company’s sales expenses increased by 10.55% year-on-year to 1.385 billion yuan, with a sales expense ratio of 19.92%, up 3.06 percentage points [4]. - R&D expenses decreased by 3.79% year-on-year to 1.318 billion yuan, with an R&D expense ratio of 18.95%, up 0.52 percentage points [4].

Investment Rating - The investment rating for the company is "Accumulate" [7] Core Views - The company reported a revenue of 6.95 billion yuan for the first three quarters of 2024, a year-on-year decline of 6.4%, with a net profit of 670 million yuan, down 36.9% week-on-week. The revenue for Q3 was 1.62 billion yuan, a year-on-year decline of 25%, and a net loss of 280 million yuan for the quarter. It is anticipated that Q4 will see a significant recovery in revenue due to the resumption of domestic bidding and continued expansion in overseas markets [2][3] Summary by Sections Growth Potential - Despite pressure from a slowdown in domestic bidding, the company is expected to enhance its market share in mid-to-high-end and ultra-high-end products due to improved product capabilities. The domestic revenue for the first three quarters of 2024 was 5.55 billion yuan, with a steady increase in market share in high-end products. The R&D investment for the first three quarters of 2024 accounted for 18.9% of revenue, a year-on-year increase of 0.5 percentage points. The company has launched over 120 products in the market, with several receiving NMPA registration in Q3 2024 [3] - The overseas market revenue for the first three quarters of 2024 reached 1.404 billion yuan, a year-on-year increase of 36.49%, with international market revenue accounting for 20.19% of total revenue, up 6.35 percentage points year-on-year. The company has received CE certification for 42 products and FDA (510k) approval for 47 products. The launch of the uMR Jupiter 5T, the highest field strength MRI system, is expected to drive revenue growth as the company accelerates its overseas promotion [3][4] Profitability - The gross margin for the first three quarters of 2024 was 49.4%, an increase of 0.74 percentage points year-on-year, with the proportion of high-margin maintenance service revenue rising to 13.9%, up 3.7 percentage points year-on-year. The gross margin is expected to improve from 2024 to 2026 as the company continues to expand its mid-to-high-end offerings and increase the share of maintenance service revenue [4] - The net profit margin for the first three quarters of 2024 was 9.5%, a decrease of 4.9 percentage points year-on-year, attributed to increased sales and R&D expenses. The net profit margin is expected to decline slightly in 2024 due to ongoing R&D and overseas expansion efforts [4] Earnings Forecast and Valuation - The earnings forecast for the company has been adjusted downwards, with projected total revenues for 2024, 2025, and 2026 expected to be 10.653 billion yuan, 12.726 billion yuan, and 15.196 billion yuan, respectively, reflecting year-on-year growth rates of -6.64%, 19.46%, and 19.41%. The net profit for the same years is projected to be 1.474 billion yuan, 1.794 billion yuan, and 2.268 billion yuan, with corresponding year-on-year growth rates of -25.36%, 21.73%, and 26.41% [5][10]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase of over 15% compared to the CSI 300 index in the next six months [6]. Core Views - The company has shown strong performance in overseas markets, with a 36.49% year-on-year increase in overseas revenue, reaching 1.404 billion yuan in the first three quarters of 2024 [1][2]. - Domestic revenue has faced challenges, with a 13.33% decline to 5.550 billion yuan, but market share in key product lines such as CT, MR, and MI has steadily increased [1][2]. - The overall gross margin improved by 0.74 percentage points to 49.41% in the first three quarters of 2024, despite a temporary pressure on net profit margins due to increased marketing and R&D investments [1][2]. Financial Summary - For the first three quarters of 2024, the company reported total revenue of 6.954 billion yuan, a decrease of 6.43% year-on-year, and a net profit of 671 million yuan, down 36.94% year-on-year [1][2]. - The earnings per share (EPS) for 2024 is projected at 1.59 yuan, with expected revenues of 10.489 billion yuan, reflecting a year-on-year decline of 8% [2][3]. - The company anticipates a recovery in revenue growth, with projections of 20% and 21% growth in 2025 and 2026, respectively [2][3]. Market Position - The company has successfully expanded its market presence in North America, Europe, and Asia-Pacific, with significant orders and revenue growth in these regions [1][2]. - The overseas revenue now accounts for over 20% of total revenue, marking a 6.35 percentage point increase year-on-year [1][2]. - The company is actively optimizing its business structure to adapt to market conditions and policy changes, laying a solid foundation for future growth [1][2].

证券代码： 688271 证券简称： 联影医疗 公告编号： 2024-064 上海联影医疗科技股份有限公司关于使用票据支付 募投项目所需资金并以募集资金等额置换的公告 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、准确性和完整性依法承担法律责任。 上海联影医疗科技股份有限公司（以下简称"公司"或"联影医疗"）于 2024 年 11 月 7 日召开第二届董事会第十五次会议、第二届监事会第十次会议，审议 通过了《关于使用票据支付募投项目所需资金并以募集资金等额置换的议案》， 同意公司在募投项目实施期间，使用票据支付募投项目所需资金并定期以募集资 金等额置换，该部分等额置换资金视同募投项目使用资金。保荐机构对本事项出 具了无异议的核查意见，该事项无需提交公司股东大会审议。现将具体情况公告 如下： 一、募集资金基本情况 根据《上海联影医疗科技股份有限公司首次公开发行股票并在科创板上市招 股说明书》《上海联影医疗科技股份有限公司关于调整募集资金投资项目拟投入 募集资金金额的公告》披露的募集资金投资项目及经调整后的募集资金使用计划 如下： | 单位：人民币万元 | ...

一、募集资金基本情况 根据中国证监会核发的《关于同意上海联影医疗科技股份有限公司首次公开 发行股票注册的批复》（证监许可[2022]1327 号），上海联影医疗科技股份有限公 司（以下简称"公司"或"联影医疗"）获准向社会公开发行人民币普通股（A 股） 10,000 万股，发行价格为 109.88 元/股，募集资金总额 1,098,800.00 万元。公司 募集资金总额扣除所有股票发行费用（包括不含增值税承销及保荐费用以及其他 发行费用）人民币264,158,460.63元后的募集资金净额为人民币10,723,841,539.37 元。上述募集资金到位情况业经普华永道中天会计师事务所（特殊普通合伙）审 验，并出具了普华永道中天验字（2022）第 0687 号《验资报告》。募集资金到账 后，公司对募集资金进行了专户存储，并与保荐机构、存放募集资金的银行签署 了募集资金专户存储监管协议。具体情况详见公司 2022 年 8 月 19 日披露于上海 证券交易所网站（www.sse.com.cn）的《上海联影医疗科技股份有限公司首次公 开发行股票科创板上市公告书》。 1 二、募集资金使用情况 根据公司《上海联影医疗科技 ...

证券代码： 688271 证券简称： 联影医疗 公告编号： 2024-063 上海联影医疗科技股份有限公司 关于调整部分募投项目内部投资结构及延期的公告 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、准确性和完整性依法承担法律责任。 上海联影医疗科技股份有限公司（以下简称"公司"或"联影医疗"）于 2024 年 11 月 7 日召开第二届董事会第十五次会议、第二届监事会第十次会议，审议 通过了《关于调整部分募投项目内部投资结构及延期的议案》，同意公司在募集 资金投资项目（以下简称"募投项目"）实施主体、总投资金额、投资用途不发 生变更、不影响募投项目正常实施的情况下，根据募投项目实施情况、募集资金 投入规划及募投项目建设实际需求，对"下一代产品研发项目""信息化提升项 目"内部投资结构作调整，对"高端医疗影像设备产业化基金项目"延期，保荐 机构出具了明确的核查意见。 一、募集资金基本情况 根据中国证监会核发的《关于同意上海联影医疗科技股份有限公司首次公开 发行股票注册的批复》（证监许可[2022]1327 号），公司获准向社会公开发行人 民币普通股（A ...

证券代码： 688271 证券简称： 联影医疗 公告编号： 2024-065 上海联影医疗科技股份有限公司 关于变更 2024 年度会计师事务所的公告 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、准确性和完整性依法承担法律责任。 重要内容提示 一、拟聘任审计机构的基本情况 （一）机构信息 1、基本信息 安永华明于 1992 年 09 月成立，2012 年 08 月完成本土化转制，从一家中外 合作的有限责任制事务所转制为特殊普通合伙制事务所。安永华明总部设在北京， 注册地址为北京市东城区东长安街 1 号东方广场安永大楼 17 层 01-12 室。 2、人员信息 拟聘任的会计师事务所名称：安永华明会计师事务所（特殊普通合伙） （以下简称"安永华明"） 原聘任的会计师事务所名称：普华永道中天会计师事务所（特殊普通合 伙）（以下简称"普华永道中天"） 变更会计师事务所的简要原因及前任会计师的异议情况：鉴于近期公司 前任会计师事务所的相关事项，基于审慎原则并结合公司业务需要，公 司拟变更会计师事务所，改聘安永华明为公司提供 2024 年度财务审计 和内部控制审计 ...

中信证券股份有限公司、中国国际金融股份有限公司 关于上海联影医疗科技股份有限公司 调整部分募投项目内部投资结构及延期的核查意见 中信证券股份有限公司（以下简称"中信证券"、"保荐机构"）、中国国际金 融股份有限公司（以下简称"中金公司"、"保荐机构"）为上海联影医疗科技 股份有限公司（以下简称"公司"、"联影医疗"）首次公开发行股票并上市的 保荐机构。根据《证券发行上市保荐业务管理办法》《上海证券交易所科创板股 票上市规则》《上海证券交易所科创板上市公司自律监管指引第 1 号——规范运 作》《上市公司监管指引第 2 号——上市公司募集资金管理和使用的监管要求 （2022 修订）》等有关规定，对联影医疗调整部分募集资金投资项目（以下简称 "募投项目"）内部投资结构及延期的事项进行了核查，并出具核查意见如下： 一、募集资金的基本情况 三、本次募投项目调整的具体情况及原因 2022 年 9 月 26 日，公司第一届董事会第十四次会议和第一届监事会第十二 次会议审议通过了《关于使用部分募集资金向全资子公司进行增资实施募投项目 的议案》，同意公司使用募集资金人民币 131,162.7539 万元向全资子公司武汉联 影医 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [5] Core Views - The company experienced a loss in Q3 2024 due to a slowdown in market bidding activities, with revenue of 6.71 billion yuan, down 36.94% year-on-year, and a net profit of -2.79 billion yuan in Q3 2024, a decline of 320.57% [1][3] - Despite domestic market pressures, the overseas market showed strong growth, with revenue reaching 1.404 billion yuan, up 36.49% year-on-year, accounting for over 20% of total revenue [2] - Service revenue is growing rapidly, contributing 13.91% to total revenue, driven by an increase in installed equipment [1][2] Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported revenue of 69.54 billion yuan, a decrease of 6.43%, and a net profit of 6.71 billion yuan, down 36.94% [1] - The revenue for Q3 2024 was 16.21 billion yuan, a decline of 25.00%, with a net profit of -2.79 billion yuan [1] - The company’s gross margin improved slightly to 49.41%, an increase of 0.74 percentage points, while the sales expense ratio rose to 19.92%, an increase of 3.06 percentage points [2] Revenue Breakdown - Equipment sales revenue for the first three quarters of 2024 was 57.05 billion yuan, down 11.53% year-on-year, while maintenance service revenue grew to 9.67 billion yuan, up 27.27% [1] - Domestic revenue was 55.50 billion yuan, down 13.33% year-on-year, while overseas revenue was 14.04 billion yuan, reflecting strong growth [2] Profit Forecast - The profit forecast for 2024-2026 has been adjusted, with expected revenues of 104.4 billion yuan, 131.6 billion yuan, and 157.3 billion yuan respectively, reflecting a year-on-year growth rate of -8.5%, 26.0%, and 19.6% [3] - The projected net profits for the same period are 14.2 billion yuan, 23.0 billion yuan, and 28.1 billion yuan, with year-on-year growth rates of -28.0%, 62.1%, and 21.9% [3]