上海联影医疗科技股份有限公司 投资者关系活动记录表 证券简称：联影医疗 证券代码：688271 编号：2024-001 特定对象调研 分析师会议 □媒体采访 投资者关 业绩说明会 □新闻发布会 □路演活动 系活动 现场参观 其他（电话会议） 参与单位 420家机构，794名参与人员，详见附件清单 名称 时间 2024年4月 地点 上海市嘉定区城北路2258号，现场及线上电话会议； 薛敏 实控人 张强 董事长、联席首席执行官 公司接待 GUOSHENG TAN 总经理、联席首席执行官 ...

[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 ...

[Table_Header] 公司点评●医疗器械 2024 年 04 月 30 日 [Table_Title] [Table_StockCode] 高端产品加速放量，海外业务高速增长 联影医疗（688271） [Table_InvestRank] --2023 年年报及 2024 年一季报业绩点评 推荐 (维持) 核心观点： 分析师 [⚫T able事_S件um：m公ar司y]发 布 2023 年年报及 2024 年一季报。2023 年实现营业收入 114.11 [程Ta培b le_Authors] 亿元（+23.52%），归母净利润 19.74亿元（+19.21%），扣非净利润 16.65亿元 ：021-20257805 （+25.38%），经营性现金流 1.33亿元（-80.59%）。2023Q4实现营业收入 39.78 ：chengpei_yj@chinastock.com.cn 亿元（+17.72%），归母净利润 9.10 亿元（+20.17%），扣非净利润 8.36 亿元 分析师登记编码：S0130522100001 （+37.55%）。2024Q1实现营业收入 23.50亿元（+6.22%）， ...

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 ...

20240429联影医疗业绩交流会 参会嘉宾:实控人、联席首席执行官、总裁、首席财务官、董事会秘书 公司财务情况介绍 各项指标保持稳健增长，2023年收入114.11亿元（+23.52%）；归母净利润 19.74亿元（+19.21%）；扣非 净利润16.65亿元（+23.38%）。23Q4收入39.78亿元（+17.72%）；归母净利润9.10亿元（+20.17%）；扣 非净利润8.36亿元（+37.55%）。 2024Q1收入23.50亿元（+6.22%）；归母净利润3.63亿元（+10.20%）；扣非净利润3.00亿元（+8.52%）。 其中，海外业务同比增长近 50%，国际市场收入占比超 15%。我们认为，24 年伴随各地医疗设备更新细则 政策逐步落地，及各级医疗机构高质量建设等需求带动，叠加海外持续拓展，公司全年增长动力有望维持。 2023年国内市场收入 97.33亿元（+19.37%），国际市场收入 16.78亿元（+54.72%），保持高速增长态势， 国际市场占收比提升至14.7%。 2024年一季度公司实现营业收入23.5亿元，同比增长6.22%，实现归母净利润3.03亿元，同比增长4.2%， ...

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 ...

[Table_Page] 年报点评|医疗器械 证券研究报告 [联Table_影Title] 医疗（688271.SH） [公Tab司le_I评nves级t] 买入 当前价格 129.10元 23 年业绩符合预期，持续推动国内外市场 合理价值 135.14元 前次评级 买入 [ 核Tabl 心e_Su 观mm 点ary] ： 报告日期 2024-04-27  公司 23 年业绩符合预期。根据公司 23 年年报，公司实现营收 114.1 [相Tab对le_P市icQ场uote表] 现 亿元（YOY+23.52%），归母净利润 19.74 亿元（YOY+19.21%），毛 利率 48.48%（YOY+0.11pp），23 年业绩提升主要系公司持续加大对 2% -4%04/23 06/23 08/23 10/23 12/23 02/24 04/24 新产品和新技术的研发投入，推出多款创新型产品，巩固了现有市场地 -11% 位、开拓新市场。根据 wind，公司 24Q1 实现营收 23.5 亿元 -17% （YOY+6.22%），归母净利润 3.63 亿元（YOY+10.2%）；公司 24Q1 -24% 业绩提升，我 ...

Financial Performance and Dividends - The company plans to distribute a cash dividend of RMB 2.50 per 10 shares, totaling RMB 204,860,291.75 (including tax), with a total cash dividend payout of RMB 689,379,549.53 for 2023, accounting for 34.92% of the net profit attributable to shareholders[8] - Revenue for 2023 reached RMB 11.41 billion, a 23.52% increase compared to 2022[23] - Net profit attributable to shareholders in 2023 was RMB 1.97 billion, up 19.21% year-over-year[23] - Operating cash flow in 2023 was RMB 132.51 million, a significant decrease of 80.59% compared to 2022[23] - Total assets at the end of 2023 stood at RMB 25.34 billion, a 4.68% increase from the previous year[23] - The company's equity attributable to shareholders increased by 7.91% to RMB 18.87 billion at the end of 2023[23] - Basic earnings per share increased by 9.59% to 2.40 yuan per share in 2023 compared to 2022[24] - Net profit attributable to the parent company increased by 19.21% to 19.74 billion yuan in 2023[25] - R&D investment accounted for 16.81% of operating income, an increase of 0.94 percentage points from 2022[25] - Total operating revenue reached 114.11 billion yuan in 2023, a year-on-year increase of 23.52%[25] - Net profit attributable to the parent company after deducting non-recurring gains and losses increased by 25.38% to 16.65 billion yuan in 2023[25] - Total assets at the end of 2023 were 253.36 billion yuan, a year-on-year increase of 4.68%[25] - Equity attributable to the parent company at the end of 2023 was 188.66 billion yuan, a year-on-year increase of 7.91%[25] - Operating cash flow in the fourth quarter of 2023 was 974.60 million yuan, a significant improvement compared to previous quarters[29] - Government subsidies received in 2023 amounted to 235.42 million yuan, a decrease from 335.56 million yuan in 2022[30] - Revenue increased by 23.52% to RMB 11,410,765,602.39 compared to the previous year[115] - Operating costs rose by 23.24% to RMB 5,878,580,949.27[115] - R&D expenses grew by 32.33% to RMB 1,728,541,428.81 due to increased investment in research and development[115] - Sales expenses increased by 33.28% to RMB 1,769,512,581.90, driven by higher sales personnel costs and travel expenses[115] - Net cash flow from operating activities decreased by 80.59% to RMB 132,511,079.76[115] - The gross profit margin for the medical device industry increased by 0.12 percentage points to 48.99%[117] - Revenue from medical imaging diagnostic and radiotherapy equipment sales grew by 21.10% to RMB 9,927,400,522.47[117] - Revenue from maintenance services increased by 42.78% to RMB 1,069,374,958.28, with a gross profit margin increase of 5.93 percentage points[117] - Software revenue surged by 124.85% to RMB 174,468,152.21, with a gross profit margin increase of 12.82 percentage points[117] - Domestic revenue accounted for RMB 9,512,035,184.75, a 19.70% increase from the previous year[117] - Total revenue from medical imaging and radiotherapy equipment sales reached 9.927 billion yuan, a year-on-year increase of 21.10%[119] - MR equipment sales revenue increased by 58.50% year-on-year to 3.279 billion yuan[119] - XR equipment sales revenue grew by 32.83% year-on-year to 760.18 million yuan[119] - Maintenance service revenue increased by 42.78% year-on-year to 1.069 billion yuan[119] - Software revenue surged by 124.85% year-on-year to 174.47 million yuan[119] - Domestic revenue grew by 19.70% to 9.512 billion yuan, while overseas revenue increased by 53.97% to 1.659 billion yuan[119] - Direct material costs accounted for 89.08% of total costs, increasing by 25.11% year-on-year[122] - Direct labor costs rose by 40.74% year-on-year, with equipment-related labor costs increasing by 54.79%[123] - Top five customers accounted for 9.91% of total sales, with no sales to related parties[125] - The top 5 suppliers accounted for 7.27% of the total annual procurement amount, with the largest supplier contributing 31,651.84 thousand RMB, representing 2.00% of the total procurement[129] - Sales expenses increased by 33.28% to 1,769,512,581.90 RMB, driven by higher sales personnel costs and travel/conference expenses[130] - R&D expenses rose by 32.33% to 1,728,541,428.81 RMB due to increased investment in R&D materials and personnel costs[130] - Net cash flow from operating activities decreased by 80.59% to 132,511,079.76 RMB, primarily due to increased raw material procurement, labor costs, and tax payments[131] - Net cash flow from financing activities dropped by 106.17% to -662,170,739.78 RMB, mainly due to the completion of the IPO in the previous year and the implementation of share repurchases and dividend distributions[132] - Accounts receivable increased by 60.34% to 3,227,657,250.54 RMB, accounting for 12.74% of total assets, driven by higher sales[133] - Overseas assets amounted to 1,390,810,078.55 RMB, representing 5.49% of total assets[135] - The company invested 52,591,941.34 RMB in equity investments during the reporting period, a 26,195.97% increase compared to the previous year[138] - The next-generation R&D product project has a total estimated investment of 6.168 billion RMB, with a progress rate of 21.27%[139] Technological Innovation and R&D - The company aims to accelerate the application of new productive forces by integrating AI and information technology with innovative imaging, radiotherapy, and interventional equipment[4] - The company is committed to advancing technological innovation, including AI, 5G, and IoT, to enhance the integration of high-end medical equipment and develop globally competitive super equipment[2] - The company is exploring the application of circular economy models in the medical industry to reduce resource consumption and environmental pollution throughout the product lifecycle[2] - The company emphasizes the importance of deep collaboration between industry, academia, and medical institutions to drive innovation and solve broader medical challenges[2] - The company highlights the growth potential of China's healthcare industry, which is transitioning to a high-quality development phase, creating opportunities for digital and AI-driven medical solutions[3] - The company successfully launched multiple innovative products in 2023, further consolidating its leading market position[33] - R&D investment accounted for 16.81% of total revenue, an increase of 0.94 percentage points year-over-year[34] - Over 120 products have been launched, with 20+ new hardware and software products receiving NMPA registration in China[34] - Cumulative patent applications exceeded 9,900, with over 80% being invention patents, and over 5,100 intellectual property authorizations, including more than 3,000 invention patents[35] - The company's total R&D investment in 2023 reached 1,918,617,388.39 yuan, a 30.84% increase compared to the previous year[87] - R&D investment as a percentage of revenue increased to 16.81%, up 0.94 percentage points from the previous year[87] - The company has accumulated 9,944 intellectual property applications, with 5,160 granted, including 6,953 invention patent applications and 3,029 granted[84][85] - In 2023, the company added 1,226 new intellectual property applications, with 967 granted, including 956 invention patent applications and 729 granted[84][85] - The company has 45 ongoing R&D projects with a total planned investment of 4,388 million yuan, and a cumulative investment of 3,016.16 million yuan by the end of 2023[89][90] - The MR R&D project series has a total planned investment of 1,040 million yuan, with a cumulative investment of 959.9 million yuan by the end of 2023[89] - The CT R&D project series has a total planned investment of 2,500 million yuan, with a cumulative investment of 2,053.03 million yuan by the end of 2023[89] - The RT R&D project series has a total planned investment of 3,650 million yuan, with a cumulative investment of 2,628.62 million yuan by the end of 2023[89] - The software R&D project series has a total planned investment of 2,450 million yuan, with a cumulative investment of 1,395.9 million yuan by the end of 2023[89] - The XR R&D project series has a total planned investment of 1,500 million yuan, with a cumulative investment of 1,130.58 million yuan by the end of 2023[89] - The number of R&D personnel decreased from 3,088 to 2,956, accounting for 39.73% of the total workforce, down from 42.29% in the previous period[91] - Total R&D personnel compensation increased to RMB 131,448.48 thousand, with an average salary of RMB 44.47 thousand, up from RMB 34.25 thousand[91] - The company has a comprehensive product portfolio covering MR, CT, XR, PET/CT, PET/MR, and RT, with several industry-first products such as the uEXPLORER Total-body PET/CT and uMR Jupiter 5T[93][94] - The company has established a vertical R&D system and a platform-based R&D model, enabling self-developed core components and efficient product iteration[95] - As of the reporting period, the company had 2,956 R&D personnel, representing 39.73% of the total workforce[96] - The company has filed over 9,900 intellectual property applications, with over 80% being invention patents, and has been granted over 5,100 intellectual property rights, including over 3,000 invention patents[97] - The company's R&D model follows medical device regulatory requirements and ISO quality system standards, with a structured product development process[62] - The company maintains a safety stock for mass-produced materials and collaborates with suppliers for non-mass-produced and long-lead-time materials to ensure timely supply[63] - The company uses information technology to build an intelligent production system, improving efficiency and reducing costs[64] - The company has developed the industry's first 75cm large-aperture 3.0T and 5.0T whole-body MRI products, as well as the first domestically produced 3.0T MR and 9.4T animal MR products[70] - The company's self-developed spatiotemporal detector supports a minimum slice thickness of 0.5mm and is used in its CT series products[71] - The company has developed an AI-based full-model iterative reconstruction algorithm for CT products, which maximizes dose reduction while meeting clinical diagnostic requirements[71] - The company's high-resolution detector technology in molecular imaging can effectively improve image quality, scanning speed, and reduce scanning dose[71] - The company's 6MV accelerator tube achieves a maximum dose rate of 600MU/min@1m in flattened mode and 1400MU/min@1m in unflattened mode, leading the industry[71] - The company's product line covers high-end medical imaging diagnostic products and radiotherapy products, achieving an integrated diagnosis and treatment layout[72] - The company is one of the few in the industry capable of designing and manufacturing long-axis PET products[71] - The company's dynamic multi-leaf collimator technology enables efficient and precise volumetric intensity-modulated radiation therapy, reducing radiation dose to normal tissues[71] - The company is a major player in the Chinese medical imaging and radiotherapy equipment market, ranking second in CT market share, third in MR market share, and first in PET/CT and PET/MR market share[73] - In the CT market, the company ranks first in market share for 40-row and below CTs, first for 41-63 row CTs, and third for 64-row and above CTs[73] - In the MR market, the company ranks second in market share for 1.5T and below superconducting MRs, third for 3.0T MRs, and first for 3.0T and above ultra-high-field MRs[73] - The company holds the top market share in diagnostic XR products (including fixed DR, mobile DR, and breast DR) in China, with first place in fixed DR and breast DR, and second place in mobile DR[73] - In the radiotherapy equipment market, the company ranks third in market share for RT products[73] - The company is one of the few global companies with core technology and complete machine production capabilities for 5.0T and above MR systems[75] - The company has mastered key technologies such as sub-millimeter unit resolution, depth effect recognition and correction, and online scatter effect recovery for animal PET/CT systems[75] - The company's RT products feature image-guided radiotherapy, enabling precise targeting of tumors and adaptive treatment planning based on tumor changes[75] - The company is developing high-sensitivity acquisition, molecular imaging, and fast imaging technologies for preclinical MRI systems[75] - The company is advancing digital PET/CT technology using Silicon Photomultiplier (SiPM) to improve spatial resolution, sensitivity, and count rate characteristics[75] - The company has mastered the core technology of 5.0T and above high-field human superconducting magnets, achieving a 75cm large patient aperture 3.0T superconducting magnet for the first time[76] - The gradient strength of the high-performance gradient coil design and production technology ranges from 33mT/m to 120mT/m, with a gradient switching speed of 125T/m/s to 220T/m/s, leading the industry[76] - The full digital megawatt-level gradient power amplifier (GPA) technology covers a power range from 0.7 megawatts to 3.5 megawatts, achieving industry-leading levels[76] - The full digital radio frequency power amplifier (RFPA) technology uses all-solid-state power amplification and high-density, high-integration structural optimization to reduce size and cost[76] - The high-field multi-channel RF transmission technology enables independent control of multiple channels, improving RF transmission magnetic field uniformity[76] - The RF reception coil design and production technology covers all body parts with high-channel dedicated reception coils, leading the industry[76] - The distributed spectrometer and fiber optic digital transmission technology achieves industry-leading levels in high reception channel count and signal stability[76] - The magnetic resonance rapid imaging technology platform achieves 0.5 seconds per phase rapid dynamic high-definition imaging, a first in the industry[76] - The magnetic resonance automation scanning technology enables intelligent scanning of various body parts, including the head, heart, spine, and abdomen[76] - The magnetic resonance advanced application and post-processing technology includes industry-first advanced application technologies such as complex domain diffusion reconstruction and multi-echo advanced magnetic susceptibility weighted imaging[76] - The company's full-view cone-beam CT reconstruction technology expands the reconstruction field of view to 431mm, achieving full abdominal coverage[78] - The digital light guide PET detector design achieves industry-leading sensitivity and spatial resolution using SiPM and LYSO crystals[79] - The company's high-precision PET detector calibration technology improves signal processing accuracy and image quality, maintaining system stability[79] - The parallel image reconstruction method based on GPU acceleration significantly enhances computational speed and quantitative accuracy[79] - The AI-based reconstruction algorithm reduces image noise, improves image quality, and shortens scan time[79] - The AI-based attenuation correction technology includes body skeletal information, significantly improving image quality and quantitative accuracy[79] - The motion artifact reduction technology effectively minimizes PET image artifacts caused by respiratory and head movements[79] - The tumor analysis technology supports PERCIST and RECIST standards, enabling rapid and accurate diagnosis of tumor diseases[79] - The parameter imaging and analysis technology provides quantitative drug metabolism analysis based on multiple models[79] - The company's multi-scale image enhancement and equalization technology in static DR imaging highlights lesion locations[78] - High dose rate dual-beam accelerator technology achieves a maximum output of over 1400 MU/min in FFF mode, significantly improving treatment efficiency[80] - The precision dose control system achieves a minimum control dose follow-up accuracy of less than 0.1 MU and long-term stability of less than 1%[80] - The dynamic multi-leaf collimator system achieves a repeat positioning accuracy of less than 0.5mm and supports real-time dynamic control[80] - The integrated CT imaging technology enables precise registration before treatment and real-time monitoring of dose distribution during treatment[80] - The high-precision treatment bed achieves the longest motion range, highest stiffness, and smallest error in the industry[80] - The Monte Carlo dose calculation algorithm achieves routine plan calculations in less than 1 minute[80] - The cross-modal software workflow technology improves clinical efficiency and reduces learning costs for end-users[81] - The 3D medical imaging visualization engine technology achieves ultra-high resolution and real-time rendering with zero waiting time[81] - The complex electromagnetic environment hardware circuit design technology supports high-speed data acquisition at 39*4Gps in a 0.25s rotation[81] - The high-precision cooling temperature control technology achieves precise temperature control for core components and system-level temperature management[82] Global Expansion and Subsidiaries - United Imaging Healthcare has a wide range of subsidiaries globally, including in the UK, Hong Kong, UAE, Korea, Poland, Japan, Malaysia, South Africa, Morocco, Kazakhstan, Singapore, Colombia, Indonesia, and the US[13] - The company has significant holdings in subsidiaries such as UIH America, Inc., United Imaging Healthcare Japan, and United Imaging Healthcare (Australia & New Zealand) Pty Ltd[13] - United Imaging Healthcare has strategic partnerships with entities like Shenzhen High-Performance Medical Devices National Research Institute Co., Ltd. and Wuhan Zhongke Medical Technology Industrial Technology Research Institute Co., Ltd.[13] - The company's subsidiaries are involved in