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 ...

Investment Rating - The report assigns an investment rating of "Recommended" for the pharmaceutical and biotechnology industry [3][33]. Core Insights - The "AI + Healthcare/Pharmaceutical" theme continues to gain traction, with short-term momentum expected to persist. The report highlights significant stock performance in the sector, with the pharmaceutical and biotechnology sector (SW) rising by 2.71%, outperforming the CSI 300 index, and all sub-sectors showing positive growth, particularly in medical services [3][4]. - In the U.S., Tempus AI, a representative company in medical AI, saw a weekly increase of approximately 30% and over 160% year-to-date, driving the momentum of the medical AI concept. In China, companies like KingMed Diagnostics and Dian Diagnostics announced collaborations with DeepSeek, indicating a shift towards the commercialization of AI applications in healthcare [4][3]. - The report emphasizes investment opportunities in sub-sectors such as "AI + Medical Imaging," "AI + Diagnostic Services," and "AI + Drug Development," recommending key companies including United Imaging, Mindray, BGI Genomics, and WuXi AppTec [3][4]. Industry Performance Tracking - The pharmaceutical and biotechnology sector (SW) rose by 2.71% in the week of February 10-14, ranking 5th among 31 Shenwan primary industries. The CSI 300 index increased by 1.19% during the same period [5][6]. - All sub-sectors experienced growth, with medical services leading at +6.51%, followed by medical devices at +4.81%, and pharmaceutical commerce at +4.18% [5][6]. - Notable individual stock performances included Dian Diagnostics (+46.29%), Mian Health (+31.58%), and United Imaging (+27.33%) [6]. Industry Dynamics and Key Company Tracking - The National Healthcare Security Administration released a list of key tasks for 2025, focusing on efficient medical insurance processes and direct settlements for collected drugs and consumables [7]. - The retail terminal drug sales scale in China is projected to reach 574 billion yuan in 2024, with a growth rate of 3.7%, indicating a slowdown in growth due to demographic and economic factors [8]. - The report also notes significant collaborations, such as Baiyang Pharmaceutical's agreement with Roche for the exclusive marketing rights of a targeted cancer drug in mainland China [9][11]. Industry Data Tracking - The report tracks various industry metrics, including the basic medical insurance fund income, which reached 28,507.29 billion yuan in 2024, showing a year-on-year growth of 5% [15][16]. - The domestic pharmaceutical manufacturing industry achieved a total revenue of 25,298.50 billion yuan in 2024, with profit totals declining by 1.1% year-on-year [17].

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a forecasted increase of over 10% relative to the benchmark index in the next 12 months [1][5]. Core Insights - The company has shown a significant quarter-on-quarter recovery in Q4 2024, driven by innovation and expansion into overseas markets. The revenue for Q4 2024 reached 33.46 billion RMB, reflecting a year-on-year decrease of 15.90% but a substantial quarter-on-quarter increase of 106.43% [3][6]. - The company is focusing on increasing R&D investments and optimizing operational efficiency, which is expected to drive a return to growth. New innovative products, such as silicon carbide MRI and zero-noise DSA, are anticipated to create new growth opportunities [6][5]. - The company achieved a total revenue of 103.00 billion RMB in 2024, a year-on-year decline of 9.73%, with a net profit of 12.62 billion RMB, down 36.08% year-on-year. However, projections for 2025 and 2026 indicate a recovery with expected revenues of 124.13 billion RMB and 150.58 billion RMB, respectively [3][5]. Financial Performance Summary - The company’s total revenue for 2024 is projected at 103.00 billion RMB, with a year-on-year growth forecast of 20.51% for 2025 and 21.31% for 2026 [5][10]. - The net profit for 2024 is expected to be 12.62 billion RMB, with a significant recovery projected for the following years, reaching 18.46 billion RMB in 2025 and 23.72 billion RMB in 2026 [5][10]. - The earnings per share (EPS) is forecasted to be 1.53 RMB in 2024, increasing to 2.24 RMB in 2025 and 2.88 RMB in 2026 [10].

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 ...

根据《证券期货投资者适当性管理办法》及配套指引，本资料仅面向华创证券客户中的金融机构专业投资者，请勿对本资料进行任何形式的转发。若 您不是华创证券客户中的金融机构专业投资者，请勿订阅、接收或使用本资料中的信息。 本资料难以设置访问权限，若给您造成不便，敬请谅解。感谢您的理解与配合。 摘要 国产高端医学影像龙头，重塑GPS垄断格局 。公司围绕高端医学影像设备形成了丰富的产品线。随着营收在 2019-2023年间以39.9%的CAGR快速增长，2024年公司的MR、CT、MI、常规DR在国内市占率分别位居第 二、第一、第一、并列第二，重新塑造了以往由"GPS"垄断的国内医学影像市场格局。在海外市场，公司高 举高打，2019-2023年，公司海外收入CAGR达102%。 研发为基，塑造核心竞争力。 医学影像设备是医疗器械行业中技术壁垒最高的细分市场之一，公司保持高强 度的研发投入，研发费用率维持在13%以上的高水平。公司形成了架构完善的高效率研发平台，助力产品线 完善程度比肩"GPS"，并且uMR Jupiter 5T、uMR Omega、uEXPLORER（Total-body PET/CT）等产品已具备 行业领 ...

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 | | --- | -- ...

Financial Performance - In 2024, the total revenue of the company was RMB 1,030,010.44 million, a decrease of 9.73% compared to the previous year[4] - The net profit attributable to the parent company was RMB 126,186.95 million, down 36.08% year-on-year[4] - The net profit attributable to the parent company after deducting non-recurring gains and losses was RMB 101,032.34 million, a decline of 39.32% compared to the previous year[4] Assets and Equity - The company's total assets at the end of 2024 reached RMB 2,803,568.89 million, reflecting a year-on-year growth of 10.65%[6] - The equity attributable to the parent company increased by 5.50% to RMB 1,990,316.54 million[6] Research and Development - The company has increased its R&D investment, which has impacted short-term profitability but aims to drive future growth through innovative products[7] Market Expansion - The company is actively expanding its overseas market presence, resulting in sustained growth in international revenue despite domestic challenges[7] - The decline in domestic revenue is attributed to the slower rollout of domestic equipment update policies and longer market introduction periods for high-end new products[8] Cost Management and Future Outlook - The company is optimizing supply chain management and enhancing employee efficiency to control costs and improve profitability[7] - The company anticipates a potential recovery in overall performance as domestic industry policies are further implemented and the market rebounds[7]

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].

以下文章来源于阿基米德Biotech ，作者阿基米德君 阿基米德Biotech . 生物医药第三方独立观察，客观中立，深入浅出，松弛愉悦，写作纯为兴趣，不接广告 一个伟大的开端。 作者 | 阿基米德君 来源 | 阿基米德Biotech （ID：ArchimedesBiotech） 这个冬天太长了。在遥远的2021年夏天，所有人都不会想到医药下行周期会超过3年半，以致于最有耐心的坚守者也濒临崩溃。 参考率先见底的CDMO，当所有负面因素都充分入价后，任何细微的边际改善都将带来巨大弹性。从底部挣扎起来，药明康德反弹约 60% 药明生物反弹约110%，药明合联一度逼近历史新高。 不要指望惊天大逆转，但细微的边际改善是可期待的，这已经足矣。 2024Q4，全部公募基金对医药板块的持仓比例为8.58%，环比下降1.08pct，已超过2022Q3全部基金持仓的低点位（9.37%）， 下降至历史最低位置，意味着任何细微的增量资金都将带来弹性。 寒冰融化。在支付端，单一支付体系即将破局，多元化支付体系将在年内初步建立，而且在用药群众对药效日益关切的推动下，集 采、医保谈判有望转向控费与质控的平衡；在融资端，未盈利生物科技企业 ...