Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is experiencing short-term pressure on performance, awaiting a recovery in procurement processes [1] - In the first three quarters of 2024, the company achieved revenue of 6.954 billion yuan, a year-over-year decrease of 6.43%, and a net profit attributable to shareholders of 671 million yuan, down 36.94% year-over-year [1] - The company’s revenue from the domestic market was 5.550 billion yuan, while revenue from the overseas market was 1.404 billion yuan, reflecting a year-over-year growth of 36.49% [1] - The company is increasing investments in technology, talent, and marketing to strengthen its core competitiveness [1] Financial Summary - For 2024, the company is expected to generate revenues of 10.828 billion yuan, with a year-over-year decline of 5.1% [3] - The net profit attributable to shareholders is projected to be 1.397 billion yuan, representing a year-over-year decrease of 29.3% [3] - The gross margin is expected to improve slightly from 48.5% in 2023 to 49.6% in 2024 [3] - The company plans to maintain a strong focus on research and development, with R&D expenses projected at 1.318 billion yuan for 2024 [1][4] Market Position - The company ranks among the top in its industry across various product lines, with a significant increase in international market share [1] - The company has launched over 120 products in the market, with 42 products receiving CE certification and 47 products obtaining FDA (510k) approval [1] Future Outlook - The company’s revenue is projected to grow to 12.566 billion yuan in 2025 and 14.545 billion yuan in 2026, with respective growth rates of 16.1% and 15.7% [3] - The net profit is expected to rebound to 2.083 billion yuan in 2025 and 2.508 billion yuan in 2026, with growth rates of 49.1% and 20.4% respectively [3] - The company is anticipated to maintain a strong competitive position in the domestic medical imaging equipment market due to its high product competitiveness and significant R&D barriers [1]

1 Nov 2024 CMB International Global Markets | Equity Research | Company Update United Imaging (688271 CH) Anticipating a rapid rebound in domestic business United Imaging's 9M24 revenue declined by 6.4% YoY to RMB6,954mn, with 3Q24 revenue down by 25.0% YoY to RMB1.6bn. This downturn was primarily due to a challenging domestic market environment, marked by stringent industry regulations and delays in equipment renewal projects. Attributable net profit in 9M24 decreased by 36.9% YoY to RMB671mn, with net pro ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a total revenue of 6.954 billion yuan for the first three quarters of 2024, a decrease of 6.43% year-on-year, and a net profit attributable to shareholders of 671 million yuan, down 36.94% [2] - The company's Q3 performance was impacted by delayed domestic tenders, with Q3 revenue at 1.621 billion yuan, down 25.00%, and a net loss of 279 million yuan [2] - Despite short-term pressures, the market share of core product lines such as CT, MR, and MI continues to improve, with a significant increase in the revenue share of mid-to-high-end products, laying a foundation for future recovery [2] - The overseas market showed strong performance, with revenue of 1.404 billion yuan, up 36.49%, and service revenue growing over 100%, with overseas revenue accounting for over 20% [3] - The company has adjusted its net profit forecasts for 2024-2026 due to short-term pressures, with expected profits of 1.232 billion yuan in 2024, 1.916 billion yuan in 2025, and 2.311 billion yuan in 2026 [3] Summary by Sections Financial Performance - Total revenue for 2022 was 9.238 billion yuan, increasing to 11.411 billion yuan in 2023, but expected to decline to 10.348 billion yuan in 2024, before rising to 12.020 billion yuan in 2025 and 14.036 billion yuan in 2026 [1] - Net profit attributable to shareholders was 1.656 billion yuan in 2022, increasing to 1.974 billion yuan in 2023, but projected to drop to 1.232 billion yuan in 2024, before recovering to 1.916 billion yuan in 2025 and 2.311 billion yuan in 2026 [1] - The latest diluted EPS is expected to be 1.50 yuan per share in 2024, with projections of 2.32 yuan in 2025 and 2.80 yuan in 2026 [1] Market Dynamics - The domestic market faced challenges due to industry restructuring and high base effects from the previous year, leading to a 13.33% decline in revenue to 5.550 billion yuan in the first three quarters of 2024 [2] - The overseas market, particularly in North America and Europe, showed robust growth, with significant increases in orders and revenue, especially for high-end MR and CT products [3]

Group 1 - On October 31, 27 companies were investigated by institutions, with 13 companies being researched by funds [1] - Among the companies, four attracted more than ten funds for research activities [1] - United Imaging Healthcare was the most popular, with 72 funds participating in the investigation [1] Group 2 - New Industry and Siquan New Materials received attention from 55 and 18 funds respectively [1]

Financial Performance - The company achieved a revenue of 6.954 billion RMB in the first three quarters of 2024, with a net profit of 671 million RMB, and a gross margin of 49.41%, an increase of 0.74 percentage points year-on-year [2][6]. - Domestic market revenue reached 5.550 billion RMB, while overseas revenue was 1.404 billion RMB, reflecting a year-on-year growth of 36.49% and an international market revenue share of 20.19%, up 6.35 percentage points [2][6]. Revenue Breakdown - Equipment revenue accounted for 5.705 billion RMB, with service revenue at 967 million RMB, showing a year-on-year growth of 27.27% and a service revenue share of 13.91%, up 3.68 percentage points [2][6]. - The company maintained a strong market position in high-end and ultra-high-end product segments, with significant growth in overseas markets [2][6]. Investment and R&D - The company invested 1.318 billion RMB in R&D and 1.385 billion RMB in sales expenses, with management expenses at 412 million RMB, laying a solid foundation for future growth [2][6]. - As of Q3 2024, the company has launched over 120 products, with 42 receiving CE certification and 47 obtaining FDA approval [3][4]. Market Expansion - The company has established a presence in over 75 countries and regions, with more than 31,000 units installed in over 13,000 medical and research institutions globally [3][4]. - The flagship uMR 670 MRI system has entered the Japanese market, marking a significant milestone for Chinese brands in MRI imaging [4][5]. Future Outlook - The company anticipates continued growth in overseas markets, particularly in North America and Europe, driven by high-end product demand and local service enhancements [7][8]. - The focus on high-end and ultra-high-end products, along with the introduction of new technologies, is expected to strengthen the company's competitive position in the global market [12][14].

证券代码： 688271 证券简称： 联影医疗 公告编号： 2024-062 上海联影医疗科技股份有限公司 关于召开 2024 年第三季度业绩说明会的公告 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： 会议召开时间：2024 年 11 月 6 日（星期三）下午 16:00-17:00 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： http://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2024 年 10 月 31 日（星期四）至 11 月 5 日(星期二)16:00 前 登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 IR@united-imaging.com 进行提问。公司将在说明会上对投资者普遍关注的问题 进行回答。 上海联影医疗科技股份有限公司（以下简称"公司"）已于 2024 年 10 月 31 日发布公司 2024 年第三季度报告。为便于广大投资者更全面深入地了解公司 2024 年 ...

Financial Performance - The company's operating revenue for Q3 2024 was ¥1,620,796,921.38, a decrease of 25.00% compared to the same period last year[2] - The net profit attributable to shareholders for Q3 2024 was -¥279,048,838.22, representing a decline of 320.57% year-over-year[2] - The basic earnings per share for Q3 2024 was -¥0.34, a decrease of 326.67% compared to the same period last year[4] - The net profit excluding non-recurring gains and losses for Q3 2024 was -¥333,838,043.64, a decline of 899.46% year-over-year[2] - In Q3 2024, the company's net profit was CNY 658.39 million, a decrease of 38.2% compared to CNY 1.07 billion in Q3 2023[17] - The total profit for Q3 2024 was CNY 711.86 million, down 38.9% from CNY 1.17 billion in the same period last year[17] - Operating profit for Q3 2024 was CNY 717.19 million, a decline of 38.2% from CNY 1.16 billion in Q3 2023[17] Research and Development - The R&D expenditure for Q3 2024 totaled ¥617,642,888.82, an increase of 20.03% compared to the same quarter last year, accounting for 38.11% of operating revenue[4] - The company reported a significant increase in the ratio of R&D expenditure to operating revenue, up 14.30 percentage points compared to the previous year[6] - Research and development expenses for the first three quarters of 2024 amounted to CNY 1,317,598,874.67, slightly lower than CNY 1,369,570,294.31 in the previous year[16] - The company has not disclosed any new strategies or significant developments in product or technology research during this quarter[12] Cash Flow and Liquidity - The net cash flow from operating activities for the year-to-date was -¥1,504,818,856.68, indicating a decrease in income and collections[2] - Cash flow from operating activities for the first nine months of 2024 was CNY -1.50 billion, compared to CNY -842.08 million in the same period of 2023[20] - The total cash and cash equivalents at the end of the period decreased to 4,797,982,424.51 from 8,018,276,723.83, reflecting a decline of about 40% year-over-year[21] - The company reported a cash outflow from investment activities of CNY 19.92 billion in the first nine months of 2024, compared to CNY 18.60 billion in the same period of 2023[20] - The company reported a cash inflow from investment activities of CNY 19.04 billion in the first nine months of 2024, an increase from CNY 18.46 billion in the same period of 2023[20] - The company incurred a credit impairment loss of CNY 107.93 million in Q3 2024, compared to a gain of CNY 1.43 million in Q3 2023[17] Assets and Liabilities - The total assets at the end of Q3 2024 were ¥26,029,675,610.35, reflecting a growth of 2.74% from the end of the previous year[4] - The total liabilities increased to CNY 6,794,298,800.24 in Q3 2024, compared to CNY 6,454,724,356.28 in Q3 2023[14] - The total equity attributable to shareholders increased to CNY 19,225,126,390.64 from CNY 18,866,353,649.67, reflecting retained earnings growth[15] - The company's accounts receivable increased to ¥4,158,675,399.49 from ¥3,227,657,250.54, reflecting a growth of about 28.8%[12] - The trading financial assets decreased significantly from ¥4,919,370,861.12 to ¥2,824,171,053.62, indicating a reduction of approximately 42.6%[12] Shareholder Information - The top shareholder, Shanghai Lianying Medical Technology Group Co., Ltd., holds 167,550,968 shares, representing 20.33% of the total shares[8] - The second-largest shareholder, Shanghai Lianhe Investment Co., Ltd., owns 134,959,614 shares, accounting for 16.38%[8] - The company has not reported any significant changes in the top 10 shareholders due to margin trading activities during the reporting period[12] Operational Insights - The company continues to expand its business, particularly in overseas markets, which has led to increased sales expenses[6] - There are no reminders or additional important information regarding the company's operational status during the reporting period[12] - The report does not indicate any future guidance or outlook for the upcoming quarters[12] - The company's financial statements for the quarter are unaudited, indicating a preliminary assessment of financial performance[12] Cost Management - Total operating costs for the first three quarters of 2024 were CNY 6,608,289,860.41, down from CNY 6,729,976,932.09 in 2023, reflecting a cost reduction strategy[16] - The company reported a decrease in accounts payable to CNY 2,243,299,748.39 from CNY 1,599,694,521.21, indicating improved cash flow management[14] Accounting Standards - The company has adopted new accounting standards starting in 2024, which may impact future financial reporting[22]

监事会关于公司 2023 年限制性股票激励计划首次授予部分 第一个归属期归属名单的核查意见 上海联影医疗科技股份有限公司（以下简称"公司"）监事会根据《中华人 民共和国公司法》（以下简称"《公司法》"）、《中华人民共和国证券法》（以下简 称"《证券法》"）、《上市公司股权激励管理办法》（以下简称"《管理办法》"）、《上 海证券交易所科创板股票上市规则》（以下简称"《上市规则》"）等相关法律、法 规及规范性文件和《上海联影医疗科技股份有限公司章程》（以下简称"《公司章 程》"）的有关规定，对公司 2023 年限制性股票激励计划（以下简称"本激励计 划"）首次授予部分第一个归属期符合归属条件的激励对象名单进行审核，发表 核查意见如下： 上海联影医疗科技股份有限公司 2024 年 10 月 12 日 1 本次拟归属的激励对象符合《公司法》《证券法》等法律、法规和规范性文 件以及《公司章程》规定的任职资格，符合《管理办法》《上市规则》等法律、 法规和规范性文件规定的激励对象条件，符合本激励计划规定的激励对象范围， 其作为公司本激励计划激励对象的主体资格合法、有效，激励对象获授限制性股 票的归属条件已成就。 上海联影医 ...

证券代码：688271 证券简称：联影医疗 公告编号：2024-058 上海联影医疗科技股份有限公司 第二届监事会第八次会议决议公告 本公司监事会及全体监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。 一、监事会会议召开情况 经审议，监事会认为：公司 2023 年年度权益分派方案已经股东大会审议通 过并实施，2024 年半年度利润分配方案已取得股东大会授权并经董事会审议通 过。公司董事会根据 2023 年第二次临时股东大会的授权，对 2023 年限制性股票 激励计划的授予价格进行调整，审议程序合法合规，符合《上市公司股权激励管 理办法》等有关法律、法规、规范性文件和《2023 年限制性股票激励计划》的相 关规定，不存在损害公司及全体股东利益的情形。因此，同意 2023 年限制性股 票激励计划的首次授予价格由 78 元/股调整为 77.63 元/股；预留授予价格由 88 元/股调整为 87.63 元/股。 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）第二届 监事会第八次会议于 2024 年 10 月 12 日在公司会议室召开，会 ...

证券代码：688271 证券简称：联影医疗 公告编号：2024-061 上海联影医疗科技股份有限公司 关于 2023 年限制性股票激励计划首次授予部分 第一个归属期符合归属条件的公告 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： 本次拟归属的限制性股票数量：1,079,160 股 本次归属股票来源：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"）二级市场回购的 A 股普通股股票 一、本次股权激励计划批准及实施情况 （一）本次股权激励计划主要内容 《联影医疗 2023 年限制性股票激励计划》（以下简称"《激励计划》"、 "本激励计划"）分别于 2023 年 8 月 14 日和 2023 年 8 月 30 日经第一届董事会 第二十次会议、2023 年第二次临时股东大会审议通过，具体内容如下： 1、股权激励方式：第二类限制性股票。 2、授予数量：本激励计划首次授予数量 374.19 万股，预留授予数量 25.81 万股。 3、授予价格：首次授予价格 78.00 元/股；预留授予价格 88.00 ...