证券代码：688271 证券简称：联影医疗 公告编号：2024-055 上海联影医疗科技股份有限公司 关于向公司 2024 年限制性股票激励计划激励对象 授予预留部分限制性股票的公告 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： 限制性股票预留授予日：2024 年 9 月 13 日； 限制性股票预留授予数量：50.90 万股，约占目前公司股本总额 82,415.80 万股的 0.06%； 限制性股票预留授予价格：87.75 元/股 股权激励方式：第二类限制性股票 《上海联影医疗科技股份有限公司 2024 年限制性股票激励计划》（以下简称 "《激励计划》"或"本激励计划"）规定的限制性股票授予条件已经成就，根据 上海联影医疗科技股份有限公司（以下简称"公司"）2023 年年度股东大会的授 权，公司于 2024 年 9 月 13 日召开第二届董事会第十二次会议，审议通过了《关 于向公司 2024 年限制性股票激励计划激励对象授予预留部分限制性股票的议 案》，同意以 2024 年 9 月 13 日为预留授予日， ...

注：1、本激励计划中任何一名激励对象通过全部在有效期内的股权激励计划获授的公司股票数量 累计未超过公司股本总额的 1%。 上海联影医疗科技股份有限公司 2024 年限制性股票激励计划预留授予激励对象名单 （预留授予日） 一、 激励对象获授的限制性股票分配情况 | 序 | | | | 获授的限制 | 占授予限制 | 占本激励计划预 | | --- | --- | --- | --- | --- | --- | --- | | 国籍 | 姓名 | | 职务 | 性股票数量 | 性股票总数 | 留授予时公司股 | | 号 | | | | （万股） | 的比例 | 本总额的比例 | | 一、预留授予部分 | | | | | | | | 1、董事、高级管理人员、核心技术人员 | | | | | | | | 王建保 | | 中国 | 财务负责人、首席财务官 | 20.00 | 7.63% | 0.02% | | 胡玮 | | 中国 | 核心技术人员 | 0.50 | 0.19% | 0.0006% | | 2、其他激励对象 | | | | | | | | 中层管理人员及董事会认为需要激励的其他人员 | | | | 8.4 ...

敬启者: 上海市通力律师事务所(以下简称"本所")受上海联影医疗科技股份有限公司(以下简 称"联影医疗"或"公司")委托,指派朱晓明律师、夏青律师(以下简称"本所律师")作为 公司特聘专项法律顾问,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》")、《科创板上市公司持续监管办法(试行)》《上海证券交易所科创 板股票上市规则》(以下简称"《股票上市规则》")、《科创板上市公司自律监管指南第 4 号 -- 股权激励信息披露》等法律、行政法规和其他规范性文件(以下简称"法律、法规和 规范性文件")、《上海联影医疗科技股份有限公司章程》(以下简称"《公司章程》")以 及《上海联影医疗科技股份有限公司 2024 年限制性股票激励计划》(以下简称"《激励计 划》")的有关规定,就公司 2024 年限制性股票激励计划(以下简称"本次股权激励计划") 预留限制性股票授予(以下简称"本次授予")相关事项,出具本法律意见书。 为出具本法律意见书,本所律师已对公司向本所提交的有关文件、资料进行了我们认为 出具本法律 ...

上海联影医疗科技股份有限公司监事会 关于公司 2024 年限制性股票激励计划 预留授予激励对象名单（预留授予日）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"）于 2024 年 9 月 13 日 召开第二届监事会第七次会议，审议通过了《关于向公司 2024 年限制性股票激 励计划激励对象授予预留部分限制性股票的议案》。 公司监事会依据《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》"）、《科创板上市公司自律监管指南第 4 号——股权激励信息披 露》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 2024 年限制性股票激励计划 （以下简称"本激励计划"）预留授予日的激励对象名单进行审核，并发表核 查意见如下： 1、本激励计划预留授予的激励对象均不存在《管理办法》第八条规定的不 得成为激励对象的情形： （6）中国证监会认定的其他情形。 2、本激励计划预留授予 ...

Investment Rating - The report maintains an "Outperform" rating for United Imaging Healthcare (688271 SH) [1][3] Core Views - The company demonstrated resilience in H1 2024 despite temporary pressure in domestic sales and impressive growth in overseas markets [1] - Domestic market revenue declined by 3 4% to 4 4 billion yuan while overseas market revenue surged 29 9% to 930 million yuan accounting for 17 5% of total revenue [1][8] - The company invested in Jiuyiyuan expanding its presence in the radiotherapy field [1][10] Financial Performance - H1 2024 revenue reached 5 333 billion yuan (+1 18%) with net profit attributable to shareholders of 950 million yuan (+1 33%) [1][4] - Q2 2024 revenue was 2 983 billion yuan (-2 47%) with net profit attributable to shareholders of 587 million yuan (-3 49%) [1][4] - Equipment sales revenue in H1 2024 was 4 544 billion yuan (-1 8%) with strong growth in RT products (+189%) [6] - Maintenance service revenue grew 23 8% to 617 million yuan accounting for 11 6% of total revenue [6] Product Line Performance - CT series revenue declined 22 7% to 1 618 billion yuan in H1 2024 [8] - MR series revenue increased 12 3% to 1 685 billion yuan [8] - MI series revenue grew 19 1% to 743 million yuan [8] - XR series revenue decreased 20 7% to 256 million yuan [8] - RT series revenue surged 188 7% to 242 million yuan [8] Strategic Developments - The company invested in Jiuyiyuan acquiring a 10% stake to strengthen its position in molecular imaging solutions [1][10] - Jiuyiyuan developed China's first domestically produced medical cyclotron breaking foreign market dominance [1][10] Financial Projections - Revenue forecasts for 2024-2026 are adjusted to 13 367/16 767/20 186 billion yuan [10] - Net profit attributable to shareholders is projected at 2 335/2 961/3 594 billion yuan for 2024-2026 [10] - EPS estimates for 2024-2026 are 2 83/3 59/4 36 yuan [10]

Investment Rating - The report maintains a "Buy" rating for the company [2][8] Core Insights - The company achieved a revenue of 5.333 billion yuan in the first half of 2024, reflecting a year-on-year growth of 1.18%, with a net profit attributable to shareholders of 950 million yuan, up 1.33% year-on-year [6] - Domestic performance is under pressure due to a decrease in bidding activities, while overseas markets are experiencing rapid growth, with international revenue reaching 933 million yuan, a year-on-year increase of 29.94% [6][7] - The company maintains a leading position in its core product lines, with significant market shares in various CT and MR segments [7] - Continuous investment in R&D, with 1.017 billion yuan spent in the first half of 2024, represents an 11.11% increase year-on-year, supporting the launch of over 120 innovative products [7] Financial Performance and Forecast - The company is projected to achieve net profits of 2.318 billion yuan, 2.816 billion yuan, and 3.402 billion yuan for the years 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 30, 25, and 22 [8][10] - Revenue is expected to grow from 11.411 billion yuan in 2024 to 15.525 billion yuan in 2026, indicating a robust growth trajectory [10] - The gross margin is forecasted to improve from 48.5% in 2023 to 50.6% in 2026, reflecting operational efficiency [10]

Investment Rating - The report maintains a "Recommended" rating for the company [3][6]. Core Views - The company reported a slight revenue increase of 1.18% year-on-year for the first half of 2024, with total revenue reaching 5.333 billion yuan and a net profit of 950 million yuan, reflecting a 1.33% increase [1]. - Domestic bidding processes have slowed, impacting short-term performance, while international business continues to grow rapidly, with a 30% year-on-year increase in international revenue [1][2]. - The product mix is improving, contributing to a stable increase in profitability, with a gross margin of 51.01% in Q2 2024, up 3.41 percentage points [1][2]. Summary by Sections Financial Performance - For H1 2024, the company achieved revenues of 5.333 billion yuan, with a net profit of 950 million yuan and a cash flow from operations of -625 million yuan [1]. - Q2 2024 saw revenues of 2.983 billion yuan, a decrease of 2.47%, and a net profit of 587 million yuan, down 3.49% [1]. Domestic and International Markets - Domestic revenue for H1 2024 was 4.401 billion yuan, down 3.35% due to delays in bidding processes and the implementation of large-scale equipment updates [1]. - International revenue reached 933 million yuan, marking a 30% increase year-on-year, with the company expanding its market presence across over 70 countries [1][2]. Product Development and R&D - The company invested 1.017 billion yuan in R&D during H1 2024, an increase of 11.11%, maintaining a leading market share in various product categories [2]. - The company has launched over 120 products to date, with significant market shares in CT and MR products [2]. Profitability and Cost Management - The gross margin improved to 51.01% in Q2 2024, driven by higher service revenue and premium product sales [1][2]. - The company maintained stable expense ratios, with sales, management, and R&D expense ratios at 16.71%, 4.48%, and 15.49%, respectively [1]. Future Outlook - The company is expected to benefit from the recovery of domestic bidding activities and the ongoing expansion of its international business, with projected net profits for 2024-2026 adjusted to 2.296 billion, 2.788 billion, and 3.374 billion yuan, respectively [1][6].

Investment Rating - Investment Rating: Buy (Maintain) [7] Core Views - The company reported a steady growth in operating performance, with notable overseas business performance [10][11] - In the first half of 2024, the company achieved revenue of 5.333 billion yuan, a year-on-year increase of 1.18%, and a net profit attributable to shareholders of 950 million yuan, up 1.33% year-on-year [10][11] - The company's core products, including MR, MI, and RT, showed strong performance, with service revenue steadily increasing [10][11] Financial Performance Summary - In H1 2024, equipment revenue was 4.544 billion yuan, a decrease of 1.77% year-on-year, primarily due to industry adjustments and slow equipment updates [10] - Service revenue reached 617 million yuan, a year-on-year increase of 23.84%, with service revenue accounting for 11.57% of total revenue, up 2.12 percentage points year-on-year [10] - Domestic revenue was 4.401 billion yuan, down 3.35% year-on-year, while international revenue was 933 million yuan, up 29.94% year-on-year, accounting for 17.49% of total revenue [11] Future Outlook - The company is expected to benefit from equipment update policies, with projected revenues of 13.490 billion yuan, 16.323 billion yuan, and 19.728 billion yuan for 2024, 2025, and 2026, respectively, corresponding to growth rates of 18.22%, 21.00%, and 20.86% [11] - The net profit attributable to shareholders is projected to be 2.375 billion yuan, 2.891 billion yuan, and 3.548 billion yuan for the same years, with growth rates of 20.29%, 21.72%, and 22.75% [11] - The company maintains a focus on R&D, with H1 2024 R&D investment of 1.017 billion yuan, a year-on-year increase of 11.11%, representing 19.07% of total revenue [11]

Investment Rating - The report maintains a "BUY" rating for United Imaging, with a target price adjusted to RMB 125.83, indicating a potential upside of 19.0% from the current price of RMB 105.71 [2][3]. Core Insights - United Imaging demonstrated resilient performance in 1H24, with revenue of RMB 5,333 million, a year-on-year increase of 1.2%, and attributable net profit rising by 1.3% to RMB 950 million despite market challenges [2]. - The company's gross margin improved by 1.7 percentage points year-on-year to 50.4% in 1H24, driven by increased revenue from mid-to-high-end products and services [2]. - The interim dividend plan announced includes a total cash dividend of approximately RMB 98.2 million, representing a payout ratio of over 10% [2]. Revenue Performance - In 1H24, equipment revenue decreased by 1.8% year-on-year to RMB 4,540 million, primarily due to delays in procurement activities [2]. - The overseas business achieved revenue of RMB 933 million, up 29.9% year-on-year, accounting for 17.5% of total revenue, with significant growth in Asia-Pacific, North America, and emerging markets [2]. - Revenue from maintenance services increased by 23.8% year-on-year to RMB 617 million, contributing 11.6% to total revenue [2]. Market Share and Product Innovation - United Imaging expanded its market share in the domestic medical equipment market, with significant gains in high-end and ultra-high-end products [2]. - The market share of mid-to-high-end CT systems increased by 11 percentage points year-on-year, while ultra-high-end CT systems saw an 8 percentage point increase [2]. Financial Projections - Revenue projections for FY24E are set at RMB 11,501 million, with expected growth of 0.8% year-on-year, followed by a projected increase to RMB 14,337 million in FY25E [3][6]. - The adjusted net profit for FY24E is estimated at RMB 2,021 million, with a growth forecast of 2.4% year-on-year [3][6]. - The report anticipates a gradual recovery in hospital procurement starting from 4Q24 [2].

Investment Rating - The report does not specify a clear investment rating for the company [1] Core Views - The company reported a revenue of 5.33 billion yuan in H1 2024, reflecting a growth of 1.2% year-on-year, while the net profit attributable to shareholders was 0.95 billion yuan, up by 1.3% [2] - The performance shows a high growth trend, with the medical imaging equipment revenue at 4.54 billion yuan, down by 1.8%, and maintenance service revenue at 0.62 billion yuan, up by 23.8% [2] - The company maintains a leading market position in core product lines despite slight declines in CT and XR product lines due to macro policy impacts [2] - The "old-for-new" policy and the removal of configuration certificate restrictions are expected to boost demand for high-end imaging equipment [2] - The company is actively expanding into overseas markets, with H1 2024 overseas revenue reaching 0.93 billion yuan, a growth of 29.9%, increasing its overseas revenue share to 17.5% [2] Financial Summary - The projected revenue for the company from 2024 to 2026 is expected to be 12.93 billion yuan, 15.90 billion yuan, and 19.64 billion yuan respectively, with net profits of 2.27 billion yuan, 2.78 billion yuan, and 3.44 billion yuan [3][4] - The company's revenue growth rates are projected at 13.35% for 2024, 22.65% for 2025, and 23.81% for 2026 [4] - The earnings per share (EPS) is expected to increase from 2.40 yuan in 2024 to 4.17 yuan in 2026 [4] - The return on equity (ROE) is projected to rise from 10.95% in 2024 to 13.21% in 2026 [4]