证券研究报告 联影医疗 (688271 CH) 高端产品领衔增长，海外表现亮眼 投资评级(维持): 买入 目标价(人民币): 152.37 华泰研究 中报点评 2024 年 8 月 31 日│中国内地 医疗器械 砥砺前行，外部行业因素影响下 1H24 公司业绩仍增长平稳 公司 1H24 实现收入/归母净利 53.33/9.50 亿元（yoy+1.2%/+1.3%），国内 医疗行业整顿及设备更新政策落地前市场观望情绪背景下，整体业绩仍实现 平稳增长。我们维持盈利预测，预计公司 24-26 年 EPS 为 2.87/3.47/4.22 元。公司为国产医学影像领域领导者，产品竞争力持续提升且全球化推广持 续发力，我们给予公司 24 年 53x PE（可比公司 Wind 一致预期均值 43x）， 维持目标价 152.37 元不变，维持"买入"评级。 毛利率稳中有升，持续加强商业化投入 公司 1H24 毛利率为 50.4%（yoy+1.7pct），公司高端产品持续发力叠加降 本增效工作持续推进，助力毛利率水平稳中有升。公司 1H24 销售/管理/研 发费用率分别为 16.7%/4.5%/15.5%（yoy+1.1/-0 ...

Investment Rating - The report does not specify a clear investment rating for the company [1]. Core Insights - 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 medical imaging equipment segment generated 4.54 billion yuan in revenue, down by 1.8%, while the maintenance service revenue increased by 23.8% to 0.62 billion yuan. Software revenue saw a significant decline of 44.6% to 0.03 billion yuan [2]. - The company maintains a leading market position in core product lines despite slight declines in CT and XR product lines due to macroeconomic policies [2]. - The "old-for-new" policy and the removal of configuration certificate restrictions are expected to boost demand for high-end imaging equipment in H2 2024 [2]. - The company is actively expanding its overseas market presence, with H1 2024 overseas revenue reaching 0.93 billion yuan, a growth of 29.9%, accounting for 17.5% of total revenue [2]. Financial Summary - The projected revenues for the company from 2024 to 2026 are 12.93 billion yuan, 15.90 billion yuan, and 19.64 billion yuan, respectively, with net profits expected to be 2.27 billion yuan, 2.78 billion yuan, and 3.44 billion yuan [3][4]. - The company's revenue growth rates are forecasted at 13.35% for 2024, 22.65% for 2025, and 23.81% for 2026 [4]. - The earnings per share (EPS) are projected to increase from 2.40 yuan in 2023 to 4.17 yuan in 2026 [4]. - The return on equity (ROE) is expected to rise from 10.47% in 2023 to 13.21% in 2026 [4].

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：2024-003 | --- | --- | --- | --- | |--------------------|----------------------------------------|------------------------------------------------------|------------------------------------------------------------| | | | | | | | 特定对象调研 | 分析师会议 □媒体采访 | | | 投资者关 系活动 | 业绩说明会 | □新闻发布会 | □路演活动 | | | □现场参观 | 其他（电话会议） | | | 参与单位 名称 311 | | 家机构，725名参与人员，详见附件清单 | | | 时间 | 2024年9月1 日 | | | | | 地点 上海市嘉定区城北路 | 2258 | 号，现场及线上电话会议 | | 公司接待 人员姓名 | 薛敏 张强 GUOSHENG TAN | 实控人 ...

证券代码： 688271 证券简称： 联影医疗 公告编号： 2024-051 上海联影医疗科技股份有限公司 第二届董事会第十一次会议决议公告 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。 一、董事会会议召开情况 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 届董事会第十一次会议于 2024 年 8 月 29 日在公司会议室召开，会议同时采用了 现场与通讯相结合的表决方式，本次会议通知已于 2024 年 8 月 19 日送达公司全 体董事。本次会议由董事长张强先生主持，会议应参加表决董事 9 人，实际参加 表决董事 9 人。本次会议的召集、召开符合《中华人民共和国公司法》（以下简 称"公司法"）等法律法规以及《上海联影医疗科技股份有限公司章程》（以下简 称"公司章程"）的相关规定，会议决议合法、有效。 表决结果：9 票同意，0 票反对，0 票弃权。 （三）审议通过《关于公司 2024 年半年度利润分配方案的公告》 （一）审议通过《关于公司 2024 年半年度报告及摘要的议案》 公司 2024 年半年度 ...

上海联影医疗科技股份有限公司 关于公司 2024 年度提质增效重回报专项行动方案的 半年度评估报告 随着"新国九条"、科创板八条等系列政策措施落地，中国资本市场的全面深 化改革正在步入新的阶段。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"）积极将 ESG 理念与行动融入到公司发展战略、经营决策之中， 持续优化经营、规范治理和积极回报投资者，在 2024 年 4 月 27 日发布《2024 年 度"提质增效重回报"专项行动方案》（以下简称"行动方案"），并积极落实。 2024 年上半年，公司高度重视对投资者的回报，努力实现经营业绩持续稳定 的增长，通过分红、股份回购、股权激励等多种方式，致力于提升投资者的获得 感和满意度，实现与投资者的共赢发展。现将公司行动方案的半年度进展及成效 公告如下： 公司坚持不懈攻克核心技术，不断推出创新型产品，奠定了扎实的客户基础， 持续巩固品牌认知，并积累了良好的市场口碑。截至 2024 年 6 月 30 日，公司共 向市场推出 120 余款产品，其中 40 款通过了欧盟 CE 认证，47 款通过了美国 FDA 510(k)认证，获得其他海外市场认证的产品数量为 ...

证券代码： 688271 证券简称： 联影医疗 公告编号： 2024-052 上海联影医疗科技股份有限公司 表决结果：3 票同意，0 票反对，0 票弃权。 （二）审议通过《关于公司 2024 年半年度募集资金存放与实际使用情况专 项报告的议案》 第二届监事会第六次会议决议公告 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 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 届监事会第六次会议于 2024 年 8 月 29 日在公司会议室召开，会议同时采用了现 场与通讯相结合的表决方式,本次会议通知已于 2024 年 8 月 19 日送达公司全体 监事。本次会议由监事会主席万莉娟女士主持，会议应参加表决监事 3 人, 实际 参加表决监事 3 人。本次会议的召集、召开符合《中华人民共和国公司法》等法 律法规以及《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 相关规定, 会议决议合法、有效。 二、监事会会议审议情况 （一）审议通过《关于公司 2024 年半年度报告及摘要的 ...

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。 根据《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》《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》等相 关规定，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"） 将公司 2024 年半年度募集资金存放与实际使用情况专项报告如下： 一、募集资金基本情况 证券代码： 688271 证券简称： 联影医疗 公告编号： 2024-053 上海联影医疗科技股份有限公司 2024 年半年度募集资金存放与实际使用情况专项报告 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 股）10,000 万股，发行价格为人民币 109.88 元/股，募集资金总 额人民币 1,098,800 万元。公司募集资金总额扣除所有股票发行费用（包括不含 增值税的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 ...

证券代码： 688271 证券简称： 联影医疗 公告编号： 2024-054 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： 每股分配比例：上海联影医疗科技股份有限公司（以下简称"联影医疗" "公司"）拟向全体股东每 10 股派发现金红利 1.20 元（含税）； 本次利润分配以实施权益分派股权登记日的总股本扣减回购专用证券 账户中股份为基数分配利润，具体日期将在权益分派实施公告中明确； 如在本利润分配方案公告披露之日起至实施权益分派股权登记日期间， 公司总股本或者参与利润分配的股份总数发生变动的，公司拟维持每股分配比例 不变，相应调整分配总额，并将另行公告具体调整情况； 本次利润分配方案已经 2023 年年度股东大会授权，公司第二届董事会 第十一次会议、第二届监事会第六次会议审议通过。 一、利润分配方案内容 根据公司《2024 年半年度报告》（未经审计），公司 2024 年半年度归属于上 市公司股东的净利润为 950,211,921.88 元，截至 2024 年 6 月 30 日，母公司累 计未分配利润为 ...

Financial Performance - The company reported a significant increase in revenue, achieving a total of 1.5 billion RMB for the first half of 2024, representing a 25% year-over-year growth[15]. - The company reported a revenue of 1.2 billion CNY for the first half of 2024, representing a year-over-year growth of 15%[18]. - The company's operating revenue for the first half of 2024 was CNY 5.33 billion, a year-on-year increase of 1.18%[28]. - The net profit attributable to shareholders for the same period was CNY 950.21 million, reflecting a growth of 1.33% compared to the previous year[28]. - The basic earnings per share for the first half of 2024 was CNY 1.16, up 1.75% from CNY 1.14 in the same period last year[24]. - The gross margin improved to 45%, up from 40% in the previous year, reflecting better cost management and pricing strategies[15]. - The company aims to achieve a net profit margin of 10% by the end of 2024, up from 8% in 2023[18]. - The company reported a net cash flow from operating activities of -CNY 624.59 million for the first half of 2024[6]. Research and Development - Investment in R&D for new technologies has increased by 30%, focusing on advanced imaging solutions and AI integration[15]. - The company reported a total R&D investment of CNY 1,017,049,362.82, an increase of 11.11% compared to the previous year[80]. - The proportion of R&D investment to operating income increased by 1.7 percentage points to 19.07%[80]. - The company has applied for a total of 10,327 intellectual property rights, with 5,516 granted, including 8,784 patent applications and 4,442 patents authorized[76]. - The company has developed advanced technologies such as a multi-modal image processing engine and high-precision motion control technology, enhancing product capabilities[74]. - The company has achieved a cumulative patent application of 7,241 invention patents, accounting for over 80% of total patent applications[76]. - The company has developed AI-based full model iterative reconstruction algorithms to reduce radiation doses while meeting clinical diagnostic requirements[35]. Market Expansion and Strategy - The company plans to expand its market presence in Southeast Asia, targeting a 10% market share by the end of 2025[15]. - The company plans to expand its market presence in Southeast Asia, targeting a 25% increase in market share by the end of 2025[18]. - The company is actively pursuing partnerships with healthcare providers to enhance service delivery and customer engagement[15]. - The company is committed to enhancing its competitive edge in the global market through localized operations, improved service quality, and increased product innovation[101]. - The company aims to provide greater clinical, commercial, and social value through continuous innovation and market expansion, aligning with its mission of promoting health[101]. Corporate Governance and Compliance - The board of directors and management have confirmed the accuracy and completeness of the financial report, which has not been audited[3]. - The company has not reported any non-operating fund occupation by controlling shareholders or related parties[6]. - There are no special arrangements for corporate governance reported[7]. - The company has not violated any decision-making procedures regarding external guarantees[6]. - The report includes a forward-looking statement risk declaration, indicating that future plans do not constitute a commitment to investors[5]. - The company has confirmed that there are no instances where more than half of the directors cannot guarantee the authenticity of the report[7]. Product Development and Innovation - The company has launched a new line of medical imaging products, which is anticipated to contribute an additional 200 million RMB in revenue over the next year[15]. - The company has launched over 120 products, including MRI systems, CT systems, and medical linear accelerators, enhancing its product line[28]. - The uMR Jupiter 5T is the industry's first 5.0T superconducting MR system, enabling high-precision imaging for clinical and research applications[46]. - The uCT 960+ is the first domestic 320-slice ultra-high-end CT product, capable of achieving a rotation speed of 0.25s per revolution, enhancing cardiac imaging success rates[50]. - The company has developed a high-performance hardware circuit and intelligent adaptive filtering algorithm to suppress gradient fields above 300 mt/m/s, significantly improving image quality[74]. Environmental and Sustainability Initiatives - The company aims to reduce carbon emission intensity by 50% by 2035, based on 2023 as the baseline year[108]. - The company has established a carbon management team to enhance its carbon emission management across various departments[148]. - The company is committed to developing low-power and low-carbon products as part of its green innovation strategy[108]. - The company has implemented an energy management system and obtained ISO 50001 certification to support its energy-saving measures[152]. - The company plans to establish a photovoltaic project with a capacity of 5,287.515 kW at the Shanghai base, expected to generate over 5 million kWh of renewable electricity annually, reducing CO2 emissions by 2,850 tons per year[151]. Employee Development and Training - The company has established a comprehensive employee development strategy, including leadership and international talent training programs[159]. - The company has implemented various R&D training programs to enhance the innovation capabilities of its R&D personnel[106]. - The company has conducted 12 years of marketing management trainee programs, training nearly 200 management trainees[106]. - The company achieved a 100% coverage rate for onboarding training, successfully training 566 new employees in the first half of 2024[161]. - The company has organized carbon training and low-carbon initiatives for all employees to promote awareness and action towards carbon reduction[155]. Shareholder Returns - The company plans to distribute a cash dividend of RMB 1.20 per 10 shares, totaling RMB 98,274,301.44, which accounts for 10.34% of the net profit attributable to shareholders for the first half of 2024[4]. - The company has initiated a share buyback program worth 500 million CNY to enhance shareholder value[18]. Risk Management - The company has outlined potential risks in the "Management Discussion and Analysis" and "Risk Factors" sections of the report[3]. - The report includes a forward-looking statement risk declaration, indicating that future plans do not constitute a commitment to investors[5]. - The company is monitoring tax policy changes that could impact its tax burden and is committed to strengthening its R&D capabilities[114].

证券代码： 688271 证券简称： 联影医疗 公告编号： 2024-050 上海联影医疗科技股份有限公司 关于召开 2024 年半年度业绩说明会的公告 二、说明会召开的时间、地点和方式 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 8 月 28 日（星期三）至 9 月 3 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"）将于 2024 年 8 月 31 日发布公司 2024 年半年度报告。为便于广大投资者更全面深入地了解公司 2024 年半年度经营成果、财务状况，公司计划于 2024 年 9 月 4 日 16:00-17:00 举行 2024 年半年度业绩说明会，就投资者关心的问题进行交流。 一、说明会类型 本次投资者说明会以网络互动形式召开，公 ...