证券研究报告 | 2024年05月15日 联影医疗（688271.SH） 增持 业绩增长显韧性，国际市场持续开拓 核心观点 公司研究·财报点评 业绩实现较快增长，彰显发展韧性。2023 年公司实现营收 114.11 亿元 医药生物·医疗器械 （+23.52%），归母净利润19.74亿元（+19.21%），扣非归母净利润16.65 证券分析师：张佳博 联系人：凌珑 亿元（+25.38%）。其中23Q4单季营收39.78亿元（+17.72%），归母 021-60375487 021-60375401 zhangjiabo@guosen.com.cnlinglong@guosen.com.cn 净利润9.10亿元（+20.17%），扣非归母净利润8.36亿元（+37.55%）。 S0980523050001 在行业整顿背景下，公司2023年业绩实现较快增长，彰显发展韧性。 基础数据 分季度看，三季度由于受到行业整顿的影响，收入和利润规模较二季度 投资评级 增持(维持) 环比下降，四季度随着行业整顿影响减弱及配置证放宽政策的逐步落 合理估值 收盘价 135.68元 地，业绩实现环比和同比增长。2024年一季度营收23 ...

Investment Rating - The report assigns a rating of "Outperform" for the company, indicating an expected total return performance exceeding the benchmark index by more than 10% over the next 12 months [1][10]. Core Insights - The company reported a revenue of RMB 11.4 billion for 2023, representing a year-on-year growth of 23.5%, and a net profit of RMB 1.97 billion, up 19.2% year-on-year, which aligns with expectations [4][5]. - In Q1 2024, the company achieved a revenue of RMB 2.4 billion, a 6.2% increase year-on-year, with a net profit of RMB 360 million, reflecting a 10.2% growth [4]. - The company has expanded its market presence both domestically and internationally, with over 1,000 top-tier hospitals in China and operations in more than 65 countries [4]. - The company ranks first in the domestic market for PET/CT, PET/MR, and XR products, with significant growth in high-end and ultra-high-end products [4]. - The global service network has been enhanced, with over 1,000 service personnel and extensive training programs, improving operational capabilities [4]. Financial Summary - Revenue projections for 2024, 2025, and 2026 are RMB 14.4 billion, RMB 18.3 billion, and RMB 23.4 billion, respectively [5]. - Expected net profits for the same years are RMB 2.37 billion, RMB 2.86 billion, and RMB 3.38 billion, with a current PE ratio of 47 for 2024 [5]. - The company’s revenue growth rates are projected at 26.4%, 26.9%, and 27.9% for 2024, 2025, and 2026, respectively [7][8]. Market Position - The company has established a strong foothold in the high-end medical equipment market, with significant recognition from clinical institutions across various levels [4]. - The international revenue share has increased by 2.96 percentage points year-on-year, indicating robust growth in overseas markets [4]. Valuation - The report maintains a valuation outlook based on projected revenue and profit growth, reinforcing the "Outperform" rating [5].

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 ...

公 司 研 证券研究报告 究 ＃＃iinndduussttrryyIIdd＃＃ 医药生物 ＃investSuggestion＃ ＃ ＃d 联yCo 影mp 医any＃疗 （ 6 88271.SH ） investSug 增持 ( 维ges持tion ）Ch 000009 ＃title＃ 业绩符合预期，海外业务占比持续提升 ange＃ ＃ createTime1＃ 2024年 5月 9日 投资要点 公 ＃市m场a数rk据et Data＃ ＃⚫ sum事ma件ry＃： 近日，联影医疗发布2023年报及2024年一季报。2023年，公司实现 司 日期 2024-05-07 营业收入 114.11 亿元，同比+23.52%；实现归母净利润 19.74 亿元，同比 点 收盘价（元） 134.50 +19.21%；实现扣非归母净利润16.65亿元，同比+25.38%；实现经营性现金 评 总股本（百万股） 824.16 流净额 1.33 亿元，同比-80.59%。2024Q1 单季度，公司实现营业收入 23.50 报 流通股本（百万股） 592.23 亿元，同比+6.22%；实现归母净利润3.63亿元，同比+10.20%； ...

M N 2024 年 4 月 29日 招银国际环球市场 | 睿智投资 | 公司更新 联影医疗 (688271 CH) 高端市场持续拓展，国际化战略快速推进 目标价 160.39人民币 2023年公司实现营收114.1亿元，同比增长23.5%；归母净利润19.7亿元，同比增 (此前目标价 161.42人民币) 长19.2%，毛利率略微提升至48.5%（+0.1ppts），我们认为主要得益于中高端产品 潜在升幅 24.2% 和服务收入占比的提高，以及生产、物流等环节运营效率的提升。归母净利率下降 当前股价 129.10人民币 0.6 个百分点，主要是由于公司积极拓展海外业务并持续加大研发投入，销售费用率 中国医药 和研发费用率有所上升。1Q24，公司保持稳健增长，实现营业收入 23.5亿元，同比 武 煜, CFA 增长6.2%；归母净利润3.6亿元，同比增长10.2%。 (852) 3900 0842  设备销售稳步增长，中高端产品表现亮眼。2023 年公司设备销售收入 99.3 亿 jillwu@cmbi.com.hk 元，同比增长 21.1%，各产线收入和销量均实现增长。1）CT：2023 年产线收 王云逸 ...

[ 2T 0a 2b 4l 年e_S 0t 5o 月ckI 0n 6f 日o] 证券研究报告•2023年报点评 当前价： 131.98元 联影医疗（688271） 医药生物 目标价： ——元（6个月） 业绩增长稳健，国内海外双轮驱动 投资要点 西南证券研究发展中心 Ta b事le_件S：u公mm司a发ry布] 2023年报及2024一季报，2023年收入114.1亿元（+23.5%）， [分Ta析bl师e_：Au杜th向or阳] 归母净利润 19.7亿元（+19.2%）。2024Q1收入 23.5亿元（+6.2%），归母净 执业证号：S1250520030002 利润3.6亿元（+10.2%）。 电话：021-68416017 邮箱：duxy@swsc.com.cn  业绩呈高速增长趋势。分业务看，2023 年医学影像设备收入 99.3 亿元 （+21.1%），维修服务收入10.7亿元（+42.8%），软件收入1.7亿元（+124.8%）。 [相Tab对le指_Q数u表ot现eP ic] 从医学影像设备细分产品来看，CT/MR/MI/XR/RT 设 备收入分别为 40.7/32.8/15.5/7.6/2. ...

证券代码：688271 证券简称：联影医疗 公告编号：2024-018 上海联影医疗科技股份有限公司 关于以集中竞价交易方式回购公司股份进展的公告 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、准确性和完整性承担法律责任。 重要内容提示： | 回购方案首次披露日 | 2023/8/23 | | --- | --- | | 回购方案实施期限 | 待董事会审议通过后 12 个月 | | 预计回购金额 | 40,000 元~80,000 元 | | 回购用途 | 用于员工持股计划或股权激励 | | 累计已回购股数 | 4,716,821 股 | | 累计已回购股数占总股本比例 | 0.57% | | 累计已回购金额 | 511,272,168.36 元 | | 实际回购价格区间 | 102.20 元/股~140.00 元/股 | 一、 回购股份的基本情况 2023 年 8 月 22 日，公司召开第一届董事会第二十二次会议，审议通过了《关 于以集中竞价交易方式回购公司股份方案的议案》，同意公司以集中竞价交易方式 回购公司股份，回购资金总额不低于人民币 4 亿元（ ...

Financial Performance - In 2023, the company achieved a revenue of CNY 11.411 billion, representing a year-on-year growth of 23.52%. The net profit attributable to shareholders was CNY 1.974 billion, with a growth of 19.21%. The gross margin for 2023 was 48.48%, an increase of 0.12 percentage points compared to the previous year [2][3]. - For Q1 2024, the company reported a revenue of CNY 2.350 billion, a year-on-year increase of 6.22%, and a net profit of CNY 0.363 billion, up by 10.20% [2][3]. Revenue Distribution - In 2023, domestic revenue reached CNY 9.733 billion, growing by 19.37%, while international revenue was CNY 1.03 billion, marking a 39.7% increase. The international market revenue accounted for 14.7% of total revenue, with a significant growth of 54.72% [2][3]. - Equipment revenue for 2023 was CNY 9.927 billion, up by 21.10%, while service revenue reached CNY 1.069 billion, growing by 42.78% [3][4]. Product Line Performance - The revenue breakdown by product line in 2023 included: CT revenue of CNY 4.066 billion, MR revenue of CNY 3.279 billion, MI revenue of CNY 1.552 billion, XR revenue of CNY 0.760 billion, and RT revenue of CNY 0.270 billion. MR revenue saw a notable increase of 58.5% [3][4]. - The company maintained its leading position in the Chinese market for medical imaging and radiation therapy equipment, with significant growth in high-end and ultra-high-end CT systems [3][4]. R&D and Innovation - In 2023, the company invested CNY 1.729 billion in R&D, with a workforce of 2,956 R&D personnel, accounting for 39.73% of total employees. The R&D investment is crucial for maintaining competitiveness and growth [4][5]. - The company launched over 120 innovative products by Q1 2024, with 49 products receiving CE certification and 44 products obtaining FDA approval [5][6]. Market Expansion - By the end of 2023, the company had established partnerships with over 40 institutions across more than 30 countries, contributing to over 1,300 global research publications [7][8]. - The company’s products served over 12,600 medical institutions in more than 65 countries and regions, with a focus on enhancing medical capabilities at various levels of healthcare institutions in China [8][9]. Future Outlook - The company aims to leverage technological innovations to enhance medical quality and efficiency, focusing on high intelligence, low cost, and early health solutions in the healthcare market [13][14]. - The company plans to strengthen its management system, enrich its product portfolio, and enhance brand influence to become a global leader in medical innovation [14][15].

[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 ...

Investment Rating - The investment rating for the company is "Recommended" (maintained) [2] Core Views - The company reported a revenue of 11.41 billion yuan in 2023, representing a growth of 23.52%, with a net profit of 1.97 billion yuan, up by 19.21% [1] - High-end products are accelerating in volume, with a stable domestic market share. The sales revenue from medical imaging and radiation therapy equipment reached 9.93 billion yuan, an increase of 21.10% [1] - The overseas business is experiencing rapid growth, with revenue from international markets reaching 1.66 billion yuan, up by 53.97%, accounting for 14.70% of total revenue [1] - Continuous innovation is driving industry development, with R&D investment accounting for 16.81% of revenue, and the gross profit margin for 2023 was 48.48% [1] Summary by Sections Financial Performance - In 2023, the company achieved an operating income of 11.41 billion yuan, a net profit of 1.97 billion yuan, and a cash flow from operations of 133 million yuan, which decreased by 80.59% [1] - For Q4 2023, the operating income was 3.98 billion yuan, with a net profit of 910 million yuan [1] - In Q1 2024, the operating income was 2.35 billion yuan, with a net profit of 363 million yuan [1] Product Performance - The sales revenue for medical imaging and radiation therapy equipment was 9.93 billion yuan, with significant contributions from CT, MR, MI, XR, and RT products [1] - The company maintains a strong market position, ranking second in CT and third in MR, with leading market shares in high-end imaging products [1] International Expansion - The company has expanded its international presence, achieving a revenue of 1.66 billion yuan from overseas markets, with a focus on high-end equipment [1] - The company has obtained certifications for over 700 products in more than 65 countries, enhancing its global market reach [1] Research and Development - R&D investment has increased, representing 16.81% of revenue, with nearly 120 new products launched [1] - The gross profit margin is expected to improve due to the rising proportion of high-end product sales, with a gross margin of 49.57% in Q1 2024 [1]