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 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 domestic and international markets are witnessing significant developments in AI applications within healthcare, particularly with companies like Tempus AI showing substantial stock price increases [3][4]. - The report highlights investment opportunities in specific segments such as "AI + Medical Imaging," "AI + Diagnostic Services," and "AI + Drug Development," recommending key companies including United Imaging, Mindray, BGI, and WuXi AppTec [3][4]. Industry Performance Tracking - The pharmaceutical and biotechnology sector (SW) rose by 2.71% last week, outperforming the CSI 300 index, which increased by 1.19%. All sub-sectors within the industry experienced growth, with medical services leading at +6.51% [5][6]. - Notable individual stock performances included Dean Diagnostics (+46.29%) and Meinian Health (+31.58%), while stocks like Betta Pharmaceuticals saw declines of -11.36% [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]. - Recent collaborations include Baiyang Pharmaceutical signing a commercialization agreement with Roche for the drug Rituximab, and Sanofi Biologics partnering with Baili Tianheng to explore new treatment potentials in oncology [11][12]. Industry Data Tracking - The retail terminal drug sales in China are projected to reach CNY 574 billion in 2024, with a growth rate of 3.7%, indicating a slowdown compared to previous years [8]. - The medical insurance fund's income for 2024 is reported at CNY 28,507.29 billion, reflecting a year-on-year growth of 5.00% [15][16]. - The domestic pharmaceutical manufacturing industry achieved a total revenue of CNY 25,298.50 billion in 2024, remaining stable compared to the previous 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].

Investment Rating - The report assigns a "Buy" rating for the company, with a target price of 156 CNY based on a 68X PE ratio for 2025 [4][9]. Core Insights - The company is positioned as a leading domestic high-end medical imaging manufacturer, significantly reshaping the market previously dominated by "GPS" [8][9]. - The report highlights the company's robust growth trajectory, with a 39.9% CAGR in revenue from 2019 to 2023, and a strong focus on R&D, maintaining a research expense ratio above 13% [8][11]. - Future growth is anticipated from both domestic and international markets, with significant potential in high-end and grassroots markets in China, as well as a strong overseas expansion strategy [2][9]. Summary by Sections 1. Domestic Market Potential - The medical imaging market in China is expected to reach a turning point in 2025, driven by high-end domestic replacements and significant potential in grassroots markets [2][12]. - The company is expected to benefit from improved equipment updates starting from Q4 2024, with a notable increase in imaging resources per capita [2][12]. 2. International Market Expansion - The global medical imaging market is five times larger than China's and continues to grow, providing ample opportunities for the company to establish a strong international presence [2][12]. - The company is adopting a high-profile strategy to penetrate international markets, leveraging its advanced PET/CT technology to build brand recognition among high-end clients [2][12]. 3. Ultrasound Market Entry - The global ultrasound market is projected to approach 10 billion USD in 2024, with significant room for growth, particularly in the high-end segment where imports currently dominate [2][12]. - The company plans to leverage its strong R&D capabilities to enter the ultrasound market, expecting rapid growth post-product launch [2][12]. 4. Maintenance Services - The revenue share from maintenance services is steadily increasing, which is expected to enhance profitability as the installed base grows [3][13]. - The maintenance revenue is projected to reach 30-40% of total revenue, similar to the "GPS" model, contributing positively to the company's overall profit margins [3][13]. 5. Financial Projections - The company forecasts total revenue of 10,300 million CNY in 2024, with a projected net profit of 1,262 million CNY, reflecting a year-on-year decline due to external pressures [4][9]. - By 2026, the company anticipates revenue growth to 15,188 million CNY and net profit to reach 2,314 million CNY, indicating a recovery and growth trajectory [4][9].

Core Viewpoint - The company is a leading domestic high-end medical imaging player, reshaping the monopoly of "GPS" in the domestic market, with significant growth in both domestic and overseas revenues, driven by strong R&D capabilities and a comprehensive product line [3][4][5]. Group 1: Company Overview - The company, established in 2011, focuses on providing high-performance medical imaging equipment and solutions, covering a wide range of products including MR, CT, XR, PET/CT, and more [7]. - From 2019 to 2023, the company achieved a revenue CAGR of 39.9%, with net profit growing at a CAGR of 29.8% to reach 1.974 billion yuan in 2023 [8][9]. - The company has a high gross margin for its equipment business, which increased from 43.2% in 2019 to 47.8% in 2023, while maintenance service revenue is expected to rise significantly as installed equipment increases [9][10]. Group 2: Market Position and Growth Potential - The company is positioned to benefit from a turning point in the domestic medical imaging market expected in 2025, with significant potential for high-end domestic replacements and growth in grassroots markets [4][32]. - The global medical imaging market is five times larger than China's, providing ample opportunities for overseas expansion, with the company's overseas revenue growing at a CAGR of 102% from 2019 to 2023 [4][16]. - The company has established a strong presence in over 75 countries, with significant installations in the US, Europe, and emerging markets [17][44]. Group 3: R&D and Competitive Advantage - The company maintains a high R&D investment, with R&D expenses growing from 579 million yuan in 2019 to 1.729 billion yuan in 2023, representing a CAGR of 31% [19][20]. - The company has developed a comprehensive product line that competes with international manufacturers, achieving leading positions in various segments such as PET/CT and MR [22][26]. - The company has invested in AI technology to enhance its product offerings and improve diagnostic efficiency, further solidifying its competitive edge [28][29]. Group 4: Future Growth Areas - The domestic medical imaging market is expected to see a significant recovery starting in Q4 2024, with a projected increase in procurement budgets for medical equipment [33][34]. - The company is entering the ultrasound market, which is projected to grow significantly, leveraging its existing sales channels for rapid market penetration [45][46]. - Maintenance services are expected to become a larger portion of revenue, with potential to reach 30-40% of total revenue, improving overall profitability [5][47]. Group 5: Financial Projections - The company forecasts total revenues of 10.3 billion yuan, 12.55 billion yuan, and 15.19 billion yuan for 2024 to 2026, with expected revenue growth rates of -10%, 22%, and 21% respectively [48][49].

Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential upside in the stock price [6][10]. Core Insights - The company is expected to recover in 2025, with a projected net profit of RMB 1.63 billion, representing a year-on-year increase of 29.1% [10]. - The company has launched several industry-leading products, including the uEXPLORER and uMI Panorama, which enhance its competitive edge in the market [7]. - The company is actively integrating AI technologies across its product lines, improving imaging speed and quality, which is expected to drive future growth [7][10]. Company Overview - The company operates primarily in the medical imaging and radiation therapy equipment sector, with 87.8% of its revenue coming from sales of diagnostic equipment and 9.5% from maintenance services [2]. - As of February 28, 2025, the company's stock price was RMB 134.95, with a target price set at RMB 155, indicating a potential upside [1]. Financial Performance - In 2024, the company reported a total revenue of RMB 10.3 billion, a decrease of 9.7% year-on-year, and a net profit of RMB 1.26 billion, down 36.1% year-on-year [8][11]. - The company’s Q4 performance showed signs of recovery, with revenue of RMB 3.35 billion, a year-on-year decline of 18.5%, but an improvement compared to previous quarters [8]. Market Position and Outlook - The company is well-positioned to benefit from the acceleration of domestic substitution processes in the medical equipment sector, particularly following recent policy changes that favor local manufacturers [8]. - The company is one of the few globally capable of producing high-end MRI equipment, which enhances its competitive position against international players [8].

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].